Marvel (NYSE: MVL) reported Q4 and full-year earnings this morning, and as a shareholder, I have to say that the company came through like any superhero would. Net sales for the fourth quarter leaped 28% to $109.3 million, while earnings per diluted share more than doubled to $0.35. For the year, net sales soared 38% to $485.8 million, and earnings per diluted share again went beyond the doubling point, coming in at $1.70.

But, when we get to the cash-flow statement, we shudder as if we are in the presence of a diabolical villain bent on our utter destruction. You see, cash was used for operations as opposed to being generated. Fans of free cash flow -- I being one of them -- hate this. But, perhaps we can cut Marvel some slack. The cash-flow statement explains something we already know -- making movies is an expensive proposition, so the use of cash was highly influenced by the investments in film production. Marvel has Iron Man and a new version of The Incredible Hulk coming to theaters this year; if they are big hits, then this use of cash will hopefully not seem like such an evil thing.