Marvel Earnings Conference Call: May 4th

Advanced Dark · Apr 20, 2006

With Marvel now in control with their own studio deals they are responsible for their own press releases unlike before where they "had" to wait for the studio to annouce it since they "sold" the rights. This should have some nice info on many upcoming projects that are in the mix and with Summer 08 being a target year someone needs to get going and now is the time. Be there:

Marvel Enterprises, Inc. Earnings Conference Call (Q1 2006)
Scheduled to start Thu, May 4, 2006, 9:00 am Eastern

Check back at the scheduled start time for
the audio link to appear in this spot. Add This Event To Your Yahoo! Calendar
After the event has finished, the audio will be available
from this page until Sat, May 5, 2007
Click to expand...

Ironman24 · Apr 20, 2006

Hope they give a Iron Man update.

Kable24 · Apr 20, 2006

I want a Punisher 2 update.

skorponok · Apr 20, 2006

Here's hoping they have the Daredevil rights back

Sava · Apr 20, 2006

here's hoping so great news for everyone

enterthemadness · Apr 20, 2006

I wonder if Marvel will mention anything about releasing the Region 2 (Netherland) 2-disc set of Man-Thing over here? Seriously doubt it through.

Advanced Dark · Apr 20, 2006

^ I doubt it. LOL

Still A ThorFan · Apr 22, 2006

Some news on Thor would be nice.

Ironfan72 · Apr 22, 2006

Ya, a Iron Man update would be kind of nice.

Advanced Dark · Apr 22, 2006

The two biggies for Marvel as a studio (that don't have financing yet) are clearly Iron Man & Hulk 2.

Mr. Magoo · May 3, 2006

Ah, here we go. This is still happening, right?

Advanced Dark · May 3, 2006

But of course. Look at the investing thread which I just bumped up. The link is also in the first post of this thread. Earnings will be online probably around 5:00-5:30 AM EST so you can read all about it but the CC will be at 9:00 AM which is even more important. I have 13,100 shares now riding on Marvel mainly for 2007 and beyond. Whatever happens this year is insignificant as far as what's to come.

Advanced Dark · May 4, 2006

Stay tuned...while I'll be posting what info I find in this thread you'll find more detailed discussion on the earnings and conference call by clicking on the link in my sig below.

Advanced Dark · May 4, 2006

Marvel Reports Q1 2006 Earnings Per Share of $0.19; Raises 2006 EPS Guidance Range to $0.46 - $0.57, Principally Reflecting Accretion From Share Repurchases
Business Wire - May 04, 2006 06:27

NEW YORK, May 04, 2006 (BUSINESS WIRE) -- Marvel Entertainment, Inc. (NYSE:MVL)

-- Completes $250 Million Share Repurchase Program and Board Authorizes $100 Million Share Repurchase Program

-- Marvel will host a webcast today for all investors at 9:00 a.m. EDT available at: www.Marvel.com/webcasts or www.fulldisclosure.com

Marvel Entertainment, Inc. (NYSE:MVL), a global character-based entertainment and licensing company, today reported operating results for the first quarter ended March 31, 2006.

For Q1 2006, Marvel reported net income of $17.5 million, or $0.19 per diluted share, net of a $0.01 per diluted share charge for option-based payments as the company implemented FAS 123R for the expensing of stock options. This compares to net income of $27.7 million, or $0.25 per diluted share, in the year-ago first quarter period, which did not include any stock option expense.

Marvel Entertainment, Inc.
Segment Net Sales/Operating Income (Unaudited)
(in millions)
-------------------------------------------------------------------
Three Months Ended
March 31,
2006 2005
-------------------------------------------------------------------
Licensing: Net Sales $39.6 $71.2
-------------------------------------------------------------------
Operating Income(1) 23.7 39.7
-------------------------------------------------------------------
Publishing: Net Sales 23.9 22.4
-------------------------------------------------------------------
Operating Income 8.9 8.9
-------------------------------------------------------------------
Toys: Net Sales 26.6 10.5
-------------------------------------------------------------------
Operating Income 4.0 4.4
-------------------------------------------------------------------
Corporate Overhead: (4.6) (5.0)
-------------------------------------------------------------------
TOTAL NET SALES $90.1 $104.1
-------------------------------------------------------------------
TOTAL OPERATING INCOME $32.0 $48.0
-------------------------------------------------------------------
(1) First quarter 2005 includes the impact of a $10 million, one-time
charge related to the settlement of litigation with Stan Lee.

Marvel's Chairman, Morton Handel, commented, "Marvel reported solid financial performance and strong cash flows from operations during the first quarter. Reflecting our high level of confidence in Marvel's ability to generate strong levels of free cash flow over the long-term, the Board has approved a new $100 million share repurchase authorization. We believe repurchases represent the best use of our available cash flow at this time, are accretive to earnings and will provide an attractive long-term return on investment.

"The Marvel-produced feature film slate is developing rapidly, and we have engaged directors and writers to spearhead the development of scripts for Iron Man, Captain America, the Incredible Hulk, Thor, Ant-Man and Nick Fury. It is still too early to know which property will be first to begin production, but we have targeted our first release for the summer of 2008. Nearer term, we eagerly await the release this month of our X-Men sequel, and we have a strong slate of films scheduled for release in 2007. These films, produced by studio partners, include sequels to our Spider-Man and Fantastic Four franchises as well as the feature film debut for our Ghost Rider character."

First Quarter Segment Review:

-- Licensing Segment net sales decreased to $39.6 million, a decline of 44% from the year-ago period, primarily due to lower contributions from domestic licensing, Marvel Studios and Marvel's Spider-Man merchandising joint venture with Sony. Net sales related to the Studio operations during Q1 2005 included approximately $15 million associated with payments for Spider-Man II box office and DVD/video sales and advances related to the commencement of production on Spider-Man III that were not repeated during Q1 2006. International licensing net sales of $12.1 million, excluding the activity of the joint venture, increased 30% year-over-year.

Marvel Entertainment, Inc.
Licensing Sales by Division (Unaudited)
(in millions)
--------------------------------------------------------
Three Months Ended
3/31/06 3/31/05
--------------------------------------------------------
Domestic Consumer Products $23.7 $33.5
--------------------------------------------------------
International Consumer Products 12.1 9.3
--------------------------------------------------------
Spider-Man L.P. 2.0 11.0
--------------------------------------------------------
Studios 1.8 17.4
--------------------------------------------------------
Total $39.6 $71.2
--------------------------------------------------------

Operating margins in the licensing division were 60% in Q1 2006, slightly above margins of 56% in the prior-year period which were impacted by a one-time charge of $10 million related to the settlement of litigation with Stan Lee.

-- Marvel's Publishing Segment net sales increased 6.7% from the year-ago period to $23.9 million, due primarily to higher sales in the direct market. Growth in the direct market resulted from increasing comic sales leading into this summer's Civil War marketing event and strong reprints of trades. Publishing segment operating income in Q1 2006 was $8.9 million, an operating margin of 37%, compared to $8.9 million in operating income and an operating margin of 40% in the prior-year period. Operating margins declined versus last year due to a slight escalation in talent and paper costs.

-- The transition in Marvel's Toy Segment net sales from toys produced by our master toy licensee in 2005 to all toy production by Marvel in 2006 led to an expected year-over-year increase in segment revenues. Sales in the quarter were due primarily to core classic Marvel character lines and toys based on the Curious George in-licensed character. The shift from sales recorded in 2005 as royalty and service fee income, with no corresponding Cost of Revenues expense, to sales recorded in 2006 as wholesale sales subject to the corresponding Cost of Revenues expense, was a primary factor in operating margins decreasing to 15% for the first quarter of 2006, as compared to 42% in last year's period. Additionally, Q1 2006 toy S,G&A includes an expense provision of approximately $2.6 million for additional transition costs associated with the termination of the master toy license with Toy Biz Worldwide Ltd. (TBW). During April 2006, Marvel relocated nearly all of its molds and tooling away from TBW to larger, more established vendors. That transition will adversely affect full year 2006 toy production and related sales.

Marvel Entertainment, Inc.
Toy Sales Summary (Unaudited)
(in millions)
--------------------------------------------------------
Three Months Ended
3/31/06 3/31/05
--------------------------------------------------------
Marvel Toy Net Sales $26.6 $4.1
--------------------------------------------------------
Toy License:
--------------------------------------------------------
- Toy Royalties -- 3.4
--------------------------------------------------------
- Fees for Services Rendered -- 3.0
--------------------------------------------------------
Total Toy Segment $26.6 $10.5
--------------------------------------------------------

Balance Sheet and Share Repurchase Update:

During Q1 2006 Marvel repurchased 7.2 million shares of its common stock for an aggregate consideration of $124 million under the Company's November 2005 $250 million share repurchase authorization. The Q1 2006 repurchases were financed through existing cash balances and cash generated from operations. Subsequent to the end of the first quarter, the Company purchased an additional 1.1 million shares for a cost of $22 million, which was primarily financed with borrowings under its bank credit facility. These purchases completed Marvel's $250 million share repurchase program, and the Board has approved a new $100 million share repurchase authorization. Marvel had $20 million in borrowings under its working capital credit facility as of April 28, 2006.

Marvel Studios
(Development and release dates for licensed properties are controlled
by studio partners)
----------------------------------------------------------------------

Marvel Character Feature Film Line-Up For 2006
----------------------------------------------------------------------
Film/Character Studio/Distributor Status
----------------------------------------------------------------------
X-Men 3 Fox May 26, 2006 release
----------------------------------------------------------------------

Marvel Character Feature Film Line-Up For 2007
----------------------------------------------------------------------
Film/Character Studio/Distributor Status
----------------------------------------------------------------------
Ghost Rider Sony In post-production, February
16, 2007 release
----------------------------------------------------------------------
Spider-Man 3 Sony In production, May 4, 2007
release
----------------------------------------------------------------------
Fantastic Four 2 Fox In early pre-production,
July 4, 2007 release(1)
----------------------------------------------------------------------

Film Projects Being Developed by Marvel (Partial List)
The first film is anticipated for release in 2008.
----------------------------------------------------------------------
Film/Character Studio Status
----------------------------------------------------------------------
Ant-Man Marvel Writer and director engaged(1)
----------------------------------------------------------------------
Captain America Marvel Writer engaged(1)
----------------------------------------------------------------------
Hulk 2 Marvel Writer engaged(1)
----------------------------------------------------------------------
Iron Man Marvel Writer and director engaged(1)
----------------------------------------------------------------------
Nick Fury Marvel Writer engaged(1)
----------------------------------------------------------------------
Thor Marvel Writer engaged(1)
----------------------------------------------------------------------
The Avengers, Black Panther, Cloak & Dagger, Doctor Strange, Hawkeye,
Power Pack and Shang-Chi are also projects to be developed by Marvel.
----------------------------------------------------------------------

Marvel Character Licensed Film Development Pipeline (Partial List)
----------------------------------------------------------------------
Film/Character Studio/Distributor Status
----------------------------------------------------------------------
Wolverine Fox TBD
----------------------------------------------------------------------
The Punisher 2 Lions Gate TBD
----------------------------------------------------------------------
Magneto Fox TBD(1)
----------------------------------------------------------------------
Namor Universal TBD(1)
----------------------------------------------------------------------
Luke Cage Sony TBD(1)
----------------------------------------------------------------------

Marvel Character Animated TV Projects in Development
----------------------------------------------------------------------
Character Studio Status
----------------------------------------------------------------------
Fantastic Four Moonscoop SAS 26, 30 minute episodes airing
(France) in 2006; U.S. distribution
expected on Cartoon Network(1)
----------------------------------------------------------------------
Wolverine First Serve Toonz 26, 30 minute episodes in
(India) development(1)
----------------------------------------------------------------------
Iron Man Method Films 26, 30 minute episodes in
(France) development(1)
----------------------------------------------------------------------

Marvel Character Animated Direct-to-Video Projects in Development
----------------------------------------------------------------------
Partnership with Lions Gate to develop, produce and distribute
original animated DVD features. Titles include: Ultimate Avengers
(released February 21, 2006), Ultimate Avengers 2 (scheduled for Q3
2006)(1), Iron Man and Doctor Strange.
----------------------------------------------------------------------

Marvel Character Live Action TV Projects (Partial List)
----------------------------------------------------------------------
Blade, in production and premiering on Spike TV in June 2006(1);
Alter Ego and Skrull Kill Krew in development.
----------------------------------------------------------------------

2006 Video Game Release
(Release date controlled by Publishing partner)
----------------------------------------------------------------------
Publisher Character Release
----------------------------------------------------------------------
Activision X-Men 3 1H 2006
----------------------------------------------------------------------
(1) Represents a change from the previously supplied schedule TBD = To
Be Determined

Guidance and Drivers: Cash flow from operations is expected to exceed $120 million in 2006 as cash payments from licensing contracts executed in prior years are made to the Company. Strength in the licensing segment is being largely off-set by declines in the toy segment resulting from a disruption in sales due to the transition in tooling to new vendors. Marvel is revising its 2006 guidance ranges, as highlighted below, due to the shift to the higher-margin licensing segment, coupled with the positive impact of share repurchases to date.

Marvel Entertainment - Financial Guidance
----------------------------------------------------------------------
(in millions, except Updated 2006 Previous 2006 2005
per-share amounts) Guidance Guidance(2) Actual
----------------------------------------------------------------------
Net sales $320 - $350 $320 - $350 $390
----------------------------------------------------------------------
Net income(3) $40 - $53 $38 - $53 $103(1)
----------------------------------------------------------------------
Diluted EPS(3) $0.46 - $0.57 $0.44 - $0.55 $0.97(1)
----------------------------------------------------------------------
(1) FY 2005 net income and diluted EPS include a one-time charge of
approximately $12.5 million associated with the early termination
of Marvel's toy licensee, Toy Biz Worldwide Ltd.
(2) Previous 2006 guidance ranges were originally provided on February
23, 2006.
(3) 2006 Net income and EPS reflect $6.5 million in non-cash expenses
related to the implementation of FAS 123R.
Click to expand...

This stock is going to freaking rocket today!

Advanced Dark · May 4, 2006

2006 Financial Guidance:
Marvel's financial guidance reflects the following factors:
-- Nominal contributions from the X-Men 3 feature film slated for release in May 2006.
-- Modest expected initial contributions from animated projects: Ultimate Avengers direct-to-DVD released in Q1 2006 and the Fantastic Four animated television series.
-- Contributions from wholesale sales of X-Men 3 movie, Curious George and Marvel Legends toys.
-- $2 - $4 million expected from the Spider-Man merchandising joint venture, $2 million of which was recorded in Q1 2006 (compared to roughly $25 million in 2005).
-- Studio revenues of $10 - $13 million, $1.8 million of which was recorded in Q1 2006 (compared to $25 million in 2005).
-- Continued, modest top-line and bottom-line growth from the publishing division.
-- Roughly $6.5 million of incremental non-cash expenses related to the expensing of stock options, $1.8 million of which was recorded in Q1 2006.
-- Up to $5 million in incremental expenses related to the expansion of activities and infrastructure within the Marvel Studio operations.
-- Marvel's guidance does not reflect the benefit of additional share repurchase activity since May 3, 2006.
Marvel cautions investors that variations in the timing of licenses and entertainment events, the timing of their revenue recognition, and their level of success result in variations and uncertainty in forecasting in its interim financial results from period to period and could have a material impact on quarterly results as well as Marvel's ability to achieve the financial performance included in its financial guidance.
About Marvel Entertainment, Inc.
With a library of over 5,000 characters, Marvel Entertainment, Inc. is one of the world's most prominent character-based entertainment companies. Marvel's operations are focused on utilizing its character franchises in licensing, entertainment, publishing and toys. Areas of emphasis include feature films, DVD/home video, consumer products, video games, action figures and role-playing toys, television and promotions. Rooted in the creative success of over sixty years of comic book publishing, Marvel's strategy is to leverage its character franchises in a growing array of opportunities around the world. For more information visit www.marvel.com.
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 licensees, changing consumer preferences, delays and cancellations of movies and television productions based on Marvel characters, transition difficulties between licensees, 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.
In addition, in connection with Marvel's studio operations, including those related to the slate of feature films Marvel plans to produce on its own with proceeds from its $525 million film slate facility (the "Film Facility"), the following factors, among others, could cause Marvel's or Marvel Studios' financial performance to differ materially from that expressed in any forward-looking statements: (i) Marvel Studios' potential inability to attract and retain creative talent, (ii) the potential lack of popularity of Marvel's films, (iii) the expense associated with producing films, (iv) union activity which could interrupt film production, (v) that Marvel Studios has not, in the past, produced film projects on its own, (vi) changes or disruptions in the way films are distributed, including a decline in the profitability of the DVD market, (vii) piracy of films and related products, (viii) Marvel Studios' dependence on a single distributor, (ix) that Marvel will depend on its distributor for the implementation of internal controls related to the accounting of film-production activities, (x) Marvel's potential inability to meet the conditions necessary for an initial funding of a film under the Film Facility, (xi) Marvel's potential inability to obtain financing to make more than four films if certain tests related to the economic performance of the film slate are not satisfied (specifically, an interim asset test and a foreign pre-sales test) and (xii) fluctuations in reported income or loss related to the accounting of film-production activities.
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.
MARVEL ENTERTAINMENT, INC.
CONDENSED CONSOLIDATED STATEMENTS OF INCOME AND COMPREHENSIVE INCOME
(In thousands, except per share data)
(Unaudited)
Three Months Ended
March 31,
-----------------------------
2006 2005
-------------- -------------
Net sales $ 90,058 $ 104,144
-------------- -------------
Costs and expenses:
Cost of revenues (excluding
depreciation expense) 23,883 12,304
Selling, general and administrative 33,778 43,697
Depreciation and amortization 2,293 1,033
-------------- -------------
Total costs and expenses 59,954 57,034
Other income, net 1,915 846
-------------- -------------
Operating income 32,019 47,956
Interest expense (income), net 2,798 (1,159)
-------------- -------------
Income before income taxes and
minority interest 29,221 49,115
Income tax expense 11,237 18,864
Minority interest in consolidated
joint venture 475 2,530
-------------- -------------
Net income $ 17,509 $ 27,721
============== =============
Basic earnings per share attributable
to common stock $ 0.20 $ 0.27
============== =============
Weighted average number of basic
shares outstanding 86,114 104,561
============== =============
Diluted earnings per share
attributable to common stock $ 0.19 $ 0.25
============== =============
Weighted average number of diluted
shares outstanding 91,467 111,239
============== =============
Comprehensive income:
Net income $ 17,509 $ 27,721
Other comprehensive loss (58) (66)
-------------- -------------
Comprehensive income $ 17,451 $ 27,655
============== =============

MARVEL ENTERTAINMENT, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(In thousands, except share data)
(Unaudited)
March 31, December 31,
2006 2005
-------------- -------------
ASSETS
Current assets:
Cash and cash equivalents $ 16,997 $ 24,227
Restricted cash 7,331 8,383
Short-term investments 5,039 15,139
Accounts receivable, net 56,809 59,108
Inventories, net 15,237 9,177
Deferred income taxes, net 19,553 19,553
Prepaid expenses and other current
assets 4,396 4,785
-------------- -------------
Total current assets 125,362 140,372
Molds, tools and equipment, net 6,403 5,659
Product and package design costs, net 4,773 1,023
Goodwill 341,708 341,708
Accounts receivable, non-current portion 34,857 20,290
Deferred income taxes, net 53,656 36,460
Deferred financing costs 19,506 20,751
Advances to joint venture partner 4,828 3,489
Other assets 5,960 3,794
-------------- -------------
Total assets $ 597,053 $ 573,546
============== =============
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:
Accounts payable $ 3,955 $ 3,724
Accrued royalties 66,652 65,891
Accrued expenses and other current
liabilities 45,459 57,360
Income taxes payable 26,638 12,295
Deferred revenue 26,666 10,865
-------------- -------------
Total current liabilities 169,370 150,135
Deferred revenue, non-current portion 130,573 24,787
Film slate facility obligation 26,800 25,800
Other liabilities 12,008 12,224
-------------- -------------
Total liabilities 338,751 212,946
-------------- -------------
Stockholders' equity:
Preferred stock, $.01 par value,
100,000,000 shares authorized, none
issued - -
Common stock, $.01 par value,
250,000,000 shares authorized,
122,147,969 issued and 83,442,887
outstanding in 2006 and 121,742,534
issued and 90,205,853 outstanding in
2005 1,220 1,217
Deferred stock compensation (9,296) (6,242)
Additional paid-in capital 602,340 594,873
Retained earnings 187,271 169,762
Accumulated other comprehensive loss (3,437) (3,474)
-------------- -------------
Total stockholders' equity
before treasury stock 778,098 756,136
Treasury stock, at cost, 38,705,082
shares in 2006 and 31,536,681 shares
in 2005 (519,796) (395,536)
-------------- -------------
Total stockholders' equity 258,302 360,600
-------------- -------------
Total liabilities and
stockholders' equity $ 597,053 $ 573,546
============== =============

SOURCE: Marvel Entertainment, Inc.
Marvel Entertainment, Inc.
Matt Finick, 212-576-4035
[email protected]
or
Jaffoni & Collins
David Collins, Richard Land, 212-835-8500
[email protected]
Click to expand...

Yes!

Advanced Dark · May 4, 2006

Nice outlook as well. The stock is soaring. 21.27 and rising.

Ironman24 · May 4, 2006

Good news about Iron man, especially the movie, I didn't get to hear much of the conference, but, like the IM Animated news.

Advanced Dark · May 4, 2006

Stock corrected a bit since and is around 20.40 now but the analysts are due between now and next weekand then X3.

YJ1 · May 4, 2006

It looks like Iron Man will be up first for Marvel!

>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>
Avi Arad

As you know now that we have a director on Iron Man, we are ready to just going, so we hope in the beginning of next year.

Joe Hovorka - Raymond James

So thats likely to be the first film to production.

Avi Arad

At this point that looks like the first one, yes.
<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<

Ironfan72 · May 4, 2006

YJ1 said:

It looks like Iron Man will be up first for Marvel!

>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>
Avi Arad

As you know now that we have a director on Iron Man, we are ready to just going, so we hope in the beginning of next year.

Joe Hovorka - Raymond James

So thats likely to be the first film to production.

Avi Arad

At this point that looks like the first one, yes.
<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<
Click to expand...

Very good news.

Advanced Dark · May 4, 2006

^ Then Hulk 2, then Nick Fury or Cap.

Movies

Marvel Earnings Conference Call: May 4th

Advanced Dark Avenger

Ironman24 Golden Avenger

Kable24 Member of the NRA

skorponok ----------

Sava Dont cry, my dear

enterthemadness The Triumvirate

Advanced Dark Avenger

Still A ThorFan Sidekick

Ironfan72 Golden Avenger

Advanced Dark Avenger

Mr. Magoo Civilian

Advanced Dark Avenger

Advanced Dark Avenger

Advanced Dark Avenger

Advanced Dark Avenger

Advanced Dark Avenger

Ironman24 Golden Avenger

Advanced Dark Avenger

YJ1 Armed and Dangerous

Ironfan72 Golden Avenger

Advanced Dark Avenger

Share This Page

Resources

Useful Searches

Marvel Earnings Conference Call: May 4th

Advanced Dark Avenger

Ironman24 Golden Avenger

Kable24 Member of the NRA

skorponok ----------

Sava Dont cry, my dear

enterthemadness The Triumvirate

Advanced Dark Avenger

Still A ThorFan Sidekick

Ironfan72 Golden Avenger

Advanced Dark Avenger

Mr. Magoo Civilian

Advanced Dark Avenger

Advanced Dark Avenger

Advanced Dark Avenger

Advanced Dark Avenger

Advanced Dark Avenger

Ironman24 Golden Avenger

Advanced Dark Avenger

YJ1 Armed and Dangerous

Ironfan72 Golden Avenger

Advanced Dark Avenger

Share This Page