Hollywood Media Corp. (NASDAQ: HOLL) today reported financial
results for the third quarter ended September 30, 2012.
On a continuing operations basis, which includes the
contribution from Tekno Books, the Company's 100% owned subsidiary
under the Intellectual Property division, net revenues for the 2012
third quarter were $0.1 million compared to $0.2 million in the
prior-year period. Tekno Books is currently focused on the
development of various original book series created by best-selling
authors for anticipated launch in mid-2013 in digital format.
Loss from continuing operations for the 2012 third quarter was
$2.3 million, or $0.10 per share, which includes a non-cash
goodwill impairment charge of $3.6 million relating to the
Company's Ad Sales division, which compared to a loss from
continuing operations for the 2011 third quarter of $5.6 million,
or $0.24 per share, which includes a non-cash goodwill impairment
charge of $4.8 million relating to the Company's Ad Sales
division.
Net loss, which includes discontinued operations, was $0.5
million, or $0.02 per share, in the 2012 third quarter, compared to
net loss of $5.4 million, or $0.23 per share, in the prior-year
period.
At September 30, 2012, the Company had cash and cash equivalents
of $6.0 million and no debt as compared to cash and cash
equivalents of $3.7 million and no debt at December 31, 2011.
Following the close of the 2012 third quarter and not included
in the Company's financial statements for the recent period,
Hollywood Media Corp. announced on October 1, 2012 that it received
the first $7 million earnout payment in cash from Key Brand
Entertainment Inc. ("Key Brand") pursuant to the amended purchase
agreement related to the completed sale of its Broadway Ticketing
Business ("Theatre Direct") to Key Brand. In addition, on October
5, 2012, Key Brand notified Hollywood Media Corp. that it achieved
the revenue target for the second $7 million earnout under the
purchase agreement in Key Brand's fiscal year ended June 30, 2012.
Accordingly, this $7 million amount was added to the principal
amount of the $8.5 million loan due Hollywood Media by Key Brand
under its credit agreement. Pursuant to the credit agreement,
interest at a rate of 12% per annum and principal on such second $7
million earnout amount will be amortized in equal quarterly
installments over the period commencing October 1, 2012 and ending
on December 15, 2015 which is the maturity date of the loan. As a
result of this second $7 million earnout being added to the loan,
the principal amount of the loan due Hollywood Media by Key Brand
was $15.5 million as of October 1, 2012.
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 Corp., 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
September 30, December 31,
2012 2011
------------- -------------
(unaudited)
ASSETS
CURRENT ASSETS:
Cash and cash equivalents $ 5,959,801 $ 3,683,063
Prepaid expenses 278,632 316,430
Other receivables 32,810 -
Related party receivable 35,735 521,497
Current portion of deferred compensation 430,000 430,000
Current assets of discontinued operations - 566,691
------------- -------------
Total current assets 6,736,978 5,517,681
PROPERTY AND EQUIPMENT, net 214,211 283,574
INVESTMENTS IN AND ADVANCES TO UNCONSOLIDATED
INVESTEES 138,537 1,573,325
INTANGIBLE ASSETS, net 10,791 17,116
GOODWILL 6,200,000 9,800,000
OTHER ASSETS 803,993 58,628
DEFERRED COMPENSATION, less current portion 626,151 948,651
LONG TERM ASSETS OF DISCONTINUED OPERATIONS - 23,814
------------- -------------
TOTAL ASSETS $ 14,730,661 $ 18,222,789
============= =============
LIABILITIES AND SHAREHOLDERS' EQUITY
CURRENT LIABILITIES:
Accounts payable $ 394,531 $ 387,070
Accrued expenses and other 919,733 646,821
Deferred revenue 120,194 264,228
Current portion of capital lease obligations 17,345 21,829
Current liabilities of discontinued
operations - 1,130,268
------------- -------------
Total current liabilities 1,451,803 2,450,216
CAPITAL LEASE OBLIGATIONS, less current
portion 6,341 16,203
OTHER DEFERRED LIABILITY 26,145 42,514
DEFERRED REVENUE 35,975 46,200
DERIVATIVE LIABILITIES 60,000 1,090,000
LONG TERM LIABILITIES OF DISCONTINUED
OPERATIONS - 2,158
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 shares issued
and outstanding at September 30, 2012 and
December 31, 2011, respectively 231,791 231,791
Additional paid-in capital 293,616,319 293,616,319
Accumulated deficit (280,697,713) (279,272,612)
------------- -------------
Total shareholders' equity 13,150,397 14,575,498
------------- -------------
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY $ 14,730,661 $ 18,222,789
============= =============
HOLLYWOOD MEDIA CORP. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(unaudited)
NINE MONTHS ENDED THREE MONTHS ENDED
September 30, September 30,
------------------------ ------------------------
2012 2011 2012 2011
----------- ----------- ----------- -----------
NET REVENUES $ 429,082 $ 841,546 $ 96,035 $ 152,424
OPERATING COSTS AND
EXPENSES
Editorial, production,
development and
technology 391,503 562,042 108,727 105,140
Selling, general and
administrative 1,839,990 2,270,799 639,012 543,350
Payroll and benefits 1,619,487 2,843,556 368,904 1,232,765
Depreciation and
amortization 113,032 162,653 37,868 50,014
----------- ----------- ----------- -----------
Total operating
costs and expenses 3,964,012 5,839,050 1,154,511 1,931,269
----------- ----------- ----------- -----------
Loss from operations (3,534,930) (4,997,504) (1,058,476) (1,778,845)
(LOSSES) EARNINGS OF
UNCONSOLIDATED
INVESTEES
Equity in (losses)
earnings of
unconsolidated
investees (141,851) 409,591 (159,665) 230,008
Impairment loss (3,600,000) (4,795,783) (3,600,000) (4,795,783)
----------- ----------- ----------- -----------
Total equity in
losses of
unconsolidated
investees (3,741,851) (4,386,192) (3,759,665) (4,565,775)
OTHER INCOME (EXPENSE)
Interest, net 777,411 789,660 264,400 260,381
Other, net 1,108,312 1,630,952 1,109,986 501,845
----------- ----------- ----------- -----------
Loss from continuing
operations before
income taxes (5,391,058) (6,963,084) (3,443,755) (5,582,394)
Income tax benefit 1,498,482 - 1,127,612 -
----------- ----------- ----------- -----------
Loss from
continuting
operations (3,892,576) (6,963,084) (2,316,143) (5,582,394)
Gain on sale of
discontinued
operations, net of
income taxes 2,444,891 254,842 1,839,788 155,539
Income (loss) from
discontinued
operations 22,584 (162,871) - 2,519
----------- ----------- ----------- -----------
Income from
discontinued
operations 2,467,475 91,971 1,839,788 158,058
Net loss (1,425,101) (6,871,113) (476,355) (5,424,336)
NET INCOME (LOSS)
ATTRIBUTABLE TO NON-
CONTROLLING INTEREST $ - (30,027) 5,312
----------- ----------- ----------- -----------
Net loss attributable to
Hollywood Media Corp $(1,425,101) $(6,901,140) $ (476,355) $(5,419,024)
=========== =========== =========== ===========
Basic and diluted (loss)
income per common share
Continuing
operations $ (0.17) $ (0.28) $ (0.10) $ (0.24)
Discontinued
operations 0.11 - 0.08 0.01
----------- ----------- ----------- -----------
Total basic and
diluted net loss
per share $ (0.06) $ (0.28) $ (0.02) $ (0.23)
=========== =========== =========== ===========
Weighted average common
and common equivalent
sharesoutstanding -
basic and diluted 23,179,066 24,790,790 23,179,066 23,179,066
=========== =========== =========== ===========
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