HOLLYWOOD MEDIA CORP. REPORTS 2010 FOURTH QUARTER
AND YEAR END RESULTS
BOCA RATON, Fla., April 14, 2011 – Hollywood Media Corp. (Nasdaq: HOLL) today reported financial results for the fourth quarter and year ended December 31, 2010. Results from continuing operations are consistent with preliminary results reported on February 3, 2011 in an 8-K filing with the SEC. As previously announced, the Company completed the sale of its Broadway Ticketing business on December 15, 2010, which has been accounted for as discontinued operations along with the divested Hollywood.com operations.
Net income, which includes the impact of discontinued operations, was $5.7 million, or $0.18 per diluted share, in the 2010 fourth quarter versus a loss of $0.4 million, or $0.01 per share, in the prior year period. For the full year 2010, net income was $4.9 million, or $0.16 per diluted share, compared to a loss of $5.6 million, or $0.18 per share, in 2009.
On a continuing operations basis which includes the contribution from the Ad Sales and Intellectual Property divisions, net revenues for the 2010 fourth quarter were $1.0 million compared to $1.1 million in the prior-year period. For the full year 2010, net revenues were $4.0 million versus $4.5 million in 2009.
Loss from continuing operations for the 2010 fourth quarter was $1.6 million, or $0.06 per share, which compares to a loss from continuing operations in the prior year period of $2.3 million, or $0.07 per share. For the full year 2010, loss from continuing operations was $7.1 million, or $0.23 per share, versus a loss from continuing operations in 2009 of $10.9 million, or $0.35 per share.
Mitchell Rubenstein, CEO of Hollywood Media, commented, “With the sale of the Broadway Ticketing business completed, we plan to move forward with our remaining operating businesses. We are also in the process of significantly reducing our corporate overhead in light of our smaller scope of operations.”
Subsequent to the close of the 2010 fourth quarter, the Company announced on February 25, 2011 that it completed its tender offer of 8 million shares at a total cost of $16.4 million. As a result, the Company now has approximately 23.2 million shares outstanding.
Change to Quarterly Conference Call Policy: As a result of its reduced operating scale, the Company will no longer host quarterly conference calls. Management will be available to address any investor questions.
About Hollywood Media Corp.
Hollywood Media Corp. is comprised primarily of an Ad Sales division including Hollywood Media Corp.’s minority interest in MovieTickets.com, UK Theatres Online (formerly known as CinemasOnline), and an Intellectual Property division.
The following information was filed by Hollywood Media Corp (HOLL) on Thursday, April 14, 2011 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.