Marvel 3Q Profit Falls As Revenue Dips – Forbes.com
Now this doesn’t look good. Maybe they should start worrying about writing good comics for a change??
Marvel 3Q Profit Falls As Revenue Dips – Forbes.com
Marvel 3Q Profit Falls As Revenue Dips
11.09.2005, 08:35 AM
Marvel Entertainment Inc., licenser of Spider-Man, the X-Men and other comic book heroes, said Wednesday that third-quarter profit fell 32 percent as revenue plummeted, and forecast a dreary 2006 for licensing revenue.
Marvel shares plunged $3.64, or 20.2 percent, to $14.40 in premarket activity.
Net income fell to $23.4 million, or 23 cents per share, from $34.4 million, or 30 cents per share, a year ago. Revenue fell 40 percent to $81.1 million from $135.2 million last year.
Analysts surveyed by Thomson Financial expected earnings per share of 30 cents on revenue of $100.3 million.
Toy sales fell to $22.1 million from $48.2 million a year ago, and licensing sales dropped to $33.2 million from $64.2 million due to lower contributions from Spider-Man licenses compared with last year when the movie Spider-Man 2 was released in theaters.
Morton Handel, company chairman, warned that 2006 looks to be a “difficult year for both toys and licensing.” Marvel forecast 2006 earnings per share of 37 cents to 52 cents on revenue of $270 million to $300 million, expecting no revenue from its Spider-Man limited partnership and lower revenue from studio partnerships.
Analysts were expecting earnings per share of $1.13 on revenue of $415.5 million for next year.
Marvel did, however, raise its earnings per share guidance for 2005 by one cent to $1.02 to $1.07. Revenue is now forecast at $385 million to $395 million, up from a previous estimate of $370 million to $390 million, reflecting long-term video game license agreements.
Analysts forecast earnings per share of $1.08 on revenue of $388 million for 2005.
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