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

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