You might know this already, but the Mouse House's theatrical division has been eating it:
The studio's operating income plummeted 97% in the company's second fiscal quarter to $13 million, down from $377 million a year earlier.
... [A]t a time when many of the studios are enjoying a feast in ticket sales at the box office, Disney is experiencing a comparative famine. The studio so far this year has ranked at the bottom of the six major Hollywood studios -- as it was in all of 2008 -- in U.S. box office share because of several misfires ...
... During the company's conference call, an analyst asked Iger to explain how, when "the box office is having a record year," the studio could post such a downturn with its movies. Iger replied with an unusually candid assessment.
"It's about choice of films and the execution of the films that have been chosen for production," Iger said. "We've had a rough year in terms of the performance of the slate. So, in that case, it's not the marketplace. It's our slate" ...
Happily, even though the Disney Co.'s film slate has been pummeled ... and attendance at the parks is down, Mr. Iger himself has done quite nicely. Acutally more than nicely. $51.1 million last year. Not too shabby when the stock is cratering.
Of course, Disney artists have taken sizable pay cuts, but hard times require hard measures. At least for some.