Disney (NYSE: DIS) bought the Canadian company for $350 million in cash, with the promise of doubling that amount if it hit predetermined profit benchmarks between 2008 and ‘09. As we reported last year, Disney said last year that Club Penguin missed its first earnout target.

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There are some signs that subscription-based, no-ads Club Penguin has been having some trouble the past few months. The site, which charges $5.95 for monthly access, has seen traffic fall, according comScore (NSDQ: SCOR). Club Penguin had about 6 million uniques last month, a 10 percent drop compared to April ‘08. The month before that, Club Penguins uniques were down 7 percent to 6.7 million.

Disney execs dismiss the numbers as incorrect and, because it doesn’t sell ads on the site, irrelevant. Lane Merrifield, a Disney online exec and a co-founder of the virtual world site, told the NYT, which reported the 10k news earlier, that the number of subscribers are what matters most, and he claimed that those numbers are on the rise. However, he wouldn’t say how many subscribers Club Penguin has. The site had about 700,000 subs when Disney bought it.