Question: In the press release announcing Disneys results for the first fiscal quarter of 2008 ending December 29, 2007, the company stated the following: The Walt

In the press release announcing Disney’s results for the first fiscal quarter of 2008 ending December 29, 2007, the company stated the following: The Walt Disney Company today reported earnings for its first fiscal quarter ended December 29, 2007. Diluted earnings per share (EPS) for the quarter were $0.63 . . . EPS in the prior-year quarter . . . were $0.79.
The prior-year quarter’s EPS of $0.79 included $1.1 billion gains on the sales of Disney’s interests in E! Entertainment and Us Weekly and a $48 million equity-based compensation plan modification charge. In aggregate, these items increased the prioryear quarter’s EPS by $0.29.
1. By what percentage did Disney’s EPS decrease from the end of its first fiscal quarter in 2007 to the end of its first fiscal quarter in 2008?
2. Suppose none of the non-operating transactions disclosed in the second paragraph had occurred in the first fiscal quarter of 2007. Compute the percentage change in EPS.

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