Marvel 4Q profit falls sharply |
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Mon, 26 Feb 2007 13:56
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NEW YORK (AP) - Marvel Entertainment Inc., a comic book publisher known for Spider-Man and the Fantastic 4, said Monday fourth-quarter earnings fell by more than half as domestic licensing revenue plunged.Net income fell to $11.7 million, or 14 cents per share, from $25.9 million, or 26 cents per share, in the year-earlier period.Analysts were looking for profit of 9 cents per share, according to Thomson Financial.Sales fell 27 percent to $85.2 million from $117.1 million, but exceeded the Street's expectation for $73 million. Licensing sales plunged 69 percent to $25.5 million as sales of Spider-Man merchandise fell. The last Spider-Man movie appeared in 2004; the third installment in the franchise is due in summer.Full-year income fell to $58.7 million, or 67 cents per share, from 2006 income of $102.8 million, or 97 cents per share.Marvel is changing to an independent film studio and toy producer from a publisher that licenses its characters for toys and films. The company's studio will produce 'Iron Man' as its first film, in 2008.Copyright 2007 Associated Press. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
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