Reduced Film Slate Equals Marvel Q3 Loss3 Nov, 2009 By: Erik Gruenwedel
Residual DVD and Blu-ray Disc sales for Iron Man and The Incredible Hulk weren’t enough to keep Marvel Entertainment from posting a third-quarter (ended Sept. 30) operating loss of $2.3 million, compared to a profit of $40.4 million during the previous year’s comparable period.
Year-ago third-quarter film revenue reflected theatrical box office revenue from Iron Man and The Incredible Hulk and the opening of the home video window in certain international pre-sold territories for Iron Man.
New York-based Marvel, which was acquired for $4 billion by The Walt Disney Co. earlier this year, said the loss was due in part to a $65 million reduction in film revenue during the period.
The company, however, has high hopes for Iron Man 2, due theatrically on May 7, 2010, in addition to direct-to-video animated release Planet Hulk due in February.
“Anticipation for the high-profile Iron Man 2 feature film continues to build, and we are focusing our efforts on the film’s 2010 release and the related licensing opportunities,” Marvel chairman Morton Handel said in a statement.
Overall quarterly revenue topped $105 million, down 42% from revenue of $182.5 million last year.