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Hollywood Media Corp. Reports 2012 Third Quarter Results

Hollywood Media Corp. Reports 2012 Third Quarter Results 
BOCA RATON, FL -- (Marketwire) -- 11/19/12 --  Hollywood Media Corp.
(NASDAQ: HOLL) today reported financial results for the third quarter
ended September 30, 2012. 
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 2012 third
quarter were $0.1 million compared to $0.2 million in the prior-year
period. Tekno Books is currently focused on the development of
various original book series created by best-selling authors for
anticipated launch in mid-2013 in digital format.  
Loss from continuing operations for the 2012 third quarter was $2.3
million, or $0.10 per share, which includes a non-cash goodwill
impairment charge of $3.6 million relating to the Company's Ad Sales
division, which compared to a loss from continuing operations for the
2011 third quarter of $5.6 million, or $0.24 per share, which
includes a non-cash goodwill impairment charge of $4.8 million
relating to the Company's Ad Sales division.  
Net loss, which includes discontinued operations, was $0.5 million,
or $0.02 per share, in the 2012 third quarter, compared to net loss
of $5.4 million, or $0.23 per share, in the prior-year period.  
At September 30, 2012, the Company had cash and cash equivalents of
$6.0 million and no debt as compared to cash and cash equivalents of
$3.7 million and no debt at December 31, 2011.  
Following the close of the 2012 third quarter and not included in the
Company's financial statements for the recent period, Hollywood Media
Corp. announced on October 1, 2012 that it received the first $7
million earnout payment in cash from Key Brand Entertainment Inc.
("Key Brand") pursuant to the amended purchase agreement related to
the completed sale of its Broadway Ticketing Business ("Theatre
Direct") to Key Brand. In addition, on October 5, 2012, Key Brand
notified Hollywood Media Corp. that it achieved the revenue target
for the second $7 million earnout under the purchase agreement in Key
Brand's fiscal year ended June 30, 2012. Accordingly, this $7 million
amount was added to the principal amount of the $8.5 million loan due
Hollywood Media by Key Brand under its credit agreement. Pursuant to
the credit agreement, interest at a rate of 12% per annum and
principal on such second $7 million earnout amount will be amortized
in equal quarterly installments over the period commencing October 1,
2012 and ending on December 15, 2015 which is the maturity date of
the loan. As a result of this second $7 million earnout being added
to the loan, the principal amount of the loan due Hollywood Media by
Key Brand was $15.5 million as of October 1, 2012. 
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 2011. Such forward-looking
statements speak only as of the date on which they are made. 


 
                                                                            
                   HOLLYWOOD MEDIA CORP. AND SUBSIDIARIES                   
                   CONDENSED CONSOLIDATED BALANCE SHEETS                    
                                                                            
                                               September 30,   December 31, 
                                                    2012           2011     
                                               -------------  ------------- 
                                                (unaudited)                 
                    ASSETS                                                  
                                                                            
CURRENT ASSETS:                                                             
  Cash and cash equivalents                    $   5,959,801  $   3,683,063 
  Prepaid expenses                                   278,632        316,430 
  Other receivables                                   32,810              - 
  Related party receivable                            35,735        521,497 
  Current portion of deferred compensation           430,000        430,000 
  Current assets of discontinued operations                -        566,691 
                                               -------------  ------------- 
    Total current assets                           6,736,978      5,517,681 
                                                                            
PROPERTY AND EQUIPMENT, net                          214,211        283,574 
INVESTMENTS IN AND ADVANCES TO UNCONSOLIDATED                               
 INVESTEES                                           138,537      1,573,325 
INTANGIBLE ASSETS, net                                10,791         17,116 
GOODWILL                                           6,200,000      9,800,000 
OTHER ASSETS                                         803,993         58,628 
DEFERRED COMPENSATION, less current portion          626,151        948,651 
LONG TERM ASSETS OF DISCONTINUED OPERATIONS                -         23,814 
                                               -------------  ------------- 
    TOTAL ASSETS                               $  14,730,661  $  18,222,789 
                                               =============  ============= 
                                                                            
     LIABILITIES AND SHAREHOLDERS' EQUITY                                   
                                                                            
CURRENT LIABILITIES:                                                        
  Accounts payable                             $     394,531  $     387,070 
  Accrued expenses and other                         919,733        646,821 
  Deferred revenue                                   120,194        264,228 
  Current portion of capital lease obligations        17,345         21,829 
  Current liabilities of discontinued                                       
   operations                                              -      1,130,268 
                                               -------------  ------------- 
    Total current liabilities                      1,451,803      2,450,216 
                                                                            
CAPITAL LEASE OBLIGATIONS, less current                                     
 portion                                               6,341         16
,203 
OTHER DEFERRED LIABILITY                              26,145         42,514 
DEFERRED REVENUE                                      35,975         46,200 
DERIVATIVE LIABILITIES                                60,000      1,090,000 
LONG TERM LIABILITIES OF DISCONTINUED                                       
 OPERATIONS                                                -          2,158 
                                                                            
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; 23,179,066 shares issued                              
   and outstanding at September 30, 2012 and                                
   December 31, 2011, respectively                   231,791        231,791 
  Additional paid-in capital                     293,616,319    293,616,319 
  Accumulated deficit                           (280,697,713)  (279,272,612)
                                               -------------  ------------- 
    Total shareholders' equity                    13,150,397     14,575,498 
                                               -------------  ------------- 
    TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY $  14,730,661  $  18,222,789 
                                               =============  ============= 
                                                                            
                                                                            
                                                                            
                   HOLLYWOOD MEDIA CORP. AND SUBSIDIARIES                   
              CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS               
                                (unaudited)                                 
                                                                            
                                                                            
                            NINE MONTHS ENDED         THREE MONTHS ENDED    
                               September 30,             September 30,      
                         ------------------------  ------------------------ 
                             2012         2011         2012         2011    
                         -----------  -----------  -----------  ----------- 
                                                                            
                                                                            
NET REVENUES             $   429,082  $   841,546  $    96,035  $   152,424 
                                                                            
OPERATING COSTS AND                                                         
 EXPENSES                                                                   
  Editorial, production,                                                    
   development and                                                          
   technology                391,503      562,042      108,727      105,140 
  Selling, general and                                                      
   administrative          1,839,990    2,270,799      639,012      543,350 
  Payroll and benefits     1,619,487    2,843,556      368,904    1,232,765 
  Depreciation and                                                          
   amortization              113,032      162,653       37,868       50,014 
                         -----------  -----------  -----------  ----------- 
                                                                            
    Total operating                                                         
     costs and expenses    3,964,012    5,839,050    1,154,511    1,931,269 
                         -----------  -----------  -----------  ----------- 
                                                                            
    Loss from operations  (3,534,930)  (4,997,504)  (1,058,476)  (1,778,845)
                                                                            
                                                                            
(LOSSES) EARNINGS OF                                                        
 UNCONSOLIDATED                                                             
 INVESTEES                                                                  
  Equity in (losses)                                                        
   earnings of                                                              
   unconsolidated                                                           
   investees                (141,851)     409,591     (159,665)     230,008 
  Impairment loss         (3,600,000)  (4,795,783)  (3,600,000)  (4,795,783)
                         -----------  -----------  -----------  ----------- 
    Total equity in                                                         
     losses of                                                              
     unconsolidated                                                         
     investees            (3,741,851)  (4,386,192)  (3,759,665)  (4,565,775)
                                                                            
OTHER INCOME (EXPENSE)                                                      
  Interest, net              777,411      789,660      264,400      260,381 
  Other, net               1,108,312    1,630,952    1,109,986      501,845 
                         -----------  -----------  -----------  ----------- 
                                                                            
    Loss from continuing                                                    
     operations before                                                      
     income taxes         (5,391,058)  (6,963,084)  (3,443,755)  (5,582,394)
    Income tax benefit     1,498,482            -    1,127,612            - 
                         -----------  -----------  -----------  ----------- 
      Loss from                                                             
       continuting                                                          
       operations         (3,892,576)  (6,963,084)  (2,316,143)  (5,582,394)
                                                                            
    Gain on sale of                                                         
     discontinued                                                           
     operations, net of                                                     
     income taxes          2,444,891      254,842    1,839,788      155,539 
    Income (loss) from                                                      
     discontinued                                                           
     operations               22,584     (162,871)           -        2,519 
                         -----------  -----------  -----------  ----------- 
                                                                            
    Income from                                                             
     discontinued        
                                                   
     operations            2,467,475       91,971    1,839,788      158,058 
                                                                            
    Net loss              (1,425,101)  (6,871,113)    (476,355)  (5,424,336)
                                                                            
NET INCOME (LOSS)                                                           
 ATTRIBUTABLE TO NON-                                                       
 CONTROLLING INTEREST    $         -      (30,027)                    5,312 
                         -----------  -----------  -----------  ----------- 
                                                                            
Net loss attributable to                                                    
 Hollywood Media Corp    $(1,425,101) $(6,901,140) $  (476,355) $(5,419,024)
                         ===========  ===========  ===========  =========== 
                                                                            
Basic and diluted (loss)                                                    
 income per common share                                                    
    Continuing                                                              
     operations          $     (0.17) $     (0.28) $     (0.10) $     (0.24)
    Discontinued                                                            
     operations                 0.11            -         0.08         0.01 
                         -----------  -----------  -----------  ----------- 
    Total basic and                                                         
     diluted net loss                                                       
     per share           $     (0.06) $     (0.28) $     (0.02) $     (0.23)
                         ===========  ===========  ===========  =========== 
                                                                            
Weighted average common                                                     
 and common equivalent                                                      
 sharesoutstanding -                                                        
 basic and diluted        23,179,066   24,790,790   23,179,066   23,179,066 
                         ===========  ===========  ===========  =========== 

  
Contact:
Investor Relations Department
Hollywood Media Corp.
L. Melheim
ir@hollywoodmedia.com
561-998-8000 
 
 
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