HOLLYWOOD MEDIA CORP REPORTS
2011 FOURTH QUARTER AND YEAR END RESULTS
Monday April 16, 2012
BOCA RATON, FL (April 16, 2011) – Hollywood Media Corp. (Nasdaq: HOLL) today reported financial results for the fourth quarter and year ended December 31, 2011.
Note on Forward-Looking Statements
On a continuing operations basis which includes the contribution from the Ad Sales and Intellectual Property divisions, net revenues for the 2011 fourth quarter were $0.8 million compared to $1.0 million in the prior-year period. For the full year 2011, net revenues were $3.8 million versus $4.0 million in 2010.
Loss from continuing operations for the 2011 fourth quarter was $0.2 million, or $0.01 per diluted share, compared to a loss from continuing operations last year of $1.6 million, or $0.06 per diluted share. For the full year 2011, loss from continuing operations was $7.3 million, or $0.30 per diluted share, which included a non-cash goodwill impairment charge of $4.8 million in the third quarter of 2011 relating to the Company’s Ad Sales Division, compared to a loss from continuing operations last year of $7.1 million or $0.23 per diluted share.
Net income, which includes Discontinued Operations, was essentially $0 in the 2011 fourth quarter, compared to net income last year of $5.7 million or $0.18 per share. For the full year 2011, net loss, which includes Discontinued Operations, was $6.9 million, or $0.28 per diluted share, compared to net income last year of $4.9 million, or $0.16 per diluted share.
The Company had approximately 23.2 million weighted average shares outstanding in the 2011 fourth quarter compared to 31.2 million weighted average shares outstanding in the prior-year period. The reduction in share count principally relates to an 8.0 million share tender offer completed in the first quarter of 2011.
At December 31, 2011, the Company had cash and cash equivalents of $3.7 million and no debt as compared to 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 in the first quarter of 2011, costs related to the sale of the Broadway Ticketing business including a working capital adjustment, and the Company’s $1.3 million investment in Project Hollywood, LLC.
About Hollywood Media Corp.
Hollywood Media Corp. is comprised primarily of an Ad Sales division, an Intellectual Property division, and various financial assets.
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, 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 2010. Such forward-looking statements speak only as of the date on which they are made.
Attached are the following financial tables:
CONSOLIDATED BALANCE SHEETS
CONSOLIDATED STATEMENTS OF OPERATIONS