Consolidated revenues for the fiscal year ended March 31, 2004 increased 1.4% over the previous fiscal year to ¥336,517 million. Annual attendance at the two theme parks reached a record-high 25.473 million guests, exceeding our projected target of 25 million. The unexpectedly stronger results were due to the favorable reception of our ambitious calendar of events, including Tokyo Disneyland 20th anniversary events, "Ariel's Seaside Treasures," and "Tokyo DisneySea 2nd Anniversary" at Tokyo DisneySea.

Revenues per guest decreased 2.7% as a result of a decline in ticket receipts, mainly due to sales of diversified types of tickets and implementation of special marketing programs in pursuit of the strategic enhancement of the appeal of Tokyo Disney Resort, in addition to slightly reduced beverage revenues resulting from a cooler summer.

Consumer product revenues increased slightly, with favorable contributions from sales of Tokyo Disneyland 20th anniversary products.

Furthermore, The Disney Store Japan significantly contributed to consolidated revenues during fiscal 2004, benefiting from aggressive development and sales of consumer products, and strategic openings and closings of stores. As a result, we achieved increased revenues over the previous fiscal year.

In fiscal 2005, we will proactively introduce new attractions and special events with the aim to minimize the impact of a falloff from Tokyo Disneyland 20th anniversary events. For example, we launched a new attraction, "Buzz Lightyear's Astro Blasters," at Tokyo Disneyland in April 2004, and are planning to introduce a new nighttime spectacular, "BraviSEAmo!," at Tokyo DisneySea in July 2004. Through implementation of these activities, we estimate combined attendance of 25.2 million guests at the two theme parks.

We also project revenues per guest to increase 0.3%. Revenues from consumer product sales are forecast to slightly decline due to the impact of an expected falloff after favorable sales of Tokyo Disneyland 20th anniversary products. However, we project an offset from slight increases in ticket revenues as a result of a reduced focus on special marketing programs, and higher food and beverage sales. In terms of business performance, consolidated revenues for fiscal 2005 are projected to increase 1.2% year-on-year to ¥340.5 billion.

Operating income for fiscal 2005 is projected to decrease 2.0% year-on-year to ¥38.0 billion. Increased development costs for new attractions, and a partial transfer of enterprise taxes into general and administrative expenses in accordance with the changes in Japanese accounting standards are factors behind the expected decline. Apart from the effect of the transfer of enterprise taxes, we expect to secure operating income comparable to fiscal 2004 levels.

Net income for fiscal 2005 is expected to increase 5.2% year-on-year to ¥19.5 billion, due to the absence of disposal losses on fixed assets that occurred during fiscal 2004.