Q1 Hard on Disney; Steady for Marvel

The first quarter was rough on Disney, while Marvel held steady.

The Walt Disney Co. reported a 46 percent drop in profits, down to $613 million, over the same time last year. Revenues were down 7 percent, to $8.1 billion.

Disney CEO Robert Iger blamed the weak economy for the drop-off and reiterated the company’s focus on its core business, according to Variety.

Studio entertainment revenues took a big hit, dropping 21 percent to $1.4 billion, while operating income fell 97 percent to $13 million due to weakness in domestic home entertainment and global theatrical markets.

Marvel Studios, meanwhile reported $44.5 million in profits, down only slightly from $45.2 million last year.

Overall revenues, buoyed by DVD sales of Iron Man and The Incredible Hulk, lifted revenues 75 percent to $197 million. Licensing earnings fell 4 percent to $81 million.