Marvel Reports Profit on Increase in Sales
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Marvel Enterprises Inc. said it posted a first-quarter profit on a big jump in sales from toys, comic books and paperbacks.
Marvel also said it expects the recently launched “Spider-Man” movie to boost earnings over the next two years.
The New York-based company reported net income of $760,000, and a loss of 10 cents a share, after the payment of preferred dividends.
In the year-earlier period, Marvel posted a net loss of $8.7million, and a loss per share of 37 cents a share, after payment of preferred dividends. Sales rose 34% to $57.2 million.
Marvel expects the “Spider-Man” film to generate earnings before interest, taxes and depreciation of $70 million to $100million, with $60 million to $90million of that coming in the next two years.
Shares of Marvel fell 75 cents to $6.25 on the NYSE.
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