|By Marketwired .||
|November 19, 2012 04:01 PM EST||
BOCA RATON, FL -- (Marketwire) -- 11/19/12 -- 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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