Exhibit 99.1
HOLLYWOOD MEDIA CORP. AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS
December 31, | December 31, | |||||||
2010 | 2009 | |||||||
(unaudited) | ||||||||
ASSETS | ||||||||
CURRENT ASSETS: | ||||||||
Cash and cash equivalents | $ | 29,406,063 | $ | 8,365,224 | ||||
Receivables, net | 492,683 | 604,325 | ||||||
Prepaid expenses | 1,034,795 | 1,807,649 | ||||||
Other receivables | 359,438 | 344,859 | ||||||
Related party receivable | 301,607 | 335,245 | ||||||
Current assets of discontinued operations | - | 20,940,282 | ||||||
Total current assets | 31,594,586 | 32,397,584 | ||||||
PROPERTY AND EQUIPMENT, net | 399,320 | 773,682 | ||||||
INVESTMENTS IN AND ADVANCES TO UNCONSOLIDATED INVESTEES | 924,338 | 230,097 | ||||||
INTANGIBLE ASSETS, net | 7,549 | 142,076 | ||||||
GOODWILL | 14,595,783 | 14,595,783 | ||||||
OTHER ASSETS | 69,710 | 21,082 | ||||||
LONG TERM ASSETS OF DISCONTINUED OPERATIONS | - | 9,445,875 | ||||||
TOTAL ASSETS | $ | 47,591,286 | $ | 57,606,179 | ||||
LIABILITIES AND SHAREHOLDERS' EQUITY | ||||||||
CURRENT LIABILITIES: | ||||||||
Accounts payable | $ | 936,381 | $ | 1,100,520 | ||||
Accrued expenses and other | 7,236,521 | 1,272,156 | ||||||
Deferred revenue | 980,786 | 1,176,636 | ||||||
Current portion of capital lease obligations | 60,031 | 104,254 | ||||||
Current portion of notes payable | 2,362 | 37,454 | ||||||
Current liabilities of discontinued operations | - | 19,931,745 | ||||||
Total current liabilities | 9,216,081 | 23,622,765 | ||||||
DEFERRED REVENUE | 148,002 | 309,190 | ||||||
CAPITAL LEASE OBLIGATIONS, less current portion | 38,217 | 73,909 | ||||||
OTHER DEFERRED LIABILITY | 75,120 | 236,258 | ||||||
NOTES PAYABLE, less current portion | - | 2,432 | ||||||
LONG-TERM LIABILITIES OF DISCONTINUED OPERATIONS | - | 871,216 | ||||||
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; 31,179,066 | ||||||||
and 31,037,656 shares issued and outstanding at December 31, 2010 and | ||||||||
December 31, 2009, respectively | 311,791 | 310,377 | ||||||
Additional paid-in capital | 309,898,584 | 309,480,331 | ||||||
Accumulated deficit | (272,053,016 | ) | (277,315,848 | ) | ||||
Total Hollywood Media Corp shareholders' equity | 38,157,359 | 32,474,860 | ||||||
Non-controlling interest | (43,493 | ) | 15,549 | |||||
Total shareholders' equity | 38,113,866 | 32,490,409 | ||||||
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY | $ | 47,591,286 | $ | 57,606,179 |
HOLLYWOOD MEDIA CORP. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
TWELVE MONTHS ENDED December 31, | THREE MONTHS ENDED December 31, | |||||||||||||||
2010 | 2009 | 2010 | 2009 | |||||||||||||
(unaudited) | (unaudited) | |||||||||||||||
NET REVENUES | $ | 3,995,177 | $ | 4,518,548 | $ | 1,014,084 | $ | 1,077,148 | ||||||||
OPERATING COSTS AND EXPENSES | ||||||||||||||||
Editorial, production, development and technology | 2,630,870 | 2,569,354 | 656,686 | 625,144 | ||||||||||||
Selling, general and administrative | 3,752,175 | 4,340,061 | 468,495 | 1,061,897 | ||||||||||||
Payroll and benefits | 4,797,414 | 4,872,398 | 1,203,534 | 1,582,682 | ||||||||||||
Depreciation and amortization | 541,326 | 743,995 | 101,746 | 177,313 | ||||||||||||
Total operating costs and expenses | 11,721,785 | 12,525,808 | 2,430,461 | 3,447,036 | ||||||||||||
Loss from operations | (7,726,608 | ) | (8,007,260 | ) | (1,416,377 | ) | (2,369,888 | ) | ||||||||
EARNINGS (LOSSES) OF UNCONSOLIDATED INVESTEES | ||||||||||||||||
Equity in earnings of unconsolidated investees | 734,288 | 2,006,498 | 97,449 | 93,592 | ||||||||||||
Impairment loss | - | (5,000,000 | ) | - | - | |||||||||||
Total equity in earnings (losses) of unconsolidated investees | 734,288 | (2,993,502 | ) | 97,449 | 93,592 | |||||||||||
OTHER INCOME (EXPENSE) | ||||||||||||||||
Interest, net | 117,319 | 16,161 | 106,582 | 7,539 | ||||||||||||
Other, net | 84,991 | 48,059 | (47,171 | ) | 9,592 | |||||||||||
Loss from continuing operations | (6,790,010 | ) | (10,936,542 | ) | (1,259,517 | ) | (2,259,165 | ) | ||||||||
Gain on sale of discontinued operations, net of income taxes | 6,088,936 | 614,572 | 5,582,034 | 142,085 | ||||||||||||
Income from discontinued operations | 5,917,849 | 4,699,144 | 1,741,168 | 1,696,995 | ||||||||||||
Income from discontinued operations | 12,006,785 | 5,313,716 | 7,323,202 | 1,839,080 | ||||||||||||
Net income (loss) | 5,216,775 | (5,622,826 | ) | 6,063,685 | (420,085 | ) | ||||||||||
NET LOSS ATTRIBUTABLE TO NON-CONTROLLING INTEREST | 46,057 | 2,409 | 8,005 | 35,230 | ||||||||||||
Net income (loss) attributable to Hollywood Media Corp | $ | 5,262,832 | $ | (5,620,417 | ) | $ | 6,071,690 | $ | (384,855 | ) | ||||||
Basic and diluted income (loss) per common share | ||||||||||||||||
Continuing operations | $ | (0.22 | ) | $ | (0.36 | ) | $ | (0.04 | ) | $ | (0.07 | ) | ||||
Discontinued operations | 0.39 | 0.18 | 0.24 | 0.06 | ||||||||||||
Total basic and diluted net income (loss) per share | $ | 0.17 | $ | (0.18 | ) | $ | 0.20 | $ | (0.01 | ) | ||||||
Weighted average common and common equivalent shares | ||||||||||||||||
outstanding - basic and diluted | 30,937,619 | 30,584,902 | 30,988,851 | 30,642,730 |