HOLLYWOOD MEDIA CORP REPORTS
2012 FIRST QUARTER RESULTS
Tuesday May 15, 2012
BOCA RATON, FL (May 15, 2012) – Hollywood Media Corp. (Nasdaq: HOLL) today reported financial results for the first quarter ended March 31, 2012.
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 2012 first quarter were $0.7 million compared to $1.0 million in the prior-year period.
Loss from continuing operations for the 2012 first quarter was $0.6 million, or $0.03 per share, compared to a loss from continuing operations last year of $1.7 million, or $0.06 per share.
Net loss, which includes discontinued operations, was $0.4 million or $0.02 per share, in the 2012 first quarter, compared to a net loss of $1.6 million or $0.06 per share in the prior-year period.
The Company had approximately 23.2 million weighted average shares outstanding in the 2012 first quarter compared to 28.1 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 March 31, 2012, the Company had cash and cash equivalents of $3.4 million and no debt as compared to cash and cash equivalents of $3.7 million and no debt at December 31, 2011.
Subsequent to the quarter close and as disclosed in an 8-K filing with the SEC on May 7, 2012, and as amended in an 8-K/A filing with the SEC on May 15, 2012, the Company sold its U.K.-based CinemasOnline business. Additionally, in a separate 8-K filing on April 25, 2012, Hollywood Media Corp. announced that as part of an amendment related to the completed sale of its Broadway Ticketing Business (“Theatre Direct”) to Key Brand Entertainment Inc., Key Brand agreed to pay the first $7 million earnout amount to Hollywood Media Corp. on or before October 1, 2012 regardless of the actual revenues of Theatre Direct and its subsidiaries for Key Brand’s current fiscal year ending June 30, 2012.
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 2011. 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