Company News: Page (1) of 1 - 04/16/12 Email this story to a friend. email article Print this page (Article printing at MyDmn.com).print page facebook

Hollywood Media Corp. Reports 2011 Fourth Quarter and Year End Results

(April 16, 2012)

BOCA RATON, FL -- (Marketwire) -- 04/16/12 -- Hollywood Media Corp. (NASDAQ: HOLL) today reported financial results for the fourth quarter and year ended December 31, 2011.

On a continuing operations basis which includes the contribution from the Ad Sales and Intellectual Property divisions, net revenues for the 2011 fourth quarter were $0.8 million compared to $1.0 million in the prior-year period. For the full year 2011, net revenues were $3.8 million versus $4.0 million in 2010.

Loss from continuing operations for the 2011 fourth quarter was $0.2 million, or $0.01 per diluted share, compared to a loss from continuing operations last year of $1.6 million, or $0.06 per diluted share. For the full year 2011, loss from continuing operations was $7.3 million, or $0.30 per diluted share, which included a non-cash goodwill impairment charge of $4.8 million in the third quarter of 2011 relating to the Company's Ad Sales Division, compared to a loss from continuing operations last year of $7.1 million or $0.23 per diluted share.

Net income, which includes Discontinued Operations, was essentially $0 in the 2011 fourth quarter, compared to net income last year of $5.7 million or $0.18 per share. For the full year 2011, net loss, which includes Discontinued Operations, was $6.9 million, or $0.28 per diluted share, compared to net income last year of $4.9 million, or $0.16 per diluted share.


The Company had approximately 23.2 million weighted average shares outstanding in the 2011 fourth quarter compared to 31.2 million weighted average shares outstanding in the prior-year period. The reduction in share count principally relates to an 8.0 million share tender offer completed in the first quarter of 2011.

At December 31, 2011, the Company had cash and cash equivalents of $3.7 million and no debt as compared to cash and cash equivalents of $29.4 million and no debt at December 31, 2010. The change reflects the completion of the Company's tender offer in the first quarter of 2011, costs related to the sale of the Broadway Ticketing business including a working capital adjustment, and the Company's $1.3 million investment in Project Hollywood, LLC.

About Hollywood Media Corp.

Hollywood Media Corp. is comprised primarily of an Ad Sales division, an Intellectual Property division, and various financial assets.

Note on Forward-Looking Statements
Statements in this press release may be "forward-looking statements" within the meaning of federal securities laws. The matters discussed herein that are forward-looking statements are based on current management expectations that involve risks and uncertainties that may result in such expectations not being realized. Actual outcomes and results may differ materially from what is expressed or forecasted in such forward-looking statements due to numerous potential risks and uncertainties, including, but not limited to, the need to manage our growth, our ability to realize anticipated revenues and cost efficiencies, the impact of potential future dispositions or other strategic transactions by Hollywood Media, our ability to develop and maintain strategic relationships, technology risks, the volatility of our stock price, and other risks and factors described in Hollywood Media Corp.'s filings with the Securities and Exchange Commission including our Form 10-K for 2011. Such forward-looking statements speak only as of the date on which they are made.

HOLLYWOOD MEDIA CORP. AND SUBSIDIARIES CONDENSED CONSOLIDATED BALANCE SHEETS December 31, December 31, 2011 2010 ------------- ------------- (unaudited) ASSETS CURRENT ASSETS: Cash and cash equivalents $ 3,717,599 $ 29,406,063 Receivables, net 229,365 465,079 Prepaid expenses 594,370 1,055,972 Other receivables 24,848 59,224 Related party receivable 521,497 299,963 Current portion of deferred compensation 430,000 - ------------- ------------- Total current assets 5,517,679 31,286,301 PROPERTY AND EQUIPMENT, net 307,390 455,436 INVESTMENTS IN AND ADVANCES TO UNCONSOLIDATED INVESTEES 1,573,325 955,065 INTANGIBLE ASSETS, net 17,116 7,549 GOODWILL 9,800,000 14,595,783 OTHER ASSETS 58,628 18,425 DEFERRED COMPENSATION, less current portion 948,651 - ------------- ------------- TOTAL ASSETS $ 18,222,789 $ 47,318,559 ============= ============= LIABILITIES AND SHAREHOLDERS' EQUITY CURRENT LIABILITIES: Accounts payable $ 403,743 $ 802,684 Accrued expenses and other 890,881 6,804,066 Deferred revenue 706,432 980,786 Customer deposits 427,331 654,554 Current portion of capital lease obligations 21,829 60,031 Current portion of notes payable - 2,362 ------------- ------------- Total current liabilities 2,450,216 9,304,483 CAPITAL LEASE OBLIGATIONS, less current portion 16,203 38,217 OTHER DEFERRED LIABILITY 42,514 75,120 DEFERRED REVENUE 48,358 148,002 DERIVATIVE LIABILITY 1,090,000 - COMMITMENTS AND CONTINGENCIES SHAREHOLDERS' EQUITY: Preferred Stock, $.01 par value, 1,000,000 shares authorized; none outstanding - - Common stock, $.01 par value, 100,000,000 shares authorized; 23,179,066 and 31,179,066 shares issued and outstanding at December 31, 2011 and December 31, 2010, respectively 231,791 311,791 Additional paid-in capital 293,616,319 309,898,584 Accumulated deficit (279,272,612) (272,410,281) ------------- ------------- Total Hollywood Media Corp shareholders' equity 14,575,498 37,800,094 Non-controlling interest - (47,357) ------------- ------------- Total shareholders' equity 14,575,498 37,752,737 ------------- ------------- TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY $ 18,222,789 $ 47,318,559 ============= =============

HOLLYWOOD MEDIA CORP. AND SUBSIDIARIES CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (unaudited) TWELVE MONTHS ENDED THREE MONTHS ENDED December 31, December 31, ------------------------ ------------------------ 2011 2010 2011 2010 ----------- ----------- ----------- ----------- NET REVENUES $ 3,769,772 $ 3,995,177 $ 822,458 $ 1,014,084 OPERATING COSTS AND EXPENSES Editorial, production, development and technology 2,345,352 2,641,205 420,738 667,021 Selling, general and administrative 3,372,194 3,677,612 696,836 393,932 Payroll and benefits 3,860,323 4,799,058 552,896 1,205,178 Depreciation and amortization 245,168 541,326 45,526 101,746 ----------- ----------- ----------- ----------- Total operating costs and expenses 9,823,037 11,659,201 1,715,996 2,367,877 ----------- ----------- ----------- ----------- Loss from operations (6,053,265) (7,664,024) (893,538) (1,353,793) LOSSES OF UNCONSOLIDATED INVESTEES Equity in earnings of unconsolidated investees 593,767 765,015 184,176 128,176 Impairment loss (4,795,783) - - - ----------- ----------- ----------- ----------- Total equity in (losses) earnings of unconsolidated investees (4,202,016) 765,015 184,176 128,176 OTHER INCOME (EXPENSE) Interest, net 1,041,932 64,916 260,695 54,179 Other, net 2,042,526 6,311 272,076 (75,473) Income taxes, net of refunds (130,571) (283,756) 1,352 (334,134) ----------- ----------- ----------- ----------- Loss from continuing operations (7,301,394) (7,111,538) (175,239) (1,581,045) Gain on sale of discontinued operations, net of income taxes 524,156 6,057,421 269,314 5,550,519 Income of discontinued operations - 5,909,763 - 1,733,082 ----------- ----------- ----------- ----------- Income from discontinued operations 524,156 11,967,184 269,314 7,283,601 Net (loss) income (6,777,238) 4,855,646 94,075 5,702,556 NET LOSS (INCOME) ATTRIBUTABLE TO NON- CONTROLLING INTEREST (85,093) 49,921 (55,066) 11,869 ----------- ----------- ----------- ----------- Net (loss) income attributable to Hollywood Media Corp $(6,862,331) $ 4,905,567 $ 39,009 $ 5,714,425 =========== =========== =========== =========== Basic and diluted (loss) income per common share Continuing operations $ (0.30) $ (0.23) $ (0.01) $ (0.06) Discontinued operations 0.02 0.39 0.01 0.24 ----------- ----------- ----------- ----------- Total basic and diluted net (loss) income per share $ (0.28) $ 0.16 $ - $ 0.18 =========== =========== =========== =========== Weighted average common and common equivalent shares outstanding - basic and diluted 24,384,547 30,937,619 23,179,066 30,988,851 =========== =========== =========== ===========


Copyright @ Marketwire

Page: 1


Related Keywords: Hollywood Media Corp., Marketwire, , Financial, Business, Other,

HOT THREADS on DMN Forums
Content-type: text/html  Rss  Add to Google Reader or
Homepage    Add to My AOL  Add to Excite MIX  Subscribe in
NewsGator Online 
Real-Time - what users are saying - Right Now!

Our Privacy Policy --- @ Copyright, 2015 Digital Media Online, All Rights Reserved