Darkbeer
02-05-2004, 08:39 AM
Roy Disney and Stan Gold Press Release
Roy Disney, Stan Gold Invite Shareholders to SaveDisney.com Philadelphia Briefing on Day Before Walt Disney Company Annual Meeting
BURBANK, Calif., Feb 5, 2004 /PRNewswire via COMTEX/ -- Roy E. Disney and Stanley P. Gold invited shareholders of The Walt Disney Company to a SaveDisney.com briefing and reception in Philadelphia on March 2, the day before Disney's Annual Meeting is to be held in that city. The SaveDisney.com meeting will be held at the Loews Hotel, 1200 Market Street, from 4 p.m. to 6 p.m. A press briefing is being scheduled for earlier that day.
In a letter to shareholders posted on their website, the two former Disney Company directors said they intend to tell shareholders why they should Vote No on the election of Michael Eisner, George Mitchell, John Bryson and Judith Estrin as Disney Directors. Messrs. Disney and Gold also said they would tell shareholders why they resigned from the Disney Board and why they are seeking to replace Michael Eisner as the company's CEO.
"It is our belief that the more Disney shareholders know the more likely they are to support our position," Messrs. Disney and Gold said in their letter.
"We think it is important that the facts be put in perspective. For example:
-- "In 1994, Disney's operating income was $3.1 billion. Despite
investing more than $25 billion in Company operations since, Disney's
operating income in fiscal year 2003 was only $3.2 billion.
-- "Assuming the Company achieves its forecasts for Fiscal 2004, earnings
will only approximate those achieved 6 years ago.
-- "In 1995, the market showed confidence in the Disney name and rewarded
the company with an average price-to-book ratio of nearly 6x. In
2003, Disney's average price-to-book ratio was under 2.0x.
-- "While Disney stock has had a good recovery recently, $10,000 invested
on January 1, 1996 would have grown to only $11,497 by December 31,
2003. This same amount, $10,000, invested in a Dow Jones index fund
on January 1, 1996, would have grown to $20,191 by December 31, 2003.
"There is much more we intend to share with you including our thoughts concerning the Company's serious governance deficiencies and the actions we believe need to be taken to correct these deficiencies," they said.
"But as much as we have to share with you, we do not intend to have this meeting be a monologue. We are anxious to meet you and hear your views. We look forward to your questions and comments," the letter continued.
"To assist you in attending the meeting, we have secured special discount travel arrangements specifically for Disney Shareholders from cities across the nation.
"We have every expectation that you will see a lot of glitz and razzle-dazzle at Disney's annual meeting. Unfortunately, in our view that has been the modus operandi of the Company in recent years: a lot of fluff and not enough substance. We believe the company's shareholders deserve the facts without the spin. You will get the facts at our meeting on the 2nd," Messrs. Disney and Gold continued.
"We look forward to seeing you in Philadelphia," the letter concluded.
Roy Disney, Stan Gold Invite Shareholders to SaveDisney.com Philadelphia Briefing on Day Before Walt Disney Company Annual Meeting
BURBANK, Calif., Feb 5, 2004 /PRNewswire via COMTEX/ -- Roy E. Disney and Stanley P. Gold invited shareholders of The Walt Disney Company to a SaveDisney.com briefing and reception in Philadelphia on March 2, the day before Disney's Annual Meeting is to be held in that city. The SaveDisney.com meeting will be held at the Loews Hotel, 1200 Market Street, from 4 p.m. to 6 p.m. A press briefing is being scheduled for earlier that day.
In a letter to shareholders posted on their website, the two former Disney Company directors said they intend to tell shareholders why they should Vote No on the election of Michael Eisner, George Mitchell, John Bryson and Judith Estrin as Disney Directors. Messrs. Disney and Gold also said they would tell shareholders why they resigned from the Disney Board and why they are seeking to replace Michael Eisner as the company's CEO.
"It is our belief that the more Disney shareholders know the more likely they are to support our position," Messrs. Disney and Gold said in their letter.
"We think it is important that the facts be put in perspective. For example:
-- "In 1994, Disney's operating income was $3.1 billion. Despite
investing more than $25 billion in Company operations since, Disney's
operating income in fiscal year 2003 was only $3.2 billion.
-- "Assuming the Company achieves its forecasts for Fiscal 2004, earnings
will only approximate those achieved 6 years ago.
-- "In 1995, the market showed confidence in the Disney name and rewarded
the company with an average price-to-book ratio of nearly 6x. In
2003, Disney's average price-to-book ratio was under 2.0x.
-- "While Disney stock has had a good recovery recently, $10,000 invested
on January 1, 1996 would have grown to only $11,497 by December 31,
2003. This same amount, $10,000, invested in a Dow Jones index fund
on January 1, 1996, would have grown to $20,191 by December 31, 2003.
"There is much more we intend to share with you including our thoughts concerning the Company's serious governance deficiencies and the actions we believe need to be taken to correct these deficiencies," they said.
"But as much as we have to share with you, we do not intend to have this meeting be a monologue. We are anxious to meet you and hear your views. We look forward to your questions and comments," the letter continued.
"To assist you in attending the meeting, we have secured special discount travel arrangements specifically for Disney Shareholders from cities across the nation.
"We have every expectation that you will see a lot of glitz and razzle-dazzle at Disney's annual meeting. Unfortunately, in our view that has been the modus operandi of the Company in recent years: a lot of fluff and not enough substance. We believe the company's shareholders deserve the facts without the spin. You will get the facts at our meeting on the 2nd," Messrs. Disney and Gold continued.
"We look forward to seeing you in Philadelphia," the letter concluded.