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HOLLYWOOD MEDIA CORP. REPORTS 2004 FINANCIAL RESULTS


- Full Year 2004 Revenues Increase 12.5% over 2003 -

- Fourth Quarter 2004 Revenues Increase 23.2% over Fourth Quarter 2003 -

- Hollywood.com TV Cable Network Tops 10 Million Subscriber Milestone -


(Boca Raton, FL – March 24, 2005) – Hollywood Media Corp. (Nasdaq: HOLL), a leading provider of news, information and ticketing covering the entertainment and media industries, today announced record revenues for the fourth quarter and twelve months ended December 31, 2004.


FINANCIAL RESULTS


Net revenues for the three months ended December 31, 2004 increased 23.2 percent to $23.7 million compared to the $19.2 million in the same period of 2003. Total operating expenses increased 32.3 percent to $27.4 million from $20.7 million in the fourth quarter of 2003.  The net loss for the fourth quarter of 2004 was $3.8 million, or $0.13 per share with 30.2 million weighted average shares outstanding during the period, compared with a net loss of $0.8 million, or $0.04 per share with 21.5 million weighted average shares outstanding during the period, for fourth quarter 2003.  The increase in net loss was attributable, in part, to the following increases in operating expenses: approximately $0.8 million in operating expenses related to Studio Systems (which the Company acquired on July 1, 2004), of which approximately $0.5 million in quarterly expenses have been eliminated as of December 31, 2004 (which cost savings are expected to be reflected beginning in the first quarter of 2005); expenses of approximately $0.7 million in accounting and consulting fees relating to compliance with the internal control requirements of the Sarbanes-Oxley Act of 2002; and $0.5 million in increased audit fees.  Further, the change in the results for the fourth quarter of fiscal 2004 as compared to the fourth quarter of fiscal 2003 was impacted by a $1.4 million non-cash gain in the fourth quarter of 2003, which gain resulted from Hollywood Media’s decision to exchange a $2.0 million note receivable held by Hollywood Media for the 20.0 percent ownership interest in Hollywood Media’s Baseline/FilmTracker business that was not already owned by Hollywood Media. The interest was held by Fountainhead Media, which had initially sold FilmTracker to Hollywood Media.  This resulted in a non-operational gain in other income in the fourth quarter of fiscal 2003 of $1.4 million, as compared to zero in the fourth quarter of fiscal 2004.


Net revenues for the twelve months ended December 31, 2004 increased 12.5 percent, to $73.0 million from $64.9 million for the same period of 2003. Total operating expenses were $82.9 million, up 14.4 percent from the $72.4 million in 2003. The Company had an operating loss of $9.9 million for fiscal




The following information was filed by Hollywood Media Corp (HOLL) on Thursday, March 24, 2005 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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