Marvel Profits Fall as Toy Sales Plunge
Marvel Enterprises had operating income of $43.1 million in the second quarter of 2005, down from earnings of $63.6 million in the year-ago period, the company said today. Revenues fell to $88.1 million from $155.5 million.
For the six months ended June 30, Marvel earned $91.0 million, down from $120.9 million. Six-month revenues fell to $192.8 million from $277.8 million.
The earnings and revenue decline was spread across all divisions of the company, with the largest decline occurring at the company’s Toys unit, where revenues fell 72%. The company blamed the decline on a shift away from sales of popular items based on The Lord of the Rings and Spider-Man 2.
[Source: Business Wire]