Attached files
file | filename |
---|---|
8-K - HOLLYWOOD MEDIA CORP | v205671_8k.htm |
EX-10.3 - HOLLYWOOD MEDIA CORP | v205671_ex10-3.htm |
EX-10.2 - HOLLYWOOD MEDIA CORP | v205671_ex10-2.htm |
EX-10.1 - HOLLYWOOD MEDIA CORP | v205671_ex10-1.htm |
EX-99.1 - HOLLYWOOD MEDIA CORP | v205671_ex99-1.htm |
HOLLYWOOD
MEDIA CORP. AND SUBSIDIARIES
PRO
FORMA CONDENSED CONSOLIDATED BALANCE SHEETS
As
of September 30, 2010
(Unaudited)
Historical
|
Sale
of
|
Pro
Forma
|
||||||||||
Hollywood
Media
Corp.(5)
|
Broadway
Ticketing
|
Hollywood
Media
Corp.
|
||||||||||
ASSETS
|
||||||||||||
CURRENT
ASSETS:
|
||||||||||||
Cash
and cash equivalents
|
$ | 7,308,487 | $ | 20,062,672 | (1),(2) | $ | 27,371,159 | |||||
Receivables,
net
|
1,254,471 | (634,747 | )(2) | 619,724 | ||||||||
Inventories
held for sale, net
|
5,244,485 | (5,244,485 | )(2) | - | ||||||||
Deferred
ticket costs
|
9,934,718 | (9,934,718 | )(2) | - | ||||||||
Prepaid
expenses
|
2,942,893 | (1,799,918 | )(2),(4) | 1,142,975 | ||||||||
Other
receivables
|
1,136,173 | (816,646 | )(2) | 319,527 | ||||||||
Other
current assets
|
9,911 | (9,911 | )(2) | - | ||||||||
Related
party receivable
|
242,182 | - | 242,182 | |||||||||
Restricted
cash
|
1,221,000 | (1,221,000 | )(2) | - | ||||||||
Total
current assets
|
29,294,320 | 401,247 | 29,695,567 | |||||||||
PROPERTY
AND EQUIPMENT, net
|
3,793,541 | (3,315,868 | )(2) | 477,673 | ||||||||
INVESTMENTS
IN AND ADVANCES TO UNCONSOLIDATED INVESTEES
|
826,889 | - | 826,889 | |||||||||
INTANGIBLE
ASSETS, net
|
206,070 | (173,244 | )(2) | 32,826 | ||||||||
GOODWILL
|
20,230,119 | (5,634,336 | )(2) | 14,595,783 | ||||||||
OTHER
ASSETS
|
21,082 | - | 21,082 | |||||||||
TOTAL
ASSETS
|
$ | 54,372,021 | $ | (8,722,201 | ) | $ | 45,649,820 | |||||
LIABILITIES
AND SHAREHOLDERS' EQUITY
|
||||||||||||
CURRENT
LIABILITIES:
|
||||||||||||
Accounts
payable
|
$ | 1,234,466 | $ | (442,512 | )(2) | $ | 791,954 | |||||
Accrued
expenses and other
|
3,154,284 | 3,051,835 | (2),(3) | 6,206,119 | ||||||||
Deferred
revenue
|
13,013,628 | (11,901,206 | )(2) | 1,112,422 | ||||||||
Gift
certificate liability
|
3,497,188 | (3,497,188 | )(2) | - | ||||||||
Customer
deposits
|
360,423 | (360,423 | )(2) | - | ||||||||
Current
portion of capital lease obligations
|
75,979 | (3,055 | )(2) | 72,924 | ||||||||
Current
portion of notes payable
|
6,380 | - | 6,380 | |||||||||
Total
current liabilities
|
21,342,348 | (13,152,549 | ) | 8,189,799 | ||||||||
DEFERRED
REVENUE
|
158,654 | - | 158,654 | |||||||||
CAPITAL
LEASE OBLIGATIONS, less current portion
|
18,630 | - | 18,630 | |||||||||
OTHER
DEFERRED LIABILITY
|
956,270 | (857,791 | )(2) | 98,479 | ||||||||
NOTES
PAYABLE, less current portion
|
- | - | - | |||||||||
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 September,
2010 and December 31, 2009,
respectively
|
311,791 | - | 311,791 | |||||||||
Additional
paid-in capital
|
309,695,522 | - | 309,695,522 | |||||||||
Accumulated
deficit
|
(278,124,706 | ) | 5,288,139 | (4),(9) | (272,836,567 | ) | ||||||
Total
Hollywood Media Corp shareholders' equity
|
31,882,607 | 5,288,139 | 37,170,746 | |||||||||
Non-controlling
interest
|
13,512 | - | 13,512 | |||||||||
31,896,119 | 5,288,139 | 37,184,258 | ||||||||||
TOTAL
LIABILITIES AND SHAREHOLDERS' EQUITY
|
$ | 54,372,021 | $ | (8,722,201 | ) | $ | 45,649,820 |
See
accompanying notes to unaudited pro forma condensed consolidated financial
statements.
HOLLYWOOD
MEDIA CORP. AND SUBSIDIARIES
PRO
FORMA CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
For
the nine months ended September 30, 2010
(Unaudited)
Historical
|
Sale
of
|
Pro
Forma
|
||||||||||
Hollywood
Media Corp.(7)
|
Broadway
Ticketing (8)
|
Hollywood
Media Corp.
|
||||||||||
NET
REVENUES
|
||||||||||||
Ticketing
|
$ | 79,317,020 | $ | (79,317,020 | ) | $ | - | |||||
Other
|
2,981,093 | - | 2,981,093 | |||||||||
82,298,113 | (79,317,020 | ) | 2,981,093 | |||||||||
OPERATING
COSTS AND EXPENSES
|
||||||||||||
Cost
of revenues - ticketing
|
64,578,465 | (64,578,465 | ) | - | ||||||||
Editorial,
production, development and technology
|
1,974,184 | - | 1,974,184 | |||||||||
Selling,
general and administrative
|
8,415,751 | (5,132,071 | ) | 3,283,680 | ||||||||
Payroll
and benefits
|
8,339,384 | (4,745,504 | ) | 3,593,880 | ||||||||
Depreciation
and amortization
|
1,111,322 | (671,742 | ) | 439,580 | ||||||||
Total
operating costs and expenses
|
84,419,106 | (75,127,782 | ) | 9,291,324 | ||||||||
Loss
from operations
|
(2,120,993 | ) | (4,189,238 | ) | (6,310,231 | ) | ||||||
EQUITY
IN EARNINGS OF UNCONSOLIDATED INVESTEES
|
636,839 | - | 636,839 | |||||||||
OTHER
INCOME
|
||||||||||||
Interest,
net
|
11,605 | (868 | ) | 10,737 | ||||||||
Other,
net
|
118,737 | 13,425 | 132,162 | |||||||||
Loss
from continuing operations
|
(1,353,812 | ) | (4,176,681 | ) | (5,530,493 | ) | ||||||
Income
from discontinued operations
|
506,902 | - | 506,902 | |||||||||
Net
loss
|
(846,910 | ) | (4,176,681 | ) | (5,023,591 | ) | ||||||
NET
LOSS ATTRIBUTABLE TO NON-CONTROLLING INTEREST
|
38,052 | - | 38,052 | |||||||||
Net
loss attributable to Hollywood Media Corp
|
$ | (808,858 | ) | $ | (4,176,681 | ) | $ | (4,985,539 | ) | |||
Basic
and diluted income (loss) per common share
|
||||||||||||
Continuing
operations
|
$ | (0.04 | ) | $ | (0.18 | ) | ||||||
Discontinued
operations
|
0.02 | 0.02 | ||||||||||
Total
basic and diluted net loss per share
|
$ | (0.02 | ) | $ | (0.16 | ) | ||||||
Weighted
average common and common equivalent shares
|
||||||||||||
outstanding
- basic
|
30,920,354 | 30,920,354 |
See
accompanying notes to unaudited pro forma condensed consolidated financial
statements.
HOLLYWOOD
MEDIA CORP. AND SUBSIDIARIES
PRO
FORMA CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
For
the nine months ended September 30, 2009
(Unaudited)
Historical
|
Sale
of
|
Pro
Forma
|
||||||||||
Hollywood
Media Corp.(7)
|
Broadway
Ticketing (8)
|
Hollywood
Media Corp.
|
||||||||||
NET
REVENUES
|
||||||||||||
Ticketing
|
$ | 69,979,418 | $ | (69,979,418 | ) | $ | - | |||||
Other
|
3,441,400 | - | 3,441,400 | |||||||||
73,420,818 | (69,979,418 | ) | 3,441,400 | |||||||||
OPERATING
COSTS AND EXPENSES
|
||||||||||||
Cost
of revenues - ticketing
|
57,768,570 | (57,768,570 | ) | - | ||||||||
Editorial,
production, development and technology
|
1,944,210 | - | 1,944,210 | |||||||||
Selling,
general and administrative
|
7,572,482 | (4,294,318 | ) | 3,278,164 | ||||||||
Payroll
and benefits
|
7,402,148 | (4,112,432 | ) | 3,289,716 | ||||||||
Depreciation
and amortization
|
1,184,187 | (617,505 | ) | 566,682 | ||||||||
Total
operating costs and expenses
|
75,871,597 | (66,792,825 | ) | 9,078,772 | ||||||||
Loss
from operations
|
(2,450,779 | ) | (3,186,593 | ) | (5,637,372 | ) | ||||||
EARNINGS
(LOSSES) OF UNCONSOLIDATED INVESTEES
|
||||||||||||
Equity
in earnings of unconsolidated investees
|
1,912,906 | - | 1,912,906 | |||||||||
Impairment
loss
|
(5,000,000 | ) | - | (5,000,000 | ) | |||||||
Total
equity in earnings (losses) of unconsolidated investees
|
(3,087,094 | ) | - | (3,087,094 | ) | |||||||
OTHER
INCOME
|
||||||||||||
Interest,
net
|
18,714 | (10,092 | ) | 8,622 | ||||||||
Other,
net
|
(156,069 | ) | 194,536 | 38,467 | ||||||||
Loss
from continuing operations
|
(5,675,228 | ) | (3,002,149 | ) | (8,677,377 | ) | ||||||
Income
from discontinued operations
|
472,487 | - | 472,487 | |||||||||
Net
loss
|
(5,202,741 | ) | (3,002,149 | ) | (8,204,890 | ) | ||||||
NET
INCOME ATTRIBUTABLE TO NON-CONTROLLING INTEREST
|
(32,821 | ) | - | (32,821 | ) | |||||||
Net
loss attributable to Hollywood Media Corp
|
$ | (5,235,562 | ) | $ | (3,002,149 | ) | $ | (8,237,711 | ) | |||
Basic
and diluted income (loss) per common share
|
||||||||||||
Continuing
operations
|
$ | (0.19 | ) | $ | (0.28 | ) | ||||||
Discontinued
operations
|
0.02 | 0.02 | ||||||||||
Total
basic and diluted net loss per share
|
$ | (0.17 | ) | $ | (0.26 | ) | ||||||
Weighted
average common and common equivalent shares
|
||||||||||||
outstanding
- basic and diluted
|
30,565,413 | 30,565,413 |
See
accompanying notes to unaudited pro forma condensed consolidated financial
statements.
HOLLYWOOD
MEDIA CORP. AND SUBSIDIARIES
PRO
FORMA CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
For
the year ended December 31, 2009
(Unaudited)
Historical
|
Sale
of
|
Pro
Forma
|
||||||||||
Hollywood
Media Corp.(6)
|
Broadway
Ticketing (8)
|
Hollywood
Media Corp.
|
||||||||||
NET
REVENUES
|
||||||||||||
Ticketing
|
$ | 98,860,362 | $ | (98,860,362 | ) | $ | - | |||||
Other
|
4,518,548 | - | 4,518,548 | |||||||||
103,378,910 | (98,860,362 | ) | 4,518,548 | |||||||||
OPERATING
COSTS AND EXPENSES
|
||||||||||||
Cost
of revenues - ticketing
|
81,014,536 | (81,014,536 | ) | - | ||||||||
Editorial,
production, development and technology
|
2,569,354 | - | 2,569,354 | |||||||||
Selling,
general and administrative
|
10,827,719 | (6,487,658 | ) | 4,340,061 | ||||||||
Payroll
and benefits
|
10,574,375 | (5,701,977 | ) | 4,872,398 | ||||||||
Depreciation
and amortization
|
1,590,598 | (846,603 | ) | 743,995 | ||||||||
Total
operating costs and expenses
|
106,576,582 | (94,050,774 | ) | 12,525,808 | ||||||||
Loss
from operations
|
(3,197,672 | ) | (4,809,588 | ) | (8,007,260 | ) | ||||||
|
||||||||||||
EARNINGS
(LOSSES) OF UNCONSOLIDATED INVESTEES
|
||||||||||||
Equity
in earnings of unconsolidated investees
|
2,006,498 | - | 2,006,498 | |||||||||
Impairment
loss
|
(5,000,000 | ) | - | (5,000,000 | ) | |||||||
Total
equity in losses of unconsolidated investees
|
(2,993,502 | ) | - | (2,993,502 | ) | |||||||
OTHER
INCOME (EXPENSE)
|
||||||||||||
Interest,
net
|
28,922 | (12,761 | ) | 16,161 | ||||||||
Other,
net
|
(75,146 | ) | 123,205 | 48,059 | ||||||||
Loss
from continuing operations
|
(6,237,398 | ) | (4,699,144 | ) | (10,936,542 | ) | ||||||
|
||||||||||||
Income
from discontinued operations
|
614,572 | - | 614,572 | |||||||||
Net
loss
|
(5,622,826 | ) | (4,699,144 | ) | (10,321,970 | ) | ||||||
NET
LOSS ATTRIBUTABLE TO NON-CONTROLLING INTEREST
|
2,409 | - | 2,409 | |||||||||
Net
loss attributable to Hollywood Media Corp
|
$ | (5,620,417 | ) | $ | (4,699,144 | ) | $ | (10,319,561 | ) | |||
Basic
and diluted income (loss) per common share
|
||||||||||||
Continuing
operations
|
$ | (0.20 | ) | $ | (0.36 | ) | ||||||
Discontinued
operations
|
0.02 | 0.02 | ||||||||||
Total
basic and diluted net loss per share
|
$ | (0.18 | ) | $ | (0.34 | ) | ||||||
Weighted
average common and common equivalent shares
|
||||||||||||
outstanding
- basic and diluted
|
30,584,902 | 30,584,902 |
See
accompanying notes to unaudited pro forma condensed consolidated financial
statements.
HOLLYWOOD
MEDIA CORP. AND SUBSIDIARIES
PRO
FORMA CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
For
the Year ended December 31, 2008
(Unaudited)
Historical
|
Sale
of
|
Pro
Forma
|
||||||||||
Hollywood
Media Corp.(6)
|
Broadway
Ticketing (8)
|
Hollywood
Media Corp.
|
||||||||||
NET
REVENUES
|
||||||||||||
Ticketing
|
$ | 110,918,969 | $ | (110,918,969 | ) | $ | - | |||||
Other
|
6,138,962 | - | 6,138,962 | |||||||||
117,057,931 | (110,918,969 | ) | 6,138,962 | |||||||||
OPERATING
COSTS AND EXPENSES
|
||||||||||||
Cost
of revenues - ticketing
|
92,882,066 | (92,882,066 | ) | - | ||||||||
Editorial,
production, development and technology
|
3,323,546 | - | 3,323,546 | |||||||||
Selling,
general and administrative
|
13,932,852 | (7,996,054 | ) | 5,936,798 | ||||||||
Payroll
and benefits
|
13,284,857 | (6,631,118 | ) | 6,653,739 | ||||||||
Impairment
Loss
|
3,524,697 | - | 3,524,697 | |||||||||
Depreciation
and amortization
|
2,224,831 | (876,049 | ) | 1,348,782 | ||||||||
Total
operating costs and expenses
|
129,172,849 | (108,385,287 | ) | 20,787,562 | ||||||||
Loss
from operations
|
(12,114,918 | ) | (2,533,682 | ) | (14,648,600 | ) | ||||||
EQUITY
IN EARNINGS OF UNCONSOLIDATED INVESTEES
|
1,160,623 | - | 1,160,623 | |||||||||
OTHER
INCOME (EXPENSE)
|
||||||||||||
Interest,
net
|
425,251 | (65,451 | ) | 359,800 | ||||||||
Other,
net
|
44,958 | (1,260 | ) | 43,698 | ||||||||
Loss
from continuing operations
|
(10,484,086 | ) | (2,600,393 | ) | (13,084,479 | ) | ||||||
Loss
on sale of discontinued operations, net of income taxes
|
(4,655,122 | ) | - | (4,655,122 | ) | |||||||
Loss
from discontinued operations
|
(1,635,750 | ) | - | (1,635,750 | ) | |||||||
Loss
from discontinued operations
|
(6,290,872 | ) | - | (6,290,872 | ) | |||||||
Net
loss
|
(16,774,958 | ) | (2,600,393 | ) | (19,375,351 | ) | ||||||
NET
INCOME ATTRIBUTABLE TO NON-CONTROLLING INTEREST
|
(81,365 | ) | - | (81,365 | ) | |||||||
Net
loss attributable to Hollywood Media Corp
|
$ | (16,856,323 | ) | $ | (2,600,393 | ) | $ | (19,456,716 | ) | |||
Basic
and diluted loss per common share
|
||||||||||||
Continuing
operations
|
$ | (0.33 | ) | $ | (0.41 | ) | ||||||
Discontinued
operations
|
(0.20 | ) | (0.20 | ) | ||||||||
Total
basic and diluted net loss per share
|
$ | (0.53 | ) | $ | (0.61 | ) | ||||||
Weighted
average common and common equivalent shares
|
||||||||||||
outstanding
- basic and diluted
|
31,793,853 | 31,793,853 |
See
accompanying notes to unaudited pro forma condensed consolidated financial
statements.
HOLLYWOOD
MEDIA CORP. AND SUBSIDIARIES
PRO
FORMA CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
For
the Year ended December 31, 2007
(Unaudited)
Historical
|
Sale
of
|
Pro
Forma
|
||||||||||
Hollywood
Media Corp.(6)
|
Broadway
Ticketing (8)
|
Hollywood
Media Corp.
|
||||||||||
NET
REVENUES
|
||||||||||||
Ticketing
|
$ | 111,792,068 | $ | (111,792,068 | ) | $ | - | |||||
Other
|
6,369,156 | - | 6,369,156 | |||||||||
118,161,224 | (111,792,068 | ) | 6,369,156 | |||||||||
OPERATING
COSTS AND EXPENSES
|
||||||||||||
Cost
of revenues - ticketing
|
94,017,924 | (94,017,924 | ) | - | ||||||||
Editorial,
production, development and technology
|
3,590,192 | - | 3,590,192 | |||||||||
Selling,
general and administrative
|
14,269,974 | (8,063,461 | ) | 6,206,513 | ||||||||
Payroll
and benefits
|
13,368,817 | (6,707,021 | ) | 6,661,796 | ||||||||
Depreciation
and amortization
|
1,378,492 | (351,310 | ) | 1,027,182 | ||||||||
Total
operating costs and expenses
|
126,625,399 | (109,139,716 | ) | 17,485,683 | ||||||||
Loss
from operations
|
(8,464,175 | ) | (2,652,352 | ) | (11,116,527 | ) | ||||||
EQUITY
IN EARNINGS OF UNCONSOLIDATED INVESTEES
|
4,747 | - | 4,747 | |||||||||
OTHER
INCOME (EXPENSE)
|
||||||||||||
Interest,
net
|
199,437 | (74,468 | ) | 124,969 | ||||||||
Other,
net
|
(50,935 | ) | 35,559 | (15,376 | ) | |||||||
Loss
from continuing operations
|
(8,310,926 | ) | (2,691,261 | ) | (11,002,187 | ) | ||||||
Gain
on sale of discontinued operations, net of income taxes
|
10,254,287 | - | 10,254,287 | |||||||||
Loss
from discontinued operations
|
(211,993 | ) | - | (211,993 | ) | |||||||
Income
from discontinued operations
|
10,042,294 | - | 10,042,294 | |||||||||
Net
income (loss)
|
1,731,368 | (2,691,261 | ) | (959,893 | ) | |||||||
NET
LOSS ATTRIBUTABLE TO NON-CONTROLLING INTEREST
|
3,241 | - | 3,241 | |||||||||
Net
income (loss) attributable to Hollywood Media Corp
|
$ | 1,734,609 | $ | (2,691,261 | ) | $ | (956,652 | ) | ||||
Basic
and diluted income (loss) per common share
|
||||||||||||
Continuing
operations
|
$ | (0.25 | ) | $ | (0.33 | ) | ||||||
Discontinued
operations
|
0.30 | 0.30 | ||||||||||
Total
basic and diluted net gain (loss) per share
|
$ | 0.05 | $ | (0.03 | ) | |||||||
Weighted
average common and common equivalent shares
|
||||||||||||
outstanding
- basic and diluted
|
33,303,886 | 33,303,886 |
See
accompanying notes to unaudited pro forma condensed consolidated financial
statements.
HOLLYWOOD
MEDIA CORP. AND SUBSIDIARIES
Notes
to the Pro Forma Condensed Consolidated Financial Statements
(Unaudited)
(1)
|
To
record the cash proceeds of
$20,000,000.
|
(2)
|
Represents
adjustments to eliminate assets and liabilities of the Broadway Ticketing
businesses.
|
(3)
|
The
amount includes an accrual for estimated transaction expenses, costs and
fees associated with the sale of
$4,749,260.
|
(4)
|
To
record the gain on sale of the stock of the Broadway Ticketing
business. The note receivable, earnout receivable and put/call
option were recorded at fair value.
|
The
reconciliation of net gain is as follows:
|
||||
Proceeds
received
|
$ | 20,000,000 | ||
Working
capital
|
3,624,033 | |||
Net
assets sold
|
(12,386,634 | ) | ||
Prepaid
transaction costs
|
(1,200,000 | ) | ||
Accrued
transaction expense
|
(4,749,260 | ) | ||
Net
gain
|
$ | 5,288,139 |
(5)
|
Represents
the Condensed Consolidated Balance Sheet included in the Company's
Quarterly Report on Form 10-Q for the period ended September 30,
2010.
|
(6)
|
Represents
the Condensed Consolidated Statements of Operations included in the
Company's Annual Report on Form 10-K for the years ended December 31,
2009, 2008 and 2007, as applicable.
|
(7)
|
Represents
the Condensed Consolidated Statements of Operations included in the
Company's Quarterly Report on Form 10-Q for the period ended September 30,
2010 and 2009, as applicable.
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(8)
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Represents
adjustments to eliminate the results of operations of the Broadway
Ticketing business that the Company believes are directly attributable to
the sale and are factually supportable and will not continue after
sale.
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(9)
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The
note receivable, earnout receivable and put/call option have been valued
at fair value and fully reserved for in the proforma financial statements.
The fair value is offset with a full reserve due to Key Brand's
Entertainment current non-compliance with their senior lending
facility.
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