MARVEL Profits Drop 60 Percent: What Kind of Mickey Mouse Operation Is This?




marvellogoheroeswide


Marvel Entertainment Inc., the comic book publisher that agreed to be acquired by Walt Disney Co., reported third-quarter profit fell 60 percent on a drop in film revenue and licensing sales.

Net income declined to $20.4 million, or 26 cents a share, from $50.6 million, or 64 cents, a year earlier, the New York- based company said today in a statement. Analysts projected 24 cents, according to the average of 16 estimates compiled by Bloomberg.

Marvel said film revenue declined $65 million in the quarter compared to the same period last year and merchandising licensing sales related to the “Iron Man” and “The Incredible Hulk” movies also declined. Total sales fell 42 percent to $105.7 million, topping the $93.4 million average of 14 analysts’ estimates compiled by Bloomberg.

Marvel rose 19 cents to $50.20 at 4 p.m. in New York Stock Exchange composite trading. The shares have gained 63 percent this year.

With projects like Iron Man 2 hitting theaters next May, Marvel has very little to worry about – considering the first Iron Man movie made $580+ million worldwide. They also have Thor and Captain America slated for 2011 releases, and The Avengers in 2012.

In August, we told you that Disney agreed to buy Marvel for $4 billion in cash and stock.





Jason Moore
Written by Jason Moore

is a member of the Academy of Science Fiction, Fantasy and Horror Films and the Founder/Editor In Chief of SciFi Mafia®