Aug. 19, 1997, Marvel Entertainment Group, Inc., announced a June 1997 three-month loss per share, $0.41 vs loss of $0.11 for same period a year ago. Six-month loss, $0.68 vs loss of $0.15 for same period a year ago.
Net losses of $41,900,000 and $69,700,000 for the three-and six-month periods of 1997 include pre-tax reorganization charges of $2,600,000 and $6,000,000.
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Marvel Q2 revs hurt by Chapter 11 concerns
NEW YORK, Aug 19 (Reuter) — Marvel Entertainment Group Inc. said concerns on the part of retailers and others since Marvel filed for Chapter 11 protection have affected its second quarter and year-to-date revenues.
Marvel filed for Chapter 11 bankruptcy protection on December 27, 1996.
In addition, the company said it continues to incur significant reorganization costs and general and administrative expenses associated with the bankruptcy proceedings.
Marvel earlier reported a second quarter loss of $0.41 a share, up from last year's second quarter loss of $0.11. Second quarter revenues plunged to $129.6 million from the $182.2 million it reported last year.
Marvel said the second quarter losses were due primarily to continued decline in demand for trading cards, general market softness in children's entertainment stickers, lower toy sales and small decreases in publishing and licensing revenues.
On June 30, the company's DIP (debtor in possession) loan expired and to date no arrangements have been made regarding the repayment of the principal amount of the loan.
Marvel said it has been negotiating alternative replacement DIP facilities and continues to pay its trade creditors and to take actions to improve operating efficiencies, which include trimming its overhead and reducing exposure to returns.
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