HOLLYWOOD MEDIA CORP. REPORTS
2013 FIRST QUARTER RESULTS
Tuesday May 14, 2013
BOCA RATON, Fla., May 14, 2013 – Hollywood Media Corp. (Nasdaq: HOLL) today reported financial results for the first quarter ended March 31, 2013.
Note on Forward-Looking Statements
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 2013 first quarter were $0.1 million compared to $0.2 million in the prior-year period.
Loss from continuing operations for the 2013 first quarter was $0.3 million, or $0.01 per share, compared to a loss from continuing operations for the 2012 first quarter of $0.6 million, or $0.03 per share. Net loss, which includes discontinued operations, was $0.3 million, or $0.01 per share, in the 2013 first quarter, compared to net loss of $0.4 million, or $0.02 per share, in the prior-year period.
At March 31, 2013, the Company had cash and cash equivalents of $9.9 million and no debt as compared to cash and cash equivalents of $11.4 million and no debt at December 31, 2012.
The Company repurchased 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.
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.
Attached are the following financial tables:
CONDENSED CONSOLIDATED BALANCE SHEETS
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS