Marvel Movie Revenue Way Down
.. but they made a profit, while their restructuring with new parent corporation Disney is ongoing.
Marvel Entertainment 3Q Profit Down 60% On Lower Film Rev
Marvel Entertainment Inc. (MVL), which is being bought by Walt Disney Co. (DIS), reported third-quarter earnings slumped 60% on lower film revenue, as well as lower licensing sales related to last year’s “Iron Man” and “Incredible Hulk” films.
On Aug. 31, Disney, the largest U.S. media company by market value, said it agreed to pay $4 billion for Marvel, the creator of comic-book characters Spider-Man, the X-Men and thousands of others.
Marvel last month said it wouldn’t provide a financial outlook for 2009 or next year given the proposed acquisition. In August, the company had raised its 2009 earnings and sales forecast, citing a stronger-than-expected performance in the first half.
The company Tuesday posted a profit of $20.4 million, or 26 cents a share, down from $50.6 million, or 64 cents a share, a year earlier. Net sales tumbled 42% to $105.7 million, on a lower level of film activity and related licensing. …Read The Whole Wall Street Journal Article.
Is this fancy Hollywood smoke & mirrors accounting? Tell us what you think.
