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While some have been tying in the performance of "Iron Man" over the weekend as one of the reasons Marvel Entertainment Inc. (NYSE:MVL) increased its profit guidance for 2008, the company asserted it had nothing to do with it at all, rather it reflected a stronger-than-expected first quarter

Even so, it has to be a big boost to Marvel to offer better profit guidance without including their newest franchise. Over the weekend the "Iron Man" exceeded expectations by far, taking in over $100 million domestically and over $200 million at the worldwide box office. It also announced there would definitely be an "Iron Man 2" released in 2010.

This is important for the firm because this is the first film released by the company where they financed it themselves, rather than licensing the Marvel characters out.

"This is clearly a transformative time for Marvel," Marvel Studios chairman David Maisel told analysts on a conference call. "It was important for us to get much more control of our destiny and the ability to green-light and make these movies on a predictable basis."

For overall company performance in the quarter, profit fell by 3 percent to $45.2 million, or 58 cents a share. While down, it still exceeded analysts' expectations of 43 cents a share.

Revenue for the quarter also fell significantly, dropping by 26 percent to $112.6 million. Last quarter it was $151.4 million. This also beat analysts' exectations of $111.7 million.

What I find good about this is even with a 26 percent drop in revenue, profits only dropped by 3 percent. That means the company is getting a handle on managing costs - a good sign.

With the quarter performing stronger-than-expected, revenue guidance was increased by $10 million to between $370 million to $400 million, while net profit guidance was raised to $1.35 to $1.55.

Other than the June 13 release of the "The Incredible Hulk," other films the company will produce are "Iron Man 2," set for a April 30, 2010 release, as well as "Thor" on June 4, 2010, and "The First Avenger: Captain America" on May 6, 2011.