The company has reported net sales of $156.9 million for the period and net income of $36.7million, or 59 cents per share, compared to net sales of $101.5million and net income of $29.1million, or 34 cents per share for the same period in 2007.
The improvement reflects a strong performance in the licensing segment and initial contributions from the film production segment of $28.9million in net sales and $7.7million in gross profit.
Licensing segment net sales increased to $94.9million in Q2 from $65.6million in Q2 2007. The increase was driven primarily by the recognition of revenue previously deferred due to earliest-in-store restrictions related to Iron Man and The Incredible Hulk.
The income was partially offset by a decline in Spider-Man JV net sales, which were down to $13million compared to $18.2million year-on-year.
The company’s film production segment recorded sales for the first time of $28.9million.
Operating income in the licensing sector increased 54 per cent on a year-on-year basis to $77.5million in the period from $50.2million in the second quarter of 2007.
Morton Handel, Marvel’s Chairman said: “Revenue from Marvel’s film production segment commenced in the second quarter with the release of Iron Man and The Incredible Hulk.
“We’re very pleased with the success of these films which have generated $817million in global box office receipts - $571million from Iron Man and $246million from The Incredible Hulk – with Iron Man still to open in Japan.”
The company revised its financial guidance for 2008 to include the two films. Previous guidance excluded feature film contributions.
The revised guidance also reflects a modest increase in full year contributions from its licensing segment and slightly reduced operating income expectations from publishing.
Projected net sales are $450-480million, compared to previous guidance of $370-400million, with net income predictions up to $122-148million from $104-122million.