Hollywood Media Corp. Reports 2013 First Quarter Results

Hollywood Media Corp. Reports 2013 First Quarter Results 
BOCA RATON, FL -- (Marketwired) -- 05/14/13 --  Hollywood Media Corp.
(NASDAQ: HOLL) today reported financial results for the first quarter
ended March 31, 2013. 
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 shareh
olders' 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 
                                                   ===========  =========== 

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