Marvel Shows Superhero Strength
In a rare quarterly report showing solid profits, Marvel Entertainment said that it earned $63.0 million on $224.3 million of gross revenue in its fourth quarter, compared with $27.6 million on $109.3 million during the comparable quarter a year earier -- a 128-percent increase in profits. More than $136 million came from sales of Iron Man DVDs. "In addition to providing a substantial contribution to our operating results, our 2008 theatrical releases have raised the level of global awareness for Marvel and two of our key brands," Marvel's chairman, Morton Handel, said in a statement. On Tuesday, the company announced that it now plans to open its Spider-Man musical on Broadway on February 18, 2010. It's the third time that the opening has been delayed. With a budget $31.3 million, it is reportedly the most expensive production ever mounted on the Great White Way.