Marvel Entertainment 1Q Earnings More Than Double on Licensing Revenue From 'Spider-Man 3'
The AP just posted Marvel's first quarter numbers. Looks like Spidey is already giving them a boost. See the following article from Yahoo Finance:
Comic book publisher Marvel Entertainment Inc., which owns the licensing rights to characters such as Spider-Man and The Incredible Hulk, said Tuesday its first-quarter profit more than doubled, as the company booked its first returns related to the Spider-Man 3 feature film released last weekend.
Quarterly earnings increased to $46.8 million, or 56 cents per share, from $17.5 million, or 19 cents per share during the same period last year. Revenue grew 68 percent to $151.4 million from $90.1 million.
Analysts polled by Thomson Financial forecast a profit of 35 cents per share on revenue of $102.2 million.
The company said results in the period reflected much of the minimum licensing guarantees generated from a merchandising joint venture with Sony Corp. for the U.S. release of the Spider-Man 3 feature film on Friday, which drew an opening weekend box office of $151 million.
Revenue from the licensing segment jumped to $98.9 million from $39.6 million a year ago.
Marvel Entertainment publishing revenue grew 15 percent to $27.5 million from $23.9 million, while toys sales lost 6 percent to $25 million from $26.6 million.
Marvel shares gained 30 cents at $29.90 in premarket trading.