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Copyright Bankruptcy and Restructuring at Marvel Entertainment Group Harvard Business School Case 9-298-059 Case Software 2-298-715 Copyright © 1998 by the President and Fellows of Harvard College This case was prepared as the basis for class discussion rather than to illustrate effective or ineffective handling of an administrative situation and was prepared using only public sources and has not been approved by Marvel Entertainment Group. Page 1 Exhibit 4 Exhibit 4       Marvel Entertainm
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  CopyrightPage 1 Bankruptcy and Restructuring at Marvel Entertainment Group Harvard Business School Case 9-298-059Case Software 2-298-715Copyright © 1998 by the President and Fellows of Harvard CollegeThis case was prepared as the basis for class discussion rather than toillustrate effective or ineffective handling of an administrative situation andwas prepared using only public sources and has not been approved byMarvel Entertainment Group.  Exhibit 4Page 2 9 MonthsEnding For Years Ended December 31,Sept. 1996 1995 1994 1993 1992Assets Current Assets:Cash $35.90 $37.00 $18.10 $17.00 $10.60Accounts receivable, net 257.2 240 189.5 77.9 69Inventories 99.1 82.4 51 23.2 16.3Deferred income taxes 32.5 50.4 7.3 8.3 12.3Income tax receivable 18.2 24.6 - - -Prepaid expenses and other 58.2 42.9 31 6.1 2.2Total current assets 501.1 477.3 296.9 132.5 110.4Property, plant and equipment, net 87.7 71.3 39.7 12.4 10.9Goodwill and other intangibles, net 595.7 603.6 433.6 299 3023.2 3.2 20.6 14.2 -Deferred charges and other 72.7 57.6 37.9 13.9 16.7Total assets $1,260.4 $1,213.0 $828.7 $472.0 $440.0 Liabilities and Stockholders' Equity Current Liabilities:Accounts payable $95.80 $104.80 $69.60 $19.90 $14.90Accrued expenses and other 170.1 194.8 110.8 44.5 64.3Short-term borrowings 28.7 - - - -Current portion of long-term debt 625.8 5.2 20.2 45.1 35.1Total current liabilities 920.4 304.8 200.6 109.5 114.3Long-term debt - 581.3 364.1 205.1 201.2Other long-term liabilities 56.6 48.7 21 10.1 39.8Total liabilities 977 934.8 585.7 324.7 355.3Minority interest in Toy Biz 102.9 70.4 - - -Stockholders' Equity:- - - - -1 1 1 1 1Additional paid-in capital 93.1 92.4 81.2 47 39.8Retained earnings 86.1 114.1 162.5 100.7 44.7Cumulative translation adjustment 0.3 0.3 -1.7 -1.4 -0.8Total stockholders' equity 180.5 207.8 243 147.3 84.7 Exhibit 4 Marvel Entertainment Group, Inc.—Consolidated Balance Sheets ($ millions) Investment in and advances tounconsolidatedsubsidiariesPreferred stock, $.01 par value;50,000,000shares authorized, none issuedCommon stock, $0.1 par value;250,000,000shares authorized, 101,702,664and100,655,724 shares issued andoutstanding on Dec. 31, 1995 and1994,respectively  Exhibit 4Page 3 $1,260.4 $1,213.0 $828.7 $472.0 $440.0Source: Company Annual ReportsTotal liabilities and stockholders'equity  Exhibit 5Page 4 9 MonthsEnding For the Years Ended December 31,Sept. 1996 1995 1994 1993 1992 1991 Net revenues $581.2 $829.3 $514.8 $415.2 $223.8 $115.1Cost of sales 372.4 538.3 275.3 215.3 112.6 58.2SG&A expenses 168 231.3 119.7 85.3 43.4 21.4Restructuring charges 25 - - - -32.4 29.5 10.9 10.1 4.6 2.1Interest expense, net 42.7 43.2 16.5 14.6 6.5 3.5Other income 19.8 14.3 1.7 - - -Equity in net income of unconsolidated subs. (0.6) 1.7 10.2 4.5 -(15.1) (22.0) 104.3 94.4 56.7 29.9Provision for income taxes (0.7) 5.7 42.5 38.4 24.1 13.4(Loss) income before minority interest and extrao (14.4) (27.7) 61.8 56 32.6 16.5Minority interest in earnings of Toy Biz 13.5 17.4 - - -(Loss) income before extraordinary item ($27.9) ($45.1) 61.8 56 32.6 16.5Extraordinary item, net of taxes - (3.3) - - - (0.4)Net (loss) income ($27.9) ($48.4) $61.8 $56.0 $32.6 $16.1(Loss) earnings per share:(Loss) income before extraordinary item ($0.27) ($0.45) $0.60 $0.55 $0.33 $0.17Extraordinary item - $0.03 - - - (0.01)Net (loss) income ($0.27) ($0.48) $0.60 $0.55 $0.33 $0.16101.8 101.3 103.7 102.6 98.6 97.7Source: Company Annual Reports Exhibit 5 Marvel Entertainment Group, Inc.—Consolidated Statement of Operations ($ millions) Amortization of goodwill, intangiblesand deferred charges(Loss) Income before provision forincome taxes, minority interest andextraordinary itemWeighted average number of commonand common equivalent shares outstanding(in millions)
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