Hollywood Media Corp. (NASDAQ: HOLL) today reported financial
results for the fourth quarter and year ended December 31, 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
fourth quarter were unchanged at $0.2 million compared to $0.2
million in the prior-year period. For the full year 2012, net
revenues were $0.6 million versus $1.1 million in 2011.
Income from continuing operations for the 2012 fourth quarter,
was $4.8 million, or $0.21 per share, compared to a loss from
continuing operations for the 2011 fourth quarter of $0.1 million,
or $0.01 per share. The income tax benefit of $3.8 million was
fully offset by the income tax expense recognized in the Gain on
sale of discontinued operations, net of income taxes. Income from
continuing operations for the full year 2012 was $0.9 million, or
$0.04 per share, which included a non-cash goodwill impairment
charge of $3.6 million in the third quarter of 2012 related to the
Company's Ad Sales Division, $0.4 million of non-cash amortization
expense of deferred compensation costs and $0.1 million
depreciation and amortization. This compared to a loss from
continuing operations for the full year 2011 of $7.1 million, or
$0.29 per share, which included a non-cash goodwill impairment
charge of $4.8 million in the third quarter of 2011 related to the
Company's Ad Sales Division. The income tax benefit of $5.3 million
was fully offset by the income tax expense recognized in the Gain
on sale of discontinued operations, net of income taxes.
Net income, which includes discontinued operations, was $11.8
million, or $0.51 per share, in the 2012 fourth quarter, compared
to net income of $0.04 million, or $0.00 per share, in the
prior-year period. For the full year 2012, net income, which
includes discontinued operations, was $10.4 million, or $0.45 per
share, compared to a net loss in 2011 of $6.9 million, or $0.28 per
share.
At December 31, 2012, the Company had cash and cash equivalents
of $11.4 million and no debt as compared to cash and cash
equivalents of $3.7 million and no debt at December 31, 2011.
The increased cash position reflects a $7 million earnout
payment in cash received in the 2012 fourth quarter from Key Brand
Entertainment Inc. ("Key Brand") pursuant to the amended purchase
agreement related to the completed sale of Hollywood Media's
Broadway Ticketing Business ("Theatre Direct") to Key Brand. In
addition, during the 2012 fourth quarter Key Brand notified
Hollywood Media 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. Pursuant to this loan, interest
will be payable to Hollywood Media at an increased rate of 13% per
annum and principal on such second $7 million earnout amount will
be amortized in equal quarterly installments over the period
commencing October 5, 2012 and ending on June 30, 2015 which is the
new shortened maturity date of the loan. As a result of this second
$7 million earnout being added to the loan and a subsequent payment
received in the amount of $1.0 million (which included a principal
payment of $0.5 million), the principal amount of the loan due
Hollywood Media by Key Brand was $15.0 million as of December 31,
2012. A $1.1 million payment was received during the first quarter
of 2013 in accordance with the terms of the loan.
The Company purchased 16,600 shares of Hollywood Media's common
stock for $0.1 million during the fourth quarter of 2012 and
510,700 shares of Hollywood Media's common stock for $0.7 million
during the first quarter of 2013.
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 2012. Such forward-looking statements
speak only as of the date on which they are made.
HOLLYWOOD MEDIA CORP. AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
December 31, December 31,
2012 2011
------------- -------------
ASSETS
CURRENT ASSETS:
Cash and cash equivalents $ 11,378,519 $ 3,683,063
Prepaid expenses 329,915 316,430
Other receivables 75,105 -
Note receivable, current 1,375,545 -
Related party receivable 37,287 521,497
Current portion of deferred compensation 430,000 430,000
Current assets of discontinued operations - 566,691
------------- -------------
Total current assets 13,626,371 5,517,681
PROPERTY AND EQUIPMENT, net 240,645 283,574
INVESTMENTS IN AND ADVANCES TO UNCONSOLIDATED
INVESTEES 138,384 1,573,325
INTANGIBLE ASSETS, net 8,683 17,116
GOODWILL 6,200,000 9,800,000
OTHER ASSETS 727,982 58,628
NOTE RECEIVABLE, less current portion 4,455,106 -
WARRANT 700,000 -
DEFERRED COMPENSATION, less current portion 518,651 948,651
LONG TERM ASSETS OF DISCONTINUED OPERATIONS - 23,814
------------- -------------
TOTAL ASSETS $ 26,615,822 $ 18,222,789
============= =============
LIABILITIES AND SHAREHOLDERS' EQUITY
CURRENT LIABILITIES:
Accounts payable $ 414,123 $ 387,070
Accrued expenses and other 1,036,788 646,821
Deferred revenue 111,669 264,228
Current portion of capital lease obligations 16,255 21,829
Current liabilities of discontinued
operations - 1,130,268
------------- -------------
Total current liabilities 1,578,835 2,450,216
CAPITAL LEASE OBLIGATIONS, less current
portion 2,152 16,203
OTHER DEFERRED LIABILITY 355 42,514
DEFERRED REVENUE 14,000 46,200
DERIVATIVE LIABILITIES 60,000 1,090,000
LONG TERM LIABILITIES OF DISCONTINUED
OPERATIONS - 2,158
------------- -------------
TOTAL LIABILITIES 1,655,342 3,647,291
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; 23,162,466 and
23,179,066 shares issued and outstanding at
December 31, 2012 and December 31, 2011,
respectively 231,625 231,791
Additional paid-in capital 293,591,903 293,616,319
Accumulated deficit (268,863,048) (279,272,612)
------------- -------------
Total shareholders' equity 24,960,480 14,575,498
------------- -------------
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY $ 26,615,822 $ 18,222,789
============= =============
HOLLYWOOD MEDIA CORP. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF OPERATIONS
TWELVE MONTHS ENDED THREE MONTHS ENDED
December 31, December 31,
------------------------ ------------------------
2012 2011 2012 2011
----------- ----------- ----------- -----------
NET REVENUES $ 616,338 $ 1,067,708 $ 187,256 $ 226,162
OPERATING COSTS AND
EXPENSES
Editorial,
production,
development and
technology 639,865 651,614 248,362 89,572
Selling, general and
administrative 2,854,440 2,782,020 1,014,450 511,221
Payroll and benefits 2,688,017 3,242,209 1,068,530 398,653
Depreciation and
amortization 136,443 203,231 23,411 40,578
----------- ----------- ----------- -----------
Total operating
costs and
expenses 6,318,765 6,879,074 2,354,753 1,040,024
----------- ----------- ----------- -----------
Loss from
operations (5,702,427) (5,811,366) (2,167,497) (813,862)
----------- ----------- ----------- -----------
LOSSES OF UNCONSOLIDATED
INVESTEES
Equity in earnings of
unconsolidated
investees (142,003) 593,767 (152) 184,176
Impairment loss (3,600,000) (4,795,783) - -
----------- ----------- ----------- -----------
Total losses in
earnings of
unconsolidated
investees (3,742,003) (4,202,016) (152) 184,176
----------- ----------- ----------- -----------
OTHER INCOME (EXPENSE):
Interest, net 1,249,868 1,049,843 472,457 260,183
Accretion of discount,
net of allowance for
uncollectability 1,717,900 - 1,717,900 -
Other, net 2,068,665 2,025,160 960,353 394,208
----------- ----------- ----------- -----------
Loss from continuing
operations before
income taxes (4,407,997) (6,938,379) 983,061 24,705
Income tax benefit
(expense), net of
refund 5,326,300 (130,571) 3,827,818 (130,571)
----------- ----------- ----------- -----------
Income (loss) from
continuing
operations 918,303 (7,068,950) 4,810,879 (105,866)
----------- ----------- ----------- -----------
Gain on sale of
discontinued
operations, net of
income taxes 9,468,677 524,156 7,023,786 269,314
Income (loss) of
discontinued
operations 22,584 (232,444) - (69,573)
----------- ----------- ----------- -----------
Income from
discontinued
operations 9,491,261 291,712 7,023,786 199,741
----------- ----------- ----------- -----------
Net income (loss) 10,409,564 (6,777,238) 11,834,665 93,875
NET INCOME (LOSS)
ATTRIBUTABLE TO NON-
CONTROLLING INTEREST $ - (85,093) $ - (55,066)
----------- ----------- ----------- -----------
Net income (loss)
attributable to
Hollywood Media Corp. $10,409,564 $(6,862,331) $11,834,665 $ 38,809
=========== =========== =========== ===========
Basic and diluted income
(loss) per common share
Continuing
operations $ 0.04 $ (0.29) $ 0.21 $ (0.01)
Discontinued
operations 0.41 0.01 0.30 0.01
----------- ----------- ----------- -----------
Total basic and
diluted net income
(loss) per share $ 0.45 $ (0.28) $ 0.51 $ -
=========== =========== =========== ===========
Weighted average common
and common equivalent
shares outstanding -
basic and diluted 23,178,814 24,384,547 23,178,064 23,179,066
----------- ----------- ----------- -----------
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