In a SEC filing today, Disney touched on the Coronavirus (COVID-19) pandemic and what kind of impact it will have on the company. Disney noted that the spread of COVID-19 is affecting business in a number of ways.
“We have closed our theme parks; suspended our cruises and theatrical shows; delayed theatrical distribution of films both domestically and internationally; and experienced supply chain disruption and ad sales impacts”, Disney said. “In addition there has been a disruption in creation and availability of content we rely on for our various distribution paths, including most significantly the cancellation of certain sports events and the shutting down of production of most film and television content.”
While Disney talked about the actions they’ve had to take as a result of the pandemic, they also face uncertainty in the long term too.
“Our businesses could also be impacted should the disruptions from COVID-19 lead to changes in consumer behavior”, Disney said. “The COVID-19 impact on the capital markets could impact our cost of borrowing. There are certain limitations on our ability to mitigate the adverse financial impact of these items, including the fixed costs of our theme park business. COVID-19 also makes it more challenging for management to estimate future performance of our businesses, particularly over the near to medium term.”
Disney shares are down to sub-$100 numbers, with a stock spread of $79.07 per share all the way up to $153.41 per share, according to Yahoo Finance.
Disney’s most recent statement regarding the theme park operations state that they will be closed through the end of March.
As always, keep checking back with us here at BlogMickey.com for the latest Disney Parks news and photos. We’ll continue to bring you news and photos, where possible, through the Disney Parks closure due to Coronavirus (COVID-19) and will resume our normal coverage once the parks reopen to guests on July 11th!