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QUARTERLY FINANCIAL RESULTS (Unaudited)
A summary of selected quarterly financial data for
fiscal years 1983 and 1982 follows (in thousands except
per share amounts):
1983
Sales
Income Before
Income Taxes
$ 33,151
49,953
63,420
51,578
Net
Income
$ 19,239
28,331
36,670
31,005
Earnings
Per Share
First
Second
Third
Fourth
$ 635,045
705,721
747,154
948,783
$ .70
1.02
1.32
1.11
Year
$3,036,703
$198,102
$115,245
4.15
1982
First
Second
Third
Fourth
$ 516,209
600,861
631,660
792,623
$ 28,812
36,705
47,068
41,098
$ 16,942
22,370
29,895
25,135
$ .63
.82
1.10
.91
Year
$2,541,353
$153,683
$ 94,342
3.44
Each of the first three quarters consists of 12 weeks,
while the fourth quarter includes 16 weeks.
The sum of the earnings per share for the four quarters may differ from the annual earnings per share due
to the required method of computing the quarterly and
annual amounts on the weighted average number of shares
in the respective periods.
In the fourth quarter of 1982, the company disposed
of approximately 35 acres of excess land at the Santa Clara
theme park, resulting in a pre-tax gain of $16,874,000. In
addition, various write-offs and reserves also were recorded, primarily related to airline receivables and foreign
operations. The net effect of the foregoing items was to increase earnings per share for the fourth quarter of 1982 by
$.07 per share.
CONSTANT DOLLAR AND CURRENT COST
INFORMATION (Unaudited)
The following tables are required by Statement of
Financial Accounting Standards No. 33. They adjust historical cost financial information for changes in the general
purchasing power of the dollar as measured by the Consumer Price Index and for changes in the specific prices of
resources utilized in the company's operations. However,
this information distorts economic performance because
historical cost depreciation is further increased for changes
in general price levels and the company's current costs,
whereas the company's real estate-based assets require
less annual capital reinvestment than is provided by
historical cost depreciation. Accordingly, Current Value
information on page 24 is more meaningful in evaluating
the company's performance and financial condition.
Income Statement Adjusted for Changing Costs
for the year ended December 30,1983
(in thousands of average 1983 dollars)
Net income as reported $115,245
Constant dollar adjustment for depreciation and
amortization of property and equipment (30,461)
Constant dollar net income 84,784
Current cost adjustments for depreciation and
amortization of property and equipment 13,563
Current cost net income 98,347
Gain from decline in purchasing power of net
amounts owed 47,873
Adjusted net income $146,220
Increase in current cost of property and equipment
held during the year $100,004
Effect of increase in general price level 63,307
Increase in current costs excluding increase in
general price level $ 36,697
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