|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 =========== =========== =========== ===========
Software AG helps organizations transform into Digital Enterprises, so they can differentiate from competitors and better engage customers, partners and employees. Using the Software AG Suite, companies can close the gap between business and IT to create digital systems of differentiation that drive front-line agility. We offer four on-ramps to the Digital Enterprise: alignment through collaborative process analysis; transformation through portfolio management; agility through process automation and integration; and visibility through intelligent business operations and big data.
Sep. 30, 2014 10:30 AM EDT Reads: 1,448
There will be 50 billion Internet connected devices by 2020. Today, every manufacturer has a propriety protocol and an app. How do we securely integrate these "things" into our lives and businesses in a way that we can easily control and manage? Even better, how do we integrate these "things" so that they control and manage each other so our lives become more convenient or our businesses become more profitable and/or safe? We have heard that the best interface is no interface. In his session at Internet of @ThingsExpo, Chris Matthieu, Co-Founder & CTO at Octoblu, Inc., will discuss how these devices generate enough data to learn our behaviors and simplify/improve our lives. What if we could connect everything to everything? I'm not only talking about connecting things to things but also systems, cloud services, and people. Add in a little machine learning and artificial intelligence and now we have something interesting...
Sep. 29, 2014 06:45 AM EDT Reads: 1,869
Last week, while in San Francisco, I used the Uber app and service four times. All four experiences were great, although one of the drivers stopped for 30 seconds and then left as I was walking up to the car. He must have realized I was a blogger. None the less, the next car was just a minute away and I suffered no pain. In this article, my colleague, Ved Sen, Global Head, Advisory Services Social, Mobile and Sensors at Cognizant shares his experiences and insights.
Sep. 28, 2014 09:45 AM EDT Reads: 1,529
We are reaching the end of the beginning with WebRTC and real systems using this technology have begun to appear. One challenge that faces every WebRTC deployment (in some form or another) is identity management. For example, if you have an existing service – possibly built on a variety of different PaaS/SaaS offerings – and you want to add real-time communications you are faced with a challenge relating to user management, authentication, authorization, and validation. Service providers will want to use their existing identities, but these will have credentials already that are (hopefully) irreversibly encoded. In his session at Internet of @ThingsExpo, Peter Dunkley, Technical Director at Acision, will look at how this identity problem can be solved and discuss ways to use existing web identities for real-time communication.
Sep. 27, 2014 11:30 PM EDT Reads: 1,895
Can call centers hang up the phones for good? Intuitive Solutions did. WebRTC enabled this contact center provider to eliminate antiquated telephony and desktop phone infrastructure with a pure web-based solution, allowing them to expand beyond brick-and-mortar confines to a home-based agent model. It also ensured scalability and better service for customers, including MUY! Companies, one of the country's largest franchise restaurant companies with 232 Pizza Hut locations. This is one example of WebRTC adoption today, but the potential is limitless when powered by IoT. Attendees will learn real-world benefits of WebRTC and explore future possibilities, as WebRTC and IoT intersect to improve customer service.
Sep. 27, 2014 10:30 PM EDT Reads: 1,818
From telemedicine to smart cars, digital homes and industrial monitoring, the explosive growth of IoT has created exciting new business opportunities for real time calls and messaging. In his session at Internet of @ThingsExpo, Ivelin Ivanov, CEO and Co-Founder of Telestax, will share some of the new revenue sources that IoT created for Restcomm – the open source telephony platform from Telestax. Ivelin Ivanov is a technology entrepreneur who founded Mobicents, an Open Source VoIP Platform, to help create, deploy, and manage applications integrating voice, video and data. He is the co-founder of TeleStax, an Open Source Cloud Communications company that helps the shift from legacy IN/SS7 telco networks to IP-based cloud comms. An early investor in multiple start-ups, he still finds time to code for his companies and contribute to open source projects.
Sep. 27, 2014 10:30 PM EDT Reads: 2,276
The Internet of Things (IoT) promises to create new business models as significant as those that were inspired by the Internet and the smartphone 20 and 10 years ago. What business, social and practical implications will this phenomenon bring? That's the subject of "Monetizing the Internet of Things: Perspectives from the Front Lines," an e-book released today and available free of charge from Aria Systems, the leading innovator in recurring revenue management.
Sep. 27, 2014 09:45 PM EDT Reads: 2,480
The Internet of Things will put IT to its ultimate test by creating infinite new opportunities to digitize products and services, generate and analyze new data to improve customer satisfaction, and discover new ways to gain a competitive advantage across nearly every industry. In order to help corporate business units to capitalize on the rapidly evolving IoT opportunities, IT must stand up to a new set of challenges.
Sep. 27, 2014 08:45 PM EDT Reads: 2,351
There’s Big Data, then there’s really Big Data from the Internet of Things. IoT is evolving to include many data possibilities like new types of event, log and network data. The volumes are enormous, generating tens of billions of logs per day, which raise data challenges. Early IoT deployments are relying heavily on both the cloud and managed service providers to navigate these challenges. In her session at 6th Big Data Expo®, Hannah Smalltree, Director at Treasure Data, to discuss how IoT, Big Data and deployments are processing massive data volumes from wearables, utilities and other machines.
Sep. 27, 2014 01:00 PM EDT Reads: 2,035
All major researchers estimate there will be tens of billions devices – computers, smartphones, tablets, and sensors – connected to the Internet by 2020. This number will continue to grow at a rapid pace for the next several decades. With major technology companies and startups seriously embracing IoT strategies, now is the perfect time to attend @ThingsExpo in Silicon Valley. Learn what is going on, contribute to the discussions, and ensure that your enterprise is as "IoT-Ready" as it can be!
Sep. 27, 2014 11:00 AM EDT Reads: 2,205
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, Erik Lagerway, Co-founder of Hookflash, will walk through the shifting landscape of traditional telephone and voice services to the modern P2P RTC era of OTT cloud assisted services.
Sep. 26, 2014 11:45 PM EDT Reads: 1,532
While great strides have been made relative to the video aspects of remote collaboration, audio technology has basically stagnated. Typically all audio is mixed to a single monaural stream and emanates from a single point, such as a speakerphone or a speaker associated with a video monitor. This leads to confusion and lack of understanding among participants especially regarding who is actually speaking. Spatial teleconferencing introduces the concept of acoustic spatial separation between conference participants in three dimensional space. This has been shown to significantly improve comprehension and conference efficiency.
Sep. 26, 2014 10:45 PM EDT Reads: 1,472
The Internet of Things is tied together with a thin strand that is known as time. Coincidentally, at the core of nearly all data analytics is a timestamp. When working with time series data there are a few core principles that everyone should consider, especially across datasets where time is the common boundary. In his session at Internet of @ThingsExpo, Jim Scott, Director of Enterprise Strategy & Architecture at MapR Technologies, will discuss single-value, geo-spatial, and log time series data. By focusing on enterprise applications and the data center, he will use OpenTSDB as an example to explain some of these concepts including when to use different storage models.
Sep. 26, 2014 07:45 PM EDT Reads: 2,286
SYS-CON Events announced today that Gridstore™, the leader in software-defined storage (SDS) purpose-built for Windows Servers and Hyper-V, 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. Gridstore™ is the leader in software-defined storage purpose built for virtualization that is designed to accelerate applications in virtualized environments. Using its patented Server-Side Virtual Controller™ Technology (SVCT) to eliminate the I/O blender effect and accelerate applications Gridstore delivers vmOptimized™ Storage that self-optimizes to each application or VM across both virtual and physical environments. Leveraging a grid architecture, Gridstore delivers the first end-to-end storage QoS to ensure the most important App or VM performance is never compromised. The storage grid, that uses Gridstore’s performance optimized nodes or capacity optimized nodes, starts with as few a...
Sep. 26, 2014 06:15 PM EDT Reads: 1,650
The Transparent Cloud-computing Consortium (abbreviation: T-Cloud Consortium) will conduct research activities into changes in the computing model as a result of collaboration between "device" and "cloud" and the creation of new value and markets through organic data processing High speed and high quality networks, and dramatic improvements in computer processing capabilities, have greatly changed the nature of applications and made the storing and processing of data on the network commonplace. These technological reforms have not only changed computers and smartphones, but are also changing the data processing model for all information devices. In particular, in the area known as M2M (Machine-To-Machine), there are great expectations that information with a new type of value can be produced using a variety of devices and sensors saving/sharing data via the network and through large-scale cloud-type data processing. This consortium believes that attaching a huge number of devic...
Sep. 26, 2014 06:00 PM EDT Reads: 1,582
Innodisk is a service-driven provider of industrial embedded flash and DRAM storage products and technologies, with a focus on the enterprise, industrial, aerospace, and defense industries. Innodisk is dedicated to serving their customers and business partners. Quality is vitally important when it comes to industrial embedded flash and DRAM storage products. That’s why Innodisk manufactures all of their products in their own purpose-built memory production facility. In fact, they designed and built their production center to maximize manufacturing efficiency and guarantee the highest quality of our products.
Sep. 26, 2014 05:00 PM EDT Reads: 1,582
Can call centers hang up the phones for good? Intuitive Solutions did. WebRTC enabled this contact center provider to eliminate antiquated telephony and desktop phone infrastructure with a pure web-based solution, allowing them to expand beyond brick-and-mortar confines to a home-based agent model. Download Slide Deck: ▸ Here
Sep. 26, 2014 10:00 AM EDT Reads: 1,527
All major researchers estimate there will be tens of billions devices - computers, smartphones, tablets, and sensors - connected to the Internet by 2020. This number will continue to grow at a rapid pace for the next several decades. Over the summer Gartner released its much anticipated annual Hype Cycle report and the big news is that Internet of Things has now replaced Big Data as the most hyped technology. Indeed, we're hearing more and more about this fascinating new technological paradigm. Every other IT news item seems to be about IoT and its implications on the future of digital business.
Sep. 26, 2014 10:00 AM EDT Reads: 2,068
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.
Sep. 26, 2014 09:45 AM EDT Reads: 1,436
With the iCloud scandal seemingly in its past, Apple announced new iPhones, updates to iPad and MacBook as well as news on OSX Yosemite. Although consumers will have to wait to get their hands on some of that new stuff, what they can get is the latest release of iOS 8 that Apple made available for most in-market iPhones and iPads. Originally announced at WWDC (Apple’s annual developers conference) in June, iOS 8 seems to spearhead Apple’s newfound focus upon greater integration of their products into everyday tasks, cross-platform mobility and self-monitoring. Before you update your device, here is a look at some of the new features and things you may want to consider from a mobile security perspective.
Sep. 26, 2014 09:00 AM EDT Reads: 1,409