Welcome!

Microsoft Cloud Authors: Elizabeth White, Mihai Corbuleac, Pat Romanski, David Bermingham, Steven Mandel

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
The IoTs will challenge the status quo of how IT and development organizations operate. Or will it? Certainly the fog layer of IoT requires special insights about data ontology, security and transactional integrity. But the developmental challenges are the same: People, Process and Platform. In his session at @ThingsExpo, Craig Sproule, CEO of Metavine, will demonstrate how to move beyond today's coding paradigm and share the must-have mindsets for removing complexity from the development proc...
SYS-CON Events announced today that Ericsson has been named “Gold Sponsor” of SYS-CON's @ThingsExpo, which will take place on June 7-9, 2016, at the Javits Center in New York, New York. Ericsson is a world leader in the rapidly changing environment of communications technology – providing equipment, software and services to enable transformation through mobility. Some 40 percent of global mobile traffic runs through networks we have supplied. More than 1 billion subscribers around the world re...
You think you know what’s in your data. But do you? Most organizations are now aware of the business intelligence represented by their data. Data science stands to take this to a level you never thought of – literally. The techniques of data science, when used with the capabilities of Big Data technologies, can make connections you had not yet imagined, helping you discover new insights and ask new questions of your data. In his session at @ThingsExpo, Sarbjit Sarkaria, data science team lead ...
SYS-CON Events announced today that Peak 10, Inc., a national IT infrastructure and cloud services provider, will exhibit at SYS-CON's 18th International Cloud Expo®, which will take place on June 7-9, 2016, at the Javits Center in New York City, NY. Peak 10 provides reliable, tailored data center and network services, cloud and managed services. Its solutions are designed to scale and adapt to customers’ changing business needs, enabling them to lower costs, improve performance and focus inter...
You deployed your app with the Bluemix PaaS and it's gaining some serious traction, so it's time to make some tweaks. Did you design your application in a way that it can scale in the cloud? Were you even thinking about the cloud when you built the app? If not, chances are your app is going to break. Check out this webcast to learn various techniques for designing applications that will scale successfully in Bluemix, for the confidence you need to take your apps to the next level and beyond.
There is an ever-growing explosion of new devices that are connected to the Internet using “cloud” solutions. This rapid growth is creating a massive new demand for efficient access to data. And it’s not just about connecting to that data anymore. This new demand is bringing new issues and challenges and it is important for companies to scale for the coming growth. And with that scaling comes the need for greater security, gathering and data analysis, storage, connectivity and, of course, the...
So, you bought into the current machine learning craze and went on to collect millions/billions of records from this promising new data source. Now, what do you do with them? Too often, the abundance of data quickly turns into an abundance of problems. How do you extract that "magic essence" from your data without falling into the common pitfalls? In her session at @ThingsExpo, Natalia Ponomareva, Software Engineer at Google, will provide tips on how to be successful in large scale machine lear...
SYS-CON Events announced today that Fusion, a leading provider of cloud services, will exhibit at SYS-CON's 18th International Cloud Expo®, which will take place on June 7-9, 2016, at the Javits Center in New York City, NY. Fusion, a leading provider of integrated cloud solutions to small, medium and large businesses, is the industry's single source for the cloud. Fusion's advanced, proprietary cloud service platform enables the integration of leading edge solutions in the cloud, including cloud...
In his session at @ThingsExpo, Chris Klein, CEO and Co-founder of Rachio, will discuss next generation communities that are using IoT to create more sustainable, intelligent communities. One example is Sterling Ranch, a 10,000 home development that – with the help of Siemens – will integrate IoT technology into the community to provide residents with energy and water savings as well as intelligent security. Everything from stop lights to sprinkler systems to building infrastructures will run ef...
Digital payments using wearable devices such as smart watches, fitness trackers, and payment wristbands are an increasing area of focus for industry participants, and consumer acceptance from early trials and deployments has encouraged some of the biggest names in technology and banking to continue their push to drive growth in this nascent market. Wearable payment systems may utilize near field communication (NFC), radio frequency identification (RFID), or quick response (QR) codes and barcodes...
The increasing popularity of the Internet of Things necessitates that our physical and cognitive relationship with wearable technology will change rapidly in the near future. This advent means logging has become a thing of the past. Before, it was on us to track our own data, but now that data is automatically available. What does this mean for mHealth and the "connected" body? In her session at @ThingsExpo, Lisa Calkins, CEO and co-founder of Amadeus Consulting, will discuss the impact of wea...
SYS-CON Events announced today that DatacenterDynamics has been named “Media Sponsor” of SYS-CON's 18th International Cloud Expo, which will take place on June 7–9, 2016, at the Javits Center in New York City, NY. DatacenterDynamics is a brand of DCD Group, a global B2B media and publishing company that develops products to help senior professionals in the world's most ICT dependent organizations make risk-based infrastructure and capacity decisions.
The IoT has the potential to create a renaissance of manufacturing in the US and elsewhere. In his session at 18th Cloud Expo, Florent Solt, CTO and chief architect of Netvibes, will discuss how the expected exponential increase in the amount of data that will be processed, transported, stored, and accessed means there will be a huge demand for smart technologies to deliver it. Florent Solt is the CTO and chief architect of Netvibes. Prior to joining Netvibes in 2007, he co-founded Rift Technol...
We’ve worked with dozens of early adopters across numerous industries and will debunk common misperceptions, which starts with understanding that many of the connected products we’ll use over the next 5 years are already products, they’re just not yet connected. With an IoT product, time-in-market provides much more essential feedback than ever before. Innovation comes from what you do with the data that the connected product provides in order to enhance the customer experience and optimize busi...
SYS-CON Events announced today that Stratoscale, the software company developing the next generation data center operating system, will exhibit at SYS-CON's 18th International Cloud Expo®, which will take place on June 7-9, 2016, at the Javits Center in New York City, NY. Stratoscale is revolutionizing the data center with a zero-to-cloud-in-minutes solution. With Stratoscale’s hardware-agnostic, Software Defined Data Center (SDDC) solution to store everything, run anything and scale everywhere...
Angular 2 is a complete re-write of the popular framework AngularJS. Programming in Angular 2 is greatly simplified – now it's a component-based well-performing framework. This immersive one-day workshop at 18th Cloud Expo, led by Yakov Fain, a Java Champion and a co-founder of the IT consultancy Farata Systems and the product company SuranceBay, will provide you with everything you wanted to know about Angular 2.
SYS-CON Events announced today that Men & Mice, the leading global provider of DNS, DHCP and IP address management overlay solutions, will exhibit at SYS-CON's 18th International Cloud Expo®, which will take place on June 7-9, 2016, at the Javits Center in New York City, NY. The Men & Mice Suite overlay solution is already known for its powerful application in heterogeneous operating environments, enabling enterprises to scale without fuss. Building on a solid range of diverse platform support,...
Whether your IoT service is connecting cars, homes, appliances, wearable, cameras or other devices, one question hangs in the balance – how do you actually make money from this service? The ability to turn your IoT service into profit requires the ability to create a monetization strategy that is flexible, scalable and working for you in real-time. It must be a transparent, smoothly implemented strategy that all stakeholders – from customers to the board – will be able to understand and comprehe...
Increasing IoT connectivity is forcing enterprises to find elegant solutions to organize and visualize all incoming data from these connected devices with re-configurable dashboard widgets to effectively allow rapid decision-making for everything from immediate actions in tactical situations to strategic analysis and reporting. In his session at 18th Cloud Expo, Shikhir Singh, Senior Developer Relations Manager at Sencha, will discuss how to create HTML5 dashboards that interact with IoT devic...
Artificial Intelligence has the potential to massively disrupt IoT. In his session at 18th Cloud Expo, AJ Abdallat, CEO of Beyond AI, will discuss what the five main drivers are in Artificial Intelligence that could shape the future of the Internet of Things. AJ Abdallat is CEO of Beyond AI. He has over 20 years of management experience in the fields of artificial intelligence, sensors, instruments, devices and software for telecommunications, life sciences, environmental monitoring, process...