Originally published Tuesday, November 3, 2009 at 9:15 AM
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Marvel 3Q profit falls without major film releases
Marvel Entertainment Inc. said Tuesday its third-quarter profit fell 60 percent as it took in less money than last year from licensing its comic book characters for movies.
The Associated Press
Marvel Entertainment Inc. said Tuesday its third-quarter profit fell 60 percent as it took in less money than last year from licensing its comic book characters for movies.
In 2008, the company's third-quarter profits got a boost from the release of "Iron Man" and "The Incredible Hulk" as well as merchandise sales related to "Spider-Man."
Marvel Studios had no major releases in the most recent quarter.
The company posted earnings of $20.4 million, or 26 cents per share, down from $50.6 million, or 64 cents per share, in the same quarter a year ago.
Revenue fell 42 percent to $105.7 million.
On average, analysts polled by Thomson Reuters expected profit of 24 cents per share on revenue of $92.5 million.
Shares fell 18 cents to $49.83 in midday trading.
The Walt Disney Co. agreed to acquire Marvel this summer in a cash and stock deal worth $4 billion. The sale is expected to close before the end of the year.
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