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SMALL BUSINESS
Marvel 3Q profit falls without major film releases
NEW YORK (AP) — Marvel Entertainment Inc. said Tuesday its third-quarter profit fell 60 percent as it took in less money than last year from licensing its comic book characters for movies.
In 2008, the company's third-quarter profits got a boost from the release of "Iron Man" and "The Incredible Hulk" as well as merchandise sales related to "Spider-Man."
Marvel Studios had no major releases in the most recent quarter.
The company posted earnings of $20.4 million, or 26 cents per share, down from $50.6 million, or 64 cents per share, in the same quarter a year ago.
Revenue fell 42 percent to $105.7 million.
On average, analysts polled by Thomson Reuters expected profit of 24 cents per share on revenue of $92.5 million.
Shares fell 18 cents to $49.83 in midday trading.
The Walt Disney Co. agreed to acquire Marvel this summer in a cash and stock deal worth $4 billion. The sale is expected to close before the end of the year.