LAKE BUENA VISTA, Fla. — Snow White and a strong bottom line sent 6,000 Walt Disney Co. shareholders home happy Tuesday — despite a gusher of red ink from Europe.
Disney chairman Michael Eisner announced that Denmark would build the 12th foreign pavilion at Florida’s Epcot Center. Getting under way soon, depending on economic and political conditions, are three planned new parks.
But Eisner and Disney president Frank Wells deftly sidestepped questions about efforts to stem the losses at Euro Disney by saying delicate negotiations were under way to restructure the $ 900 million debt.
On a more upbeat note, company vice chairman Roy E. Disney announced that “Snow White and the Seven Dwarfs” is to be released on video this fall.
Eisner and Wells, presiding at their 10th annual meeting, recapped Disney’s profitable year in 1993 and record first-quarter earnings for the period ended Dec. 31.
The company also emphasized its planned “Disney Institute,” scheduled to open in October, which will offer consumers a different kind of vacation that combines classroom learning and fun.