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Monday May 16, 2011

BOCA RATON, FL (May 16, 2011) – Hollywood Media Corp. (Nasdaq: HOLL) today reported financial results for the first quarter ended March 31, 2011. As previously announced, the Company completed the sale of its Broadway Ticketing business on December 15, 2010, which has been accounted for as discontinued operations along with the divested operations.

On a continuing operations basis which includes the contribution from the Ad Sales and Intellectual Property divisions, net revenues for the 2011 first quarter were $1.0 million compared to $1.1 million in the prior-year period.

Loss from continuing operations for the 2011 first quarter was $1.7 million, or $0.06 per share, compared to a loss from continuing operations last year of $1.5 million, or $0.05 per share.

First quarter 2011 net loss, which includes the impact of discontinued operations, was $1.6 million, or $0.06 per share, versus a loss of $0.6 million, or $0.02 per share, in the prior year period.

The Company completed on February 25, 2011 its tender offer of 8 million shares at a total cost of $16.4 million. As a result, the Company now has approximately 23.2 million shares outstanding compared to 28.2 million shares outstanding at March 31, 2010.

At March 31, 2011, the Company had cash and cash equivalents of $5.6 million and no debt versus cash and cash equivalents of $29.4 million and no debt at December 31, 2010. The change reflects the completion of the Company’s tender offer at a total cost of $16.4 million as well as costs related to the sale of the Broadway Ticketing business including a working capital adjustment.

About Hollywood Media Corp.

Hollywood Media Corp. (Nasdaq: HOLL) is comprised primarily of an Ad Sales division including Hollywood Media Corp.’s minority interest in, UK Theatres Online (formerly known as CinemasOnline), and an Intellectual Property division.


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, changes in facts and circumstances and other uncertainties concerning the completion of the tender offer, and other risks and factors described in Hollywood Media Corp.’s filings with the Securities and Exchange Commission including our Form 10-K for 2009.  Such forward-looking statements speak only as of the date on which they are made.  Further information about these matters can be found in our Securities and Exchange Commission filings.  Except as required by applicable law or regulation, we do not undertake any obligation to update our forward-looking statements to reflect future events or circumstances.

Attached are the following financial tables: