Entertainment: Mickey's Mini-Profits

Mickey's Mini-Profits

Goofy was there. So were the Seven Dwarfs, along with 7,000 journalists from 35 countries and a guy named Bush. In an extravaganza of self-congratulation and free publicity, the Walt Disney company last week celebrated the 20th anniversary of its Orlando landmark, Disney World. But in another corner of the globally famous theme park, Disney's chief financial officer, Richard Nanula, was disclosing to a gathering of financial analysts a dramatically different picture of the State of the Magic Kingdom: a 20% decline in earnings for fiscal 1991 from the previous year's record $824 million. That marks the first fall since 1984,...

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