Spider-Man Gives Marvel Super Third Quarter Results
Comic book publisher Marvel Enterprises, Inc. reported a 96% increase in third quarter net sales benefiting from a growing list of entertainment, publishing, toy and consumer products including summer blockbuster SPIDER-MAN. Results for the quarter ending September 30, 2002, reflected approximately $4 million in revenue and earnings before interest, taxes, depreciation and amortization (EBITDA) related to SPIDER-MAN which had been anticipated to be received in Q4 2002. This consisted of approximately $2 million from Marvels participation in the movies worldwide box office receipts (over $800 million to date) and approximately $2 million representing Marvels equity interest in net income from Marvels SPIDER-MAN licensing joint venture with Sony. Marvel reported a third quarter net profit of $6.7 million, or 17 cents a share, compared with a net loss of $5.1 million, or 15 cents a share, last year. Quarterly revenues nearly doubled to $84.4 million from $43 million. Marvel expects its 2002 EBITDA to range from $72 million to $77 million, up from a previously estimated $68 million to $73 million range. Marvel stated that in 2003 it expects continued strength in its licensing, publishing and toy operations, supported by revenues related to the release of DAREDEVIL, X-MEN 2 and THE HULK, as well as continuing revenues from SPIDER-MAN and its sequel, now in development. Marvel expects to release specific revenue and EBITDA guidance for 2003 by the end of 2002.