BOCA RATON, FL--(Marketwired - May 14, 2013) - Hollywood Media Corp. (
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.
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, 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.
| HOLLYWOOD MEDIA CORP. AND SUBSIDIARIES | ||||||||||
| CONDENSED CONSOLIDATED BALANCE SHEETS | ||||||||||
| March 31, | December 31, | |||||||||
| 2013 | 2012 | |||||||||
| (unaudited) | ||||||||||
| ASSETS | ||||||||||
| CURRENT ASSETS: | ||||||||||
| Cash and cash equivalents | $ | 9,946,831 | $ | 11,378,519 | ||||||
| Prepaid expenses | 688,016 | 329,915 | ||||||||
| Other receivables | 74,885 | 75,105 | ||||||||
| Notes receivable, current | 1,466,253 | 1,375,545 | ||||||||
| Related party receivable | 30,929 | 37,287 | ||||||||
| Current portion of deferred compensation | 430,000 | 430,000 | ||||||||
| Total current assets | 12,636,914 | 13,626,371 | ||||||||
| PROPERTY AND EQUIPMENT, net | 299,034 | 240,645 | ||||||||
| INVESTMENTS IN AND ADVANCES TO UNCONSOLIDATED INVESTEES | 138,222 | 138,384 | ||||||||
| INTANGIBLE ASSETS, net | 6,574 | 8,683 | ||||||||
| GOODWILL | 6,200,000 | 6,200,000 | ||||||||
| OTHER ASSETS | 727,982 | 727,982 | ||||||||
| NOTES RECEIVABLE, less current portion | 4,320,322 | 4,455,106 | ||||||||
| WARRANT | 700,000 | 700,000 | ||||||||
| DEFERRED COMPENSATION, less current portion | 411,151 | 518,651 | ||||||||
| TOTAL ASSETS | $ | 25,440,199 | $ | 26,615,822 | ||||||
| LIABILITIES AND SHAREHOLDERS' EQUITY | ||||||||||
| CURRENT LIABILITIES: | ||||||||||
| Accounts payable | $ | 612,814 | $ | 414,123 | ||||||
| Accrued expenses and other | 677,321 | 1,036,788 | ||||||||
| Deferred revenue | 108,169 | 111,669 | ||||||||
| Current portion of capital lease obligations | 18,510 | 16,255 | ||||||||
| Total current liabilities | 1,416,814 | 1,578,835 | ||||||||
| CAPITAL LEASE OBLIGATIONS, less current portion | 32,295 | 2,152 | ||||||||
| OTHER DEFERRED LIABILITY | 258 | 355 | ||||||||
| DEFERRED REVENUE | 9,000 | 14,000 | ||||||||
| DERIVATIVE LIABILITIES | 60,000 | 60,000 | ||||||||
| TOTAL LIABILITIES | 1,518,367 | 1,655,342 | ||||||||
| COMMITMENTS AND CONTINGENCIES | ||||||||||
| SHAREHOLDERS' EQUITY: | ||||||||||
| Preferred Stock, $.01 par value, 1,000,000 shares authorized; none outstanding | - | - | ||||||||
| Common stock, $.01 par value, 100,000,000 shares authorized; 22,651,766 and 23,162,466 shares issued and outstanding at March 31, 2013 and December 31, 2012, respectively | 226,518 | 231,625 | ||||||||
| Additional paid-in capital | 292,847,044 | 293,591,903 | ||||||||
| Accumulated deficit | (269,151,730 | ) | (268,863,048 | ) | ||||||
| Total shareholders' equity | 23,921,832 | 24,960,480 | ||||||||
| TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY | $ | 25,440,199 | $ | 26,615,822 | ||||||
| HOLLYWOOD MEDIA CORP. AND SUBSIDIARIES | ||||||||||||
| CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS | ||||||||||||
| (unaudited) | ||||||||||||
| THREE MONTHS ENDED MARCH 31, | ||||||||||||
| 2013 | 2012 | |||||||||||
| NET REVENUES | $ | 81,059 | $ | 176,834 | ||||||||
| OPERATING COSTS AND EXPENSES | ||||||||||||
| Editorial, production, development and technology | 57,498 | 125,104 | ||||||||||
| Selling, general and administrative | 941,044 | 504,846 | ||||||||||
| Payroll and benefits | 431,246 | 398,721 | ||||||||||
| Depreciation and amortization | 21,134 | 37,594 | ||||||||||
| Total operating costs and expenses | 1,450,922 | 1,066,265 | ||||||||||
| Loss from operations | (1,369,863 | ) | (889,431 | ) | ||||||||
| (LOSSES) EARNINGS OF UNCONSOLIDATED INVESTEES | (152 | ) | 71,797 | |||||||||
| OTHER INCOME (EXPENSE): | ||||||||||||
| Interest, net | 493,300 | 253,037 | ||||||||||
| Accretion of discount, net of allowance for uncollectability | 610,479 | - | ||||||||||
| Other, net | 538 | (33,877 | ) | |||||||||
| Total other income | 1,104,317 | 219,160 | ||||||||||
| Loss from continuing operations before income taxes | (265,698 | ) | (598,474 | ) | ||||||||
| Income tax (expense) | (22,984 | ) | - | |||||||||
| Loss from continuing operations | (288,682 | ) | (598,474 | ) | ||||||||
| Gain on sale of discontinued operations, net of income taxes | - | 197,517 | ||||||||||
| Loss from discontinued operations | - | (11,582 | ) | |||||||||
| Income from discontinued operations | - | 185,935 | ||||||||||
| Net loss | $ | (288,682 | ) | $ | (412,539 | ) | ||||||
| Basic and diluted income (loss) per common share | ||||||||||||
| Continuing operations | $ | (0.01 | ) | $ | (0.03 | ) | ||||||
| Discontinued operations | - | 0.01 | ||||||||||
| Total basic and diluted net loss per share | $ | (0.01 | ) | $ | (0.02 | ) | ||||||
| Weighted average common and common equivalent shares outstanding - basic and diluted | 22,776,185 | 23,179,066 | ||||||||||
