Lee Sues Marvel! Marvel's Profit Rises in 3rd Quarter

Editor's Note - As of August 2002, Suite 101 is asking Contributing Editors to write a story once a month. I the past I have written articles weekly, but I do not think I will be able to continue a weekly column.

There are a number of reasons for this. The first is the Suite 101's policy changes. Yes, I am talking about compensation here. You can check out the information here on becoming a contributing editor if you want more information.

Second is that my wife has a serious health problem, and do not have as much free time as I once had. Third is that my major employer wants to "do more with less'. While I am still employed, I am sure you know that times are difficult for us all.

I plan to try to continue this column bi-weekly, but I cannot make any promises. Okay, enough of my soap box, back to the comic book news and happenings.

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STAN LEE SUES MARVEL

On Tuesday, November 19, 2002 Stan Lee filed a $10 million dollar lawsuit against Marvel comics. The lawsuit claims that although Marvel reaped hundreds of millions of dollars from the Spider-Man movie, they have yet to Pay Mr. Lee his share per his previous agreement with Marvel. The previous agreement stipulated that Lee gets 10 percent of any film and television profits from any of the characters he created. So far, Mr. Lee's lawyers claim he has not seen a penny of the Spider-Man movie profits.

Marvel's rebuttal is that Mr. Lee is and continues to be well compensated for his efforts, and that Marvel continues to pay Mr. Lee any and all compensation due under his contract with Marvel.

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MARVEL REPORTS RETURN TO PROFITABILITY

In case you missed it, Marvel reported on October 30th that they expect a third quarter net profit of $6.7 million on revenues of $84.4 million. This is in contrast to a loss of $5.1 million on $43 million revenues in last year's third quarter.

Last quarter Marvel raised their guidance from $50 million for the third quarter to $64 million for the third quarter, but the actual number was way above the estimate.

The fourth quarter forecast boosted guidance for full year 2002 to total sales between $275 million and $280 million and net income of $21 million to $24 million.

Marvel said it expects 2002 earnings before interest, taxes, depreciation and amortization to range from $72 million to $77 million, up from a previous $68 million to $73 million range.

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