Euro Disney sales jump by three percent

PARIS, Jan 11 (AFP) – Euro Disney, the financially stressed operator of a theme complex near here, announced a three percent quarterly gain in sales Tuesday and said it would open three new attractions in 2006-2008.

The company reported a three percent sales increase to EUR 268.9 million (USD 353 million) in the October-December 2004 quarter compared with the same period in the previous fiscal year.

Investors cheered the news and the company’s shares jumped 16 percent to EUR 0.29 in a broadly weaker market.

Euro Disney chairman Andre Lacroix described the results as a “good performance” considering that “the European school vacation calendar was not favourable this year.”

Shareholders on December 17 endorsed a EUR 250 million capital increase by March 31 after creditors endorsed a financial restructuring plan, which came in response to a surge in Euro Disney’s net loss for the year to September 2004 to EUR 145.2 million from 58.3 million.

Euro Disney’s second-largest shareholder, Saudi Prince Alwaleed bin Talal, will participate in the capital increase with an investment that could come to EUR 25 million, the company said.

Euro Disney hopes to boost sales and maintain stable margins in the 2004-2005 fiscal period, notably by increasing the number of visitors, which has totalled about 12.4 million annually in the last two years.

Euro Disney also said that in fiscal year 2006 it would open an interactive attraction at its Disneyland park called Buzz Lightyear’s Laser Blast, which depicts a struggle to defend the universe against an evil emperor.

The next fiscal year would see the opening of Toon Studios at the Walt Disney Studios Park followed by the arrival in 2008 at the same venue of Tower of Terror, described by Euro Disney as “a white-knuckle journey into a mysterious new dimension.”

© AFP

Subject: French News