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MARVEL ANNOUNCES 104 PERCENT GAIN IN 2ND QUARTER NET INCOME

 NEW YORK, July 28 /PRNewswire/ -- Marvel Entertainment Group, Inc. (NYSE: MRV) announced that for the second quarter ended June 30, 1993, net income increased 104 percent to $14.7 million or $0.29 per share compared to $7.2 million or $0.15 per share in the year-ago quarter. Net revenues increased 160 percent to $95.9 million compared to $36.9 million in the year-ago quarter. For the six months ended June 30, 1993, net income increased 101 percent to $24.6 million or $0.49 per share compared to $12.2 million or $0.25 per share in the year-ago period. Net revenues increased 189 percent to $195.7 million compared to $67.7 million in the year-ago period.
 Results for 1993 include Fleer Corp., which was acquired Sept. 1, 1992, and a 46 percent equity interest in Toy Biz, Inc. which was acquired April 30, 1993.
 President Terry Stewart said net revenues increased due to the growing strength of the company's expanding entertainment products. "Marvel publishing, character-based licensing and advertising net revenues increased 30 percent during the quarter and the six months compared to the year ago periods, with a record performance by publishing during the second quarter and strong performances by licensing and advertising," said Mr. Stewart. "Fleer sports picture cards and confectionery products added $47.7 million in net revenues during the quarter and $107.4 million during the six months due to the success of Ultra brand basketball and baseball cards."
 He added that Toy Biz, driven by the growing popularity of Marvel X-Men action figure toys, contributed $1.1 million in net income during the quarter and six months.
 Marvel Entertainment Group, Inc. is a leading youth entertainment company. Operations and products include: Marvel Comics, the largest comic book publisher in North America; Marvel character-based consumer products licensing; Fleer, a leading marketer of sports picture cards; Dubble Bubble confectionery products; and Toy Biz, an innovative and growing toy company.
 MARVEL ENTERTAINMENT GROUP
 Consolidated Statements of Income
 (In thousands, except per share data, unaudited)
 Periods Ended Three months Six months
 June 30, 1993 1992(B) 1993 1992(B)
 Net revenues $95,853 $36,928 $195,737 $67,714
 Cost of sales 46,131 16,751 97,724 31,293
 Gross profit 49,722 20,177 98,013 36,421
 Selling, general &
 administrative
 expenses 18,784 6,842 41,870 13,564
 Interest expense,
 net & other 3,761 186 8,216 405
 Amortization of goodwill,
 intangibles & deferred
 charges 2,490 504 4,968 1,008
 Income before provision for
 income taxes and equity in
 net income of unconsolidated
 subsidiary 24,687 12,645 42,959 21,444
 Provision for income
 taxes 11,014 5,412 19,438 9,241
 Income before equity in
 net income of unconsolidated
 subsidiary 13,673 7,233 23,521 12,203
 Equity in net income
 of unconsolidated
 subsidiary 1,059 -- 1,059 --
 Net income $14,732 $7,233 $24,580 $12,203
 Earnings Per Share $0.29 $0.15 $0.49 $0.25
 Weighted average number of
 common and common
 equivalent shares
 outstanding (A) 50,862 49,108 50,531 49,098
 NOTES:
 (A) Adjusted for the two-for-one stock split in December, 1992.
 (B) Certain prior year amounts have been reclassified to conform with the current year presentation.
 -0- 7/28/93
 /CONTACT: Pam Rutt of Marvel Corporate & Product Public Relations Marvel Entertainment Group, Inc., 212-576-8535, or Gary Fishman of The Hudson Stone Group - Marvel investor & financial relations, 212-983-8550, for Marvel Entertainment Group, Inc./
 (MRV)


CO: Marvel Entertainment Group, Inc. ST: New York IN: ENT SU: ERN

PS -- NY004 -- 6580 07/28/93 08:12 EDT
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Publication:PR Newswire
Date:Jul 28, 1993
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