Welcome!

.NET Authors: Lori MacVittie, Sandi Mappic, Ivan Antsipau, JP Morgenthal, Yeshim Deniz

News Feed Item

Hollywood Media Corp. Reports 2012 Third Quarter Results

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
                         ===========  ===========  ===========  ===========

More Stories By Marketwired .

Copyright © 2009 Marketwired. All rights reserved. All the news releases provided by Marketwired are copyrighted. Any forms of copying other than an individual user's personal reference without express written permission is prohibited. Further distribution of these materials is strictly forbidden, including but not limited to, posting, emailing, faxing, archiving in a public database, redistributing via a computer network or in a printed form.

@ThingsExpo Stories
Explosive growth in connected devices. Enormous amounts of data for collection and analysis. Critical use of data for split-second decision making and actionable information. All three are factors in making the Internet of Things a reality. Yet, any one factor would have an IT organization pondering its infrastructure strategy. How should your organization enhance its IT framework to enable an Internet of Things implementation? In his session at Internet of @ThingsExpo, James Kirkland, Chief Architect for the Internet of Things and Intelligent Systems at Red Hat, will describe how to revoluti...
The Internet of Things will greatly expand the opportunities for data collection and new business models driven off of that data. In her session at Internet of @ThingsExpo, Esmeralda Swartz, CMO of MetraTech, will discuss how for this to be effective you not only need to have infrastructure and operational models capable of utilizing this new phenomenon, but increasingly service providers will need to convince a skeptical public to participate. Get ready to show them the money! Speaker Bio: Esmeralda Swartz, CMO of MetraTech, has spent 16 years as a marketing, product management, and busin...
Samsung VP Jacopo Lenzi, who headed the company's recent SmartThings acquisition under the auspices of Samsung's Open Innovaction Center (OIC), answered a few questions we had about the deal. This interview was in conjunction with our interview with SmartThings CEO Alex Hawkinson. IoT Journal: SmartThings was developed in an open, standards-agnostic platform, and will now be part of Samsung's Open Innovation Center. Can you elaborate on your commitment to keep the platform open? Jacopo Lenzi: Samsung recognizes that true, accelerated innovation cannot be driven from one source, but requires a...
SYS-CON Events announced today that Red Hat, the world's leading provider of open source solutions, will exhibit at Internet of @ThingsExpo, which will take place on November 4–6, 2014, at the Santa Clara Convention Center in Santa Clara, CA. Red Hat is the world's leading provider of open source software solutions, using a community-powered approach to reliable and high-performing cloud, Linux, middleware, storage and virtualization technologies. Red Hat also offers award-winning support, training, and consulting services. As the connective hub in a global network of enterprises, partners, a...
P2P RTC will impact the landscape of communications, shifting from traditional telephony style communications models to OTT (Over-The-Top) cloud assisted & PaaS (Platform as a Service) communication services. The P2P shift will impact many areas of our lives, from mobile communication, human interactive web services, RTC and telephony infrastructure, user federation, security and privacy implications, business costs, and scalability. In his session at Internet of @ThingsExpo, Robin Raymond, Chief Architect at Hookflash Inc., will walk through the shifting landscape of traditional telephone a...
SYS-CON Events announced today that Matrix.org has been named “Silver Sponsor” of Internet of @ThingsExpo, which will take place on November 4–6, 2014, at the Santa Clara Convention Center in Santa Clara, CA. Matrix is an ambitious new open standard for open, distributed, real-time communication over IP. It defines a new approach for interoperable Instant Messaging and VoIP based on pragmatic HTTP APIs and WebRTC, and provides open source reference implementations to showcase and bootstrap the new standard. Our focus is on simplicity, security, and supporting the fullest feature set.
BSQUARE is a global leader of embedded software solutions. We enable smart connected systems at the device level and beyond that millions use every day and provide actionable data solutions for the growing Internet of Things (IoT) market. We empower our world-class customers with our products, services and solutions to achieve innovation and success. For more information, visit www.bsquare.com.
How do APIs and IoT relate? The answer is not as simple as merely adding an API on top of a dumb device, but rather about understanding the architectural patterns for implementing an IoT fabric. There are typically two or three trends: Exposing the device to a management framework Exposing that management framework to a business centric logic • Exposing that business layer and data to end users. This last trend is the IoT stack, which involves a new shift in the separation of what stuff happens, where data lives and where the interface lies. For instance, it’s a mix of architectural style...
SYS-CON Events announced today that SOA Software, an API management leader, will exhibit at SYS-CON's 15th International Cloud Expo®, which will take place on November 4–6, 2014, at the Santa Clara Convention Center in Santa Clara, CA. SOA Software is a leading provider of API Management and SOA Governance products that equip business to deliver APIs and SOA together to drive their company to meet its business strategy quickly and effectively. SOA Software’s technology helps businesses to accelerate their digital channels with APIs, drive partner adoption, monetize their assets, and achieve a...
From a software development perspective IoT is about programming "things," about connecting them with each other or integrating them with existing applications. In his session at @ThingsExpo, Yakov Fain, co-founder of Farata Systems and SuranceBay, will show you how small IoT-enabled devices from multiple manufacturers can be integrated into the workflow of an enterprise application. This is a practical demo of building a framework and components in HTML/Java/Mobile technologies to serve as a platform that can integrate new devices as they become available on the market.
SYS-CON Events announced today that Utimaco will exhibit at SYS-CON's 15th International Cloud Expo®, which will take place on November 4–6, 2014, at the Santa Clara Convention Center in Santa Clara, CA. Utimaco is a leading manufacturer of hardware based security solutions that provide the root of trust to keep cryptographic keys safe, secure critical digital infrastructures and protect high value data assets. Only Utimaco delivers a general-purpose hardware security module (HSM) as a customizable platform to easily integrate into existing software solutions, embed business logic and build s...
Connected devices are changing the way we go about our everyday life, from wearables to driverless cars, to smart grids and entire industries revolutionizing business opportunities through smart objects, capable of two-way communication. But what happens when objects are given an IP-address, and we rely on that connection, sometimes with our lives? How do we secure those vast data infrastructures and safe-keep the privacy of sensitive information? This session will outline how each and every connected device can uphold a core root of trust via a unique cryptographic signature – a “bir...
Internet of @ThingsExpo Silicon Valley announced on Thursday its first 12 all-star speakers and sessions for its upcoming event, which will take place November 4-6, 2014, at the Santa Clara Convention Center in California. @ThingsExpo, the first and largest IoT event in the world, debuted at the Javits Center in New York City in June 10-12, 2014 with over 6,000 delegates attending the conference. Among the first 12 announced world class speakers, IBM will present two highly popular IoT sessions, which will take place November 4-6, 2014 at the Santa Clara Convention Center in Santa Clara, Calif...
Almost everyone sees the potential of Internet of Things but how can businesses truly unlock that potential. The key will be in the ability to discover business insight in the midst of an ocean of Big Data generated from billions of embedded devices via Systems of Discover. Businesses will also need to ensure that they can sustain that insight by leveraging the cloud for global reach, scale and elasticity.
WebRTC defines no default signaling protocol, causing fragmentation between WebRTC silos. SIP and XMPP provide possibilities, but come with considerable complexity and are not designed for use in a web environment. In his session at Internet of @ThingsExpo, Matthew Hodgson, technical co-founder of the Matrix.org, will discuss how Matrix is a new non-profit Open Source Project that defines both a new HTTP-based standard for VoIP & IM signaling and provides reference implementations.

SUNNYVALE, Calif., Oct. 20, 2014 /PRNewswire/ -- Spansion Inc. (NYSE: CODE), a global leader in embedded systems, today added 96 new products to the Spansion® FM4 Family of flexible microcontrollers (MCUs). Based on the ARM® Cortex®-M4F core, the new MCUs boast a 200 MHz operating frequency and support a diverse set of on-chip peripherals for enhanced human machine interfaces (HMIs) and machine-to-machine (M2M) communications. The rich set of periphera...

SYS-CON Events announced today that Aria Systems, the recurring revenue expert, has been named "Bronze Sponsor" of SYS-CON's 15th International Cloud Expo®, which will take place on November 4-6, 2014, at the Santa Clara Convention Center in Santa Clara, CA. Aria Systems helps leading businesses connect their customers with the products and services they love. Industry leaders like Pitney Bowes, Experian, AAA NCNU, VMware, HootSuite and many others choose Aria to power their recurring revenue business and deliver exceptional experiences to their customers.
The Internet of Things (IoT) is going to require a new way of thinking and of developing software for speed, security and innovation. This requires IT leaders to balance business as usual while anticipating for the next market and technology trends. Cloud provides the right IT asset portfolio to help today’s IT leaders manage the old and prepare for the new. Today the cloud conversation is evolving from private and public to hybrid. This session will provide use cases and insights to reinforce the value of the network in helping organizations to maximize their company’s cloud experience.
The Internet of Things (IoT) is making everything it touches smarter – smart devices, smart cars and smart cities. And lucky us, we’re just beginning to reap the benefits as we work toward a networked society. However, this technology-driven innovation is impacting more than just individuals. The IoT has an environmental impact as well, which brings us to the theme of this month’s #IoTuesday Twitter chat. The ability to remove inefficiencies through connected objects is driving change throughout every sector, including waste management. BigBelly Solar, located just outside of Boston, is trans...
SYS-CON Events announced today that Matrix.org has been named “Silver Sponsor” of Internet of @ThingsExpo, which will take place on November 4–6, 2014, at the Santa Clara Convention Center in Santa Clara, CA. Matrix is an ambitious new open standard for open, distributed, real-time communication over IP. It defines a new approach for interoperable Instant Messaging and VoIP based on pragmatic HTTP APIs and WebRTC, and provides open source reference implementations to showcase and bootstrap the new standard. Our focus is on simplicity, security, and supporting the fullest feature set.