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Not to Expect Profits Soon from Euro Disney

The Euro Disney Corporation, acknowledging that its elaborate theme park had not performed as strongly as expected, announced Thursday that it would sustain a net financial loss of unpredictable scale in its first financial year.

At the time of the April opening of the park, which stands on a 4,800-acre site 32 kilometers (20 miles) east of Paris, Euro Disney officials said they expected to make a small profit for the financial year ending September 30． But since then the park has been hit by a number of problems.

"We were geared up for a very high level of operations," John Forsgren, the company's chief financial officer said in a telephone interview. "It has been very strong, but not as strong as we geared up for."

"While attendance is very strong," he said, "our cost levels do require adjustment for the current revenue level."

The parent company, Walt Disney Corporation, said Thursday that its income rose 33 percent in the quarter. But it warned investors against expecting profits soon from Euro Disney, of which it owns 49 percent.

Euro Disney said that although attendance levels had been high, "the company anticipates that it will sustain a net loss for the financial year ending September 30, 1992". It added that "the amount of the loss will depend on attendance and hotel use rates achieved during the remaining portion of the critical European summer vacation period". The announcement amounted to an extraordinary reversal for Euro Disney, which opened amid immense celebration and widespread predictions of immediate success.

At the time of the opening, on April 12, the company's shares were trading at 140.90 francs ($28.07), and had been as high as 170 francs earlier in the year. They dropped 2.75 percent Thursday to close at 97.25 francs. Mr. Forsgren said he thought the market had "reacted a bit emotionally to preliminary information". He added, "By all objective standards the park is very successful. The long-term acceptance is strong, the rest is just details."

The company said that 3.6 million people had visited the park from April 12 to July 22, a performance superior to that of comparable start-up periods at other Disney theme parks. But it warned that, given the likely strong seasonal variation in attendance, it was not possible to predict future attendance or profits.

Reacting to the announcement, stock market expert Paribas Capital Markets Group issued a "sell" recommendation on Euro Disney stock, saying that attendance levels for the period were 15 percent below its expectations and profit from sales of food and other goods was 10 percent below. It predicted that the company would lose 300 million francs in the current financial year and continue losing money for two more years.

The main problem confronting Euro Disney appears to be managing its costs and finding an appropriate price level for its over 5,000 hotel rooms. Clearly, costs have been geared to a revenue level that has not been achieved, and the company is beginning to drop hotel prices that have been widely described as excessive.

Mr. Forsgren said the number of staff, now at 17,000, would "come down significantly in the next two months, mainly through the loss of seasonal employees". Of the current staff, 5,000 are employed on a temporary basis, he said.

He also acknowledged that the lowest-priced rooms at the resort had been cut to 550 francs ($110) from 750 francs at the time of the opening, and that some rooms were being offered at 400 francs for the winter season. Analysts believe hotel use has been running at about 68 percent of capacity, although it is currently over 90 percent.

"The key issue is costs, " said one financial expert. "They have no idea what their winter attendance levels will be and they're battling to get costs to an appropriate level. The stock's still too expensive, but I think in the long term they'll get it right."

Still, huge doubt hangs over the company's plans to keep the theme park open through the cold European winter—something no other theme park in Europe has ever attempted. Last month, the company said it was having difficulty attracting people from the Paris region. Mr. Forsgren said that French attendance was improving and accounted for 1 million of the 3.6 million visitors, with most of the rest coming from Britain and Germany. Only 1 percent of visitors have been American.

For its third quarter ending June 30, the first in which the park had been operating, the company announced revenues of 2.47 billion francs ($492 million), but gave no profit or loss figures in line with the French practice of only giving such figures at year's end. In the first half, the company earned 75 million francs, mainly from investment income and sale of construction rights on its site.

Local governments in the U.S. can expect big profits from recycling.

A．Right

B．Wrong

C．Not mentioned

in the long run they would make profits.

It can be concluded from the passage that______.

A．recycling is to be recommended both economically and environmentally

B．local governments in the U.S. can expect big profits from recycling

C．rubbish is a potential remedy for the shortage of raw materials

D．landfills will still be widely used for waste disposal

It can be concluded from the passage that ______ .

A．rubbish is a potential remedy for the shortage of raw materials

B．local governments in the U. S. can expect big profits from recycling

C．recycling is to be recommended both economically and environmentally

D．landfills will still be widely used for waste disposal

It can be concluded from the passage that______.

A．rubbish is a potential remedy for the shortage of raw materials

B．local governments in the U. S. can expect big profits from recycling

C．recycling is to be recommended both economically and environmentally

D．landfills will still be widely used for waste disposal

It can be concluded from the passage that______.

A．rubbish is a potential remedy for the shortage of raw materials

B．local governments in the U.S. can expect big profits from recycling

C．recycling is to be recommended both economically and environmentally

D．landfills will still be widely used for waste disposal

Make Euro Disney More EurpeanDoes Mickey Mouse have a beard？

No.

Does this mean that French men seeking work with the Disney organization must shave off their moustaches too？

It depends.

A labor inspector took the Disney organization to court this week, contending that the company's dress and appearance code—which bans moustaches, beards, excess weight, short skirts and fancy stockings—offends individual liberty and violates French labor law.

The case is an illustration of some of the delicate cultural issues the company faces as it gets ready to open its theme park 20 miles (32 kilometers) east of Paris in five months' time.

The Disney management, which is assembling what it calls a "cast" of 12,000 to run the theme park, argues that all the employees, from bottle washers to the president, are similar to actors who have to obey rules about appearance. Anyway, a company spokesman says, no one has yet put his moustache before a job. As one new "cast member" put it: "You must believe in what you are doing, or you would have a terrible time here."

But what do people think of Euro Disney？ People everywhere are wondering whether Europeans would like this form of American recreation.

For all its concern about foreign cultural invasion and its defense against the pollution of the French language by English words, France's Socialist government has been untroubled about putting such a huge American symbol on the doorstep of the capital and has been more concerned about its economic effect. It made an extraordinary series of tax and financial concessions to attract the theme park here rather than let it go to sunny Spain.

The theme park itself will be only part of a giant complex of housing, office, and resort developments stretching far into the next century, including movie and television production facilities. As part of its deal with the Disney organization, the government is laying and paying for new highways, an extension of Paris' regional express railway and even a direct connection to the high speed TGV railway to the Channel Tunnel. The TGV station is being built in front of the main entrance of Euro Disneyland, and is scheduled to come into service in 1994.

If Euro Disneyland succeeds—theme parks already in France have so far failed —a second and even a third park is likely to be built by the end of the century. Financial experts say that Euro Disneyland, the first phase of which is costing an estimated $3.6 billion, is essential to Disney's overall fortunes, which have been hit by competition and declining attendance in the United States.

French intellectuals have not found many kind things to say about the project. The kids, however, will probably never notice. Sleeping Beauty, Snow White, Peter Pan, and Pinocchio all come from European fairy tales or stories and are as familiar to children here as they are in the United States. To a French child Mickey is French. To an Italian kid he is Italian.

The Disney management is stressing this tradition in an apparent response to suggestions that it is culturally insensitive. Although the concept of the theme park is closely based on the original Magic Kingdom in California and Walt Disney World in Florida, "Euro Disneyland will be unique in a manner appropriate to its European home," the company says. "The legends and fairy tales which come from Europe figure prominently in the creative development of the theme park." Officials point out, for example, that Sleeping Beauty's castle, the central feature of the theme park, is based not on Hollywood, as some might think, but on the illustrations in a medieval European book. Also, a 360-degree movie, based on the adventures of Jules Verne, features well-known European actors.

Asked to describe other aspects of the effort to make the park more European, a spokesman mentioned that direction signs in the theme park will be in French as well as English, and that some performers will chat in French, Spanish and English. "The challenge is telling things people already know—and at the same time making it different," the spokesman said.

On the other hand, this effort is not being taken too far. Another Disney spokesman said earlier that the aim of the theme park is to provide a basically American experience for those who seek it. In this way, he said, people who might otherwise have contemplated a vacation in the United States will be happy to stay on this side of the Atlantic.

The Disney organization does seem to focus a bit too much on hair. "Main Street, USA", the heart of Euro Disneyland, it promises, will feature an old time "Harmony Barber Shop" to deal with "messy hair and hairy chins"— and perhaps even Offending moustaches. One difference from California or Florida: Parts of Main Street and waiting areas to get into the attractions will be covered over as a concession to Paris' rainy weather.

Euro Disneyland's short distance to Paris is a definite attraction. Anyone tiring of American or fake European culture can reach the Louvre art museum by express railway in less than an hour—from Minnie Mouse to Mona Lisa in a flash.

Communications figured largely in the Disney organization's decision to site its fourth theme park near Paris. The site is within a two-hour flight of 320 million Europeans. The opening of Eastern Europe is another prize for the company, which thinks that millions of people will put Disneyland at the top of a list of places to visit on their first trip to Western Europe.

The government，along with the three factions(派系)that had been ______ a civil war, signed a peace agreement．

  政府与发动内战的三个派系签署了一份和平协议。