Exhibit 99.1
[MARVEL LOGO]
MARVEL BOARD AUTHORIZES $100 MILLION SHARE REPURCHASE PROGRAM
New York, New York - July 12, 2004 - Marvel Enterprises, Inc., (NYSE: MVL) a
global entertainment licensing company, announced today that its Board of
Directors has authorized a $100 million common stock repurchase program.
Pursuant to the authorization, Marvel may purchase shares from time to time in
the open market or through privately negotiated transactions over the next
eighteen months. Marvel's largest shareholder and Vice Chairman, Isaac
Perlmutter, and its Marvel Studios' Chief Executive Officer, Avi Arad, have each
agreed not to sell any shares while the repurchase program is in place.
The authorization follows Marvel's redemption last month of its remaining
long-term debt, freeing the Company to consider share repurchases as one use of
its current cash holdings and future cash flows. Marvel currently has over $150
million in cash, certificates of deposit and commercial paper. Without any share
repurchases, Marvel expects that year-end 2004 cash levels would exceed $200
million.
"Robust cash flows and surplus cash are two attractive byproducts of Marvel's
unique, risk-averse, business model. Given our continued confidence in Marvel's
long-term outlook and our solid balance sheet, Marvel's Board of Directors
believes share repurchases represent an excellent use of capital that enhances
shareholder value over the long term," said Allen Lipson, Marvel's President and
CEO.
Marvel has no obligation to repurchase shares under the authorization, and the
timing, actual number and value of shares to be purchased will depend on the
performance of Marvel's stock price and market conditions. Marvel has
approximately 115 million fully-diluted shares outstanding and has an
approximate public float of 85 million shares.
About Marvel Enterprises
With a library of over 4,700 proprietary characters, Marvel Enterprises, Inc. is
one of the world's most prominent character-based entertainment companies.
Marvel's operations are focused in four areas: entertainment (Marvel Studios),
licensing, comic book publishing and toys (Toy Biz). Marvel facilitates the
creation of entertainment projects, including feature films, DVD/home video,
video games and television based on its characters and also licenses its
characters for use in a wide range of consumer products and services including
apparel, collectibles, snack foods and promotions. Marvel's characters and plot
lines are created by its comic book division, which continues to expand its
leadership position in the U.S. and worldwide while also serving as an
invaluable source of intellectual property.
Except for any historical information that they contain, the statements in this
news release regarding Marvel's plans are forward-looking statements that are
subject to certain risks and uncertainties, including a decrease in the level of
media exposure or popularity of Marvel's characters, financial difficulties of
Marvel's major licensees, delays and cancellations of movies and television
productions based on Marvel characters, poor performance of major movies based
on Marvel characters, toy-production delays or shortfalls, continued
concentration of toy retailers, toy inventory risk, significant appreciation of
Chinese currency against other currencies
and the imposition of quotas or tariffs on products manufactured in China. These
and other risks and uncertainties are described in Marvel's filings with the
Securities and Exchange Commission, including Marvel's Annual Reports on Form
10-K, Quarterly Reports on Form 10-Q and Current Reports on Form 8-K. Marvel
assumes no obligation to publicly update or revise any forward-looking
statements.
For further information contact:
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Matt Finick Richard Land, David Collins Jeff Klein, Johanna Flattery
Marvel Enterprises Jaffoni & Collins Dan Klores Communications
212/576-4035 212/835-8500 212/685-4300
mfinick@marvel.com mvl@jcir.com jeff_klein@dkcnews.com
johanna_flattery@dkcnews.com