Corporate Information

Company Website


HOLLYWOOD MEDIA CORP. REPORTS IMPROVED
2009 FOURTH QUARTER RESULTS
Wednesday, March 17, 2010

BOCA RATON, Fla., March 17, 2010 – Hollywood Media Corp. (Nasdaq: HOLL), a leading provider of online ticketing services and entertainment-related offerings, today reported financial results for the fourth quarter and year ended December 31, 2009.  Results reflect the divestment of the Company’s Hollywood.com business in August 2008, which has been accounted for as discontinued operations. As announced on December 29, 2009, the Company has reached a definitive agreement to sell its Broadway Ticketing business subject to the approval of Hollywood Media’s shareholders as well as the satisfaction or waiver of certain other closing conditions set forth in the definitive agreement.

For the 2009 fourth quarter, Hollywood Media reported a 3% increase in net revenues to $30.0 million versus $29.0 million for the same period in 2008.  Broadway Ticketing revenue, which represented 96% of total Company revenue, increased 4% for the period over the 2008 fourth quarter. 

Loss from continuing operations for the 2009 fourth quarter was $0.6 million, or $0.02 per share, compared to a loss of $6.3 million, or $0.20 per share, in the prior-year period which included a $3.5 million impairment charge.  For the full year, the Company reported a loss from continuing operations of $6.2 million, or $0.20 per share, which includes a 2009 second quarter $5.0 million impairment charge in the Ad Sales Division.  This compares to a 2008 loss from continuing operations of $10.5 million, or $0.33 per share, which included the $3.5 million impairment charge.

Net loss for the 2009 fourth quarter was $0.4 million, or $0.02 per share, versus a net loss for the 2008 fourth quarter of $6.6 million, or $0.21 per share, which included the $3.5 million impairment charge as well as a loss from discontinued operations of $0.4 million.   For the full year 2009, net loss was $5.6 million, or $0.18 per share, which includes the $5.0 million impairment charge as well as offsetting gains of $0.7 million from an earn-out from discontinued operations.  This compares to a net loss in the full year 2008 of $16.9 million, or $0.53 per share, which included the $3.5 million impairment charge as well as a loss from discontinued operations of $6.3 million.

EBITDA* in the 2009 fourth quarter for the Company as a whole was nearly break-even at a loss of $0.1 million, as compared to an EBITDA loss of $5.6 million in the prior-year period, which included the $3.5 million impairment charge.  EBITDA for the full year 2009 was a loss of $4.8 million, which includes the $5.0 million impairment charge, compared to an EBITDA loss of $8.8 million for the full 2008 year, which included the $3.5 million impairment charge.  Broadway Ticketing EBITDA totaled $1.9 million in the 2009 fourth quarter and $5.5 million for the full year 2009, as compared to $0.4 million and $3.4 million for the fourth quarter and full year 2008, respectively.  The Company realized a year-over-year decline in operating costs and expenses of 13% in the 2009 fourth quarter versus the prior year and a 17% decline for the 2009 full year.

Cash flow provided by operating activities from continuing operations during the fourth quarter 2009 was $2.0 million and for the full year 2009 cash flow provided by operating activities from continuing operations was $0.1 million.  This compares to cash provided by operating activities from continuing operations of $1.1 million for the fourth quarter 2008 and cash used in operating activities from continuing operations of $4.5 million for the full year 2008.  

Teleconference Information
Management will host a teleconference to discuss the Company’s 2009 fourth quarter and year-end financial results. The conference call is scheduled for Wednesday, March 17, 2010 at 4:30 p.m. Eastern Time.  To access the teleconference, please dial 877-407-8293 (U.S.) or 201-689-8349 (international) approximately 10 minutes prior to the start of the call.  The teleconference will also be available via live webcast on the investor relations portion of Hollywood Media’s website, http://www.hollywoodmedia.com/conference_calls.htm

If you are unable to listen to the live teleconference, a replay will be available through March 24, 2010, and can be accessed by dialing 877-660-6853 (U.S.) or 201-612-7415 (international).  Callers will be prompted for replay account number 342# followed by conference ID number 347099#.   An archived version of the webcast will also be available on the investor relations section of Hollywood Media’s website at http://www.hollywoodmedia.com.

About Hollywood Media Corp.
Hollywood Media is comprised primarily of Internet businesses focused on online ticketing, which include Broadway.com and Hollywood Media’s minority interest in MovieTickets.com. Hollywood Media also owns the UK-based CinemasOnline and its Intellectual Property division.

*Note on EBITDA
EBITDA is a non-GAAP financial measures.  EBITDA is defined as net income before interest, taxes, depreciation and amortization. Hollywood Media has presented EBITDA in this release because it considers such information an important supplemental measure which management utilizes as one of its tools in evaluating performance and believes it is frequently used by securities analysts, investors and other interested parties in the evaluation and comparison of companies in our industry as well as our results of operations from period to period. EBITDA has limitations as an analytical tool, and you should not consider it in isolation, or as a substitute for Hollywood Media’s financial results as reported under GAAP. Some of these limitations are: (a) EBITDA does not reflect changes in, or cash requirements for, Hollywood Media’s working capital needs; (b) EBITDA does not reflect interest expense, or the cash requirements necessary to service interest or principal payments, if any; and (c) although depreciation and amortization are non-cash charges, the assets being depreciated and amortized may have to be replaced in the future, and EBITDA does not reflect any cash requirements for such capital expenditures. Because of these limitations, EBITDA should not be considered as a principal indicator of Hollywood Media’s performance. Hollywood Media compensates for these limitations by relying primarily on Hollywood Media’s GAAP results and using EBITDA only supplementally.

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, our ability to develop and maintain strategic relationships, our ability to compete with other online ticketing services and other competitors, 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 2008 and, when filed, our Form 10-K for 2009. Such forward-looking statements speak only as of the date on which they are made.
 
Attached are the following financial tables:

CONDENSED CONSOLIDATED BALANCE SHEETS
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
SEGMENT SUMMARY FINANCIAL DATA AND EBITDA RECONCILIATION