Marvel spins $10 mil from Spidey

Long-term debt now stands at $14.7 mil

Marvel Enterprises, its coffers swelled by the success of “Spider-Man,” announced Wednesday that it prepaid $10 million of long-term bank debt at the end of August to HSBC Bank USA.

Long-term debt now stands at $14.7 million, while Marvel’s cash position rose to $47 million by the end of August from $22 million in December.

“A primary use of our growing cash flows will be to opportunistically deleverage our balance sheet, improve our capital structure and reduce related interest expense,” Marvel CEO Peter Cuneo said in a statement.

Marvel stock rose 2.64% to $5.44.

The company nearly doubled its revenue last quarter and swung to a profit as Sony’s “Spider-Man” — based on the Marvel comic — passed $800 million at the worldwide box office.

Want to read more articles like this one? SUBSCRIBE TO VARIETY TODAY.
Post A Comment 0

Leave a Reply

No Comments

Comments are moderated. They may be edited for clarity and reprinting in whole or in part in Variety publications.

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s

More Biz News from Variety

Loading