Hollywood Media Corp. (NASDAQ: HOLL) today reported financial
results for the first quarter ended March 31, 2013.
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 2013
first quarter were $0.1 million compared to $0.2 million in the
prior-year period.
Loss from continuing operations for the 2013 first quarter was
$0.3 million, or $0.01 per share, compared to a loss from
continuing operations for the 2012 first quarter of $0.6 million,
or $0.03 per share. Net loss, which includes discontinued
operations, was $0.3 million, or $0.01 per share, in the 2013 first
quarter, compared to net loss of $0.4 million, or $0.02 per share,
in the prior-year period.
At March 31, 2013, the Company had cash and cash equivalents of
$9.9 million and no debt as compared to cash and cash equivalents
of $11.4 million and no debt at December 31, 2012.
The Company repurchased 510,700 shares of Hollywood Media's
common stock for $0.7 million during the first quarter of 2013.
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 2012. Such forward-looking statements
speak only as of the date on which they are made.
HOLLYWOOD MEDIA CORP. AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS
March 31, December 31,
2013 2012
-------------- --------------
(unaudited)
ASSETS
CURRENT ASSETS:
Cash and cash equivalents $ 9,946,831 $ 11,378,519
Prepaid expenses 688,016 329,915
Other receivables 74,885 75,105
Notes receivable, current 1,466,253 1,375,545
Related party receivable 30,929 37,287
Current portion of deferred compensation 430,000 430,000
-------------- --------------
Total current assets 12,636,914 13,626,371
PROPERTY AND EQUIPMENT, net 299,034 240,645
INVESTMENTS IN AND ADVANCES TO
UNCONSOLIDATED INVESTEES 138,222 138,384
INTANGIBLE ASSETS, net 6,574 8,683
GOODWILL 6,200,000 6,200,000
OTHER ASSETS 727,982 727,982
NOTES RECEIVABLE, less current portion 4,320,322 4,455,106
WARRANT 700,000 700,000
DEFERRED COMPENSATION, less current portion 411,151 518,651
-------------- --------------
TOTAL ASSETS $ 25,440,199 $ 26,615,822
============== ==============
LIABILITIES AND SHAREHOLDERS' EQUITY
CURRENT LIABILITIES:
Accounts payable $ 612,814 $ 414,123
Accrued expenses and other 677,321 1,036,788
Deferred revenue 108,169 111,669
Current portion of capital lease
obligations 18,510 16,255
-------------- --------------
Total current liabilities 1,416,814 1,578,835
CAPITAL LEASE OBLIGATIONS, less current
portion 32,295 2,152
OTHER DEFERRED LIABILITY 258 355
DEFERRED REVENUE 9,000 14,000
DERIVATIVE LIABILITIES 60,000 60,000
-------------- --------------
TOTAL LIABILITIES 1,518,367 1,655,342
-------------- --------------
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; 22,651,766 and
23,162,466 shares issued and outstanding
at March 31, 2013 and December 31, 2012,
respectively 226,518 231,625
Additional paid-in capital 292,847,044 293,591,903
Accumulated deficit (269,151,730) (268,863,048)
-------------- --------------
Total shareholders' equity 23,921,832 24,960,480
-------------- --------------
TOTAL LIABILITIES AND SHAREHOLDERS'
EQUITY $ 25,440,199 $ 26,615,822
============== ==============
HOLLYWOOD MEDIA CORP. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(unaudited)
THREE MONTHS ENDED
MARCH 31,
------------------------
2013 2012
----------- -----------
NET REVENUES $ 81,059 $ 176,834
OPERATING COSTS AND EXPENSES
Editorial, production, development and
technology 57,498 125,104
Selling, general and administrative 941,044 504,846
Payroll and benefits 431,246 398,721
Depreciation and amortization 21,134 37,594
----------- -----------
Total operating costs and expenses 1,450,922 1,066,265
----------- -----------
Loss from operations (1,369,863) (889,431)
----------- -----------
(LOSSES) EARNINGS OF UNCONSOLIDATED INVESTEES (152) 71,797
----------- -----------
OTHER INCOME (EXPENSE):
Interest, net 493,300 253,037
Accretion of discount, net of allowance for
uncollectability 610,479 -
Other, net 538 (33,877)
----------- -----------
Total other income 1,104,317 219,160
----------- -----------
Loss from continuing operations before
income taxes (265,698) (598,474)
Income tax (expense) (22,984) -
----------- -----------
Loss from continuing operations (288,682) (598,474)
----------- -----------
Gain on sale of discontinued operations, net
of income taxes - 197,517
Loss from discontinued operations - (11,582)
----------- -----------
Income from discontinued operations - 185,935
----------- -----------
Net loss $ (288,682) $ (412,539)
=========== ===========
Basic and diluted income (loss) per common share
Continuing operations $ (0.01) $ (0.03)
Discontinued operations - 0.01
----------- -----------
Total basic and diluted net loss per share $ (0.01) $ (0.02)
=========== ===========
Weighted average common and common equivalent
shares outstanding - basic and diluted 22,776,185 23,179,066
=========== ===========
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