Marvel 3Q profit falls without major film releases

Marvel Entertainment's 3rd-quarter profit falls without major film releases

• On 12:14 pm EST, Tuesday November 3, 2009

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.