Marvel Rides Film Unit to 75% Sales Growth5 May, 2009 By: John Latchem
Comic book company Marvel Entertainment reported net sales of $197 million for the fiscal year ended March 31, up 75% over the prior-year period. The difference can be attributed almost entirely to the company’s new film unit, which posted net sales of $90.4 million and operating income of $15.5 million.
“Strong Q1 results in our licensing and film production segments reflect the power of our corporate and character brands and solid demand for Marvel-branded consumer products and the home video versions of our Iron Man and The Incredible Hulk feature films,” said Marvel chairman Morton Handel.
Roughly two-thirds of the Q1 filmed-entertainment revenue came from The Incredible Hulk DVD released Oct. 21. The rest came from holdover sales of Iron Man, released last September.
A year ago the film unit was still in an upstart phase and reported no sales and took an operating income loss of $2 million.
Marvel’s net income fell from $45.2 million to $44.5 million. Operating income fell from $87.5 million to $73.6 million. The company raised the low end of its full-year earnings guidance to a range of $1.10 to $1.35 per share.