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Marvel cashing in at the movies
Evening Standard 6 Aug 2008
Comic book colossus Marvel Entertainment, whose cast of superheroes includes Spider-Man and The X-Men, has reported soaring profits as its first foray into movie making pays off.
While Batman, from the stable of rival DC Comics, may currently be ruling the big screen, Marvel's films Iron Man and The Incredible Hulk boosted profits by 60% this quarter to $46.7 million
(£23.9 million) as media interest in the films lifted earnings at its licensing arm.
But investors expecting a mega-windfall from the films were left disappointed, as box-office takings will not be included until next quarter.
This news sent Marvel's shares slumping by over 13% in New York, despite the company raising its guidance for 2008 earnings, as its improved forecasts still fell short of market estimates.
In the past, Marvel has sold licences to use its characters to big film studios including Sony Pictures, which made the Spider-Man trilogy.
