Wednesday, November 5, 2008

"Iron Man" helps push up profits for Marvel

Strong box-office receipts for the film “Iron Man” lifted Marvel Entertainment’s third-quarter earnings 39 percent, the company said on Tuesday.

Marvel, which publishes comic books, licenses characters and makes movies, also raised its forecast for the current year but said results next year would weaken.

Marvel said it earned $50.6 million, or 64 cents a share, up from $36.3 million, or 45 cents a share, a year earlier. Revenue grew 48 percent, to $182.5 million, from $123.6 million last year.

The company said several factors would affect 2009 results. A larger-than-expected portion of “Iron Man” revenue will be realized this year instead of next, having been paid early by the distributor.

The company will not be releasing a summer feature in 2009 and it expected sales related to Spider-Man to weaken. Executives also worry that licensees may not get financing to manufacture related merchandise.

Stock in Marvel, which is based in New York, rose 57 cents, or 1.85 percent, to $31.45 a share.

No comments: