Attached files
| file | filename |
|---|---|
| 8-K - HOLLYWOOD MEDIA CORP | v209896_8k.htm |
Exhibit
99.1
HOLLYWOOD
MEDIA CORP. AND SUBSIDIARIES
CONDENSED
CONSOLIDATED BALANCE SHEETS
|
December 31,
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December 31,
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|||||||
|
2010
|
2009
|
|||||||
|
(unaudited)
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||||||||
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ASSETS
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||||||||
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CURRENT
ASSETS:
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||||||||
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Cash
and cash equivalents
|
$ | 29,406,063 | $ | 8,365,224 | ||||
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Receivables,
net
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492,683 | 604,325 | ||||||
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Prepaid
expenses
|
1,034,795 | 1,807,649 | ||||||
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Other
receivables
|
359,438 | 344,859 | ||||||
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Related
party receivable
|
301,607 | 335,245 | ||||||
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Current
assets of discontinued operations
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- | 20,940,282 | ||||||
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Total
current assets
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31,594,586 | 32,397,584 | ||||||
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PROPERTY
AND EQUIPMENT, net
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399,320 | 773,682 | ||||||
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INVESTMENTS
IN AND ADVANCES TO UNCONSOLIDATED INVESTEES
|
924,338 | 230,097 | ||||||
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INTANGIBLE
ASSETS, net
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7,549 | 142,076 | ||||||
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GOODWILL
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14,595,783 | 14,595,783 | ||||||
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OTHER
ASSETS
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69,710 | 21,082 | ||||||
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LONG
TERM ASSETS OF DISCONTINUED OPERATIONS
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- | 9,445,875 | ||||||
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TOTAL
ASSETS
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$ | 47,591,286 | $ | 57,606,179 | ||||
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LIABILITIES
AND SHAREHOLDERS' EQUITY
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||||||||
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CURRENT
LIABILITIES:
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||||||||
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Accounts
payable
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$ | 936,381 | $ | 1,100,520 | ||||
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Accrued
expenses and other
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7,236,521 | 1,272,156 | ||||||
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Deferred
revenue
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980,786 | 1,176,636 | ||||||
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Current
portion of capital lease obligations
|
60,031 | 104,254 | ||||||
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Current
portion of notes payable
|
2,362 | 37,454 | ||||||
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Current
liabilities of discontinued operations
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- | 19,931,745 | ||||||
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Total
current liabilities
|
9,216,081 | 23,622,765 | ||||||
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DEFERRED
REVENUE
|
148,002 | 309,190 | ||||||
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CAPITAL
LEASE OBLIGATIONS, less current portion
|
38,217 | 73,909 | ||||||
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OTHER
DEFERRED LIABILITY
|
75,120 | 236,258 | ||||||
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NOTES
PAYABLE, less current portion
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- | 2,432 | ||||||
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LONG-TERM
LIABILITIES OF DISCONTINUED OPERATIONS
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- | 871,216 | ||||||
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COMMITMENTS
AND CONTINGENCIES
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||||||||
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SHAREHOLDERS'
EQUITY:
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||||||||
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Preferred
Stock, $.01 par value, 1,000,000 shares authorized; none
outstanding
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- | - | ||||||
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Common
stock, $.01 par value, 100,000,000 shares authorized;
31,179,066
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||||||||
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and
31,037,656 shares issued and outstanding at December 31, 2010
and
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||||||||
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December
31, 2009, respectively
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311,791 | 310,377 | ||||||
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Additional
paid-in capital
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309,898,584 | 309,480,331 | ||||||
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Accumulated
deficit
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(272,053,016 | ) | (277,315,848 | ) | ||||
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Total
Hollywood Media Corp shareholders' equity
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38,157,359 | 32,474,860 | ||||||
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Non-controlling
interest
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(43,493 | ) | 15,549 | |||||
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Total
shareholders' equity
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38,113,866 | 32,490,409 | ||||||
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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,
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|||||||||||||||
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2010
|
2009
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2010
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2009
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|||||||||||||
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(unaudited)
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(unaudited)
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|||||||||||||||
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NET
REVENUES
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$ | 3,995,177 | $ | 4,518,548 | $ | 1,014,084 | $ | 1,077,148 | ||||||||
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OPERATING
COSTS AND EXPENSES
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||||||||||||||||
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Editorial,
production, development and technology
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2,630,870 | 2,569,354 | 656,686 | 625,144 | ||||||||||||
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Selling,
general and administrative
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3,752,175 | 4,340,061 | 468,495 | 1,061,897 | ||||||||||||
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Payroll
and benefits
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4,797,414 | 4,872,398 | 1,203,534 | 1,582,682 | ||||||||||||
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Depreciation
and amortization
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541,326 | 743,995 | 101,746 | 177,313 | ||||||||||||
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Total
operating costs and expenses
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11,721,785 | 12,525,808 | 2,430,461 | 3,447,036 | ||||||||||||
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Loss
from operations
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(7,726,608 | ) | (8,007,260 | ) | (1,416,377 | ) | (2,369,888 | ) | ||||||||
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EARNINGS
(LOSSES) OF UNCONSOLIDATED INVESTEES
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||||||||||||||||
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Equity
in earnings of unconsolidated investees
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734,288 | 2,006,498 | 97,449 | 93,592 | ||||||||||||
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Impairment
loss
|
- | (5,000,000 | ) | - | - | |||||||||||
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Total
equity in earnings (losses) of unconsolidated investees
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734,288 | (2,993,502 | ) | 97,449 | 93,592 | |||||||||||
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OTHER
INCOME (EXPENSE)
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||||||||||||||||
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Interest,
net
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117,319 | 16,161 | 106,582 | 7,539 | ||||||||||||
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Other,
net
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84,991 | 48,059 | (47,171 | ) | 9,592 | |||||||||||
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Loss
from continuing operations
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(6,790,010 | ) | (10,936,542 | ) | (1,259,517 | ) | (2,259,165 | ) | ||||||||
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Gain
on sale of discontinued operations, net of income taxes
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6,088,936 | 614,572 | 5,582,034 | 142,085 | ||||||||||||
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Income
from discontinued operations
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5,917,849 | 4,699,144 | 1,741,168 | 1,696,995 | ||||||||||||
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Income
from discontinued operations
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12,006,785 | 5,313,716 | 7,323,202 | 1,839,080 | ||||||||||||
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Net
income (loss)
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5,216,775 | (5,622,826 | ) | 6,063,685 | (420,085 | ) | ||||||||||
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NET
LOSS ATTRIBUTABLE TO NON-CONTROLLING INTEREST
|
46,057 | 2,409 | 8,005 | 35,230 | ||||||||||||
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Net
income (loss) attributable to Hollywood Media Corp
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$ | 5,262,832 | $ | (5,620,417 | ) | $ | 6,071,690 | $ | (384,855 | ) | ||||||
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Basic
and diluted income (loss) per common share
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||||||||||||||||
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Continuing
operations
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$ | (0.22 | ) | $ | (0.36 | ) | $ | (0.04 | ) | $ | (0.07 | ) | ||||
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Discontinued
operations
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0.39 | 0.18 | 0.24 | 0.06 | ||||||||||||
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Total
basic and diluted net income (loss) per share
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$ | 0.17 | $ | (0.18 | ) | $ | 0.20 | $ | (0.01 | ) | ||||||
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Weighted
average common and common equivalent shares
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||||||||||||||||
|
outstanding
- basic and diluted
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30,937,619 | 30,584,902 | 30,988,851 | 30,642,730 | ||||||||||||