x
|
ANNUAL
REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF
1934
|
¨
|
TRANSITION
REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF
1934
|
Florida
|
65-0385686
|
|
(State
or other jurisdiction of
|
(I.R.S.
Employer
|
|
incorporation
or organization)
|
Identification
No.)
|
|
2255
Glades Road, Suite 221A
|
||
Boca
Raton, Florida
|
33431
|
|
(Address
of principal executive offices)
|
(Zip
Code)
|
(561)
998-8000
|
Title
of each class
|
Name
of each exchange on which registered
|
Common stock, par value $.01 per
share
|
NASDAQ Global
Market
|
Large accelerated filer
¨
|
Accelerated
filer ¨
|
Non-accelerated
filer x (Do
not check if a smaller reporting company)
|
Smaller
reporting company ¨
|
Page No.
|
||
CAUTIONARY
NOTE REGARDING FORWARD-LOOKING STATEMENTS
|
iii
|
|
PART
I
|
||
Item 1.
|
Business
|
1-6
|
Item 1A.
|
Risk
Factors
|
6-13
|
Item 1B.
|
Unresolved
Staff Comments
|
14
|
Item 2.
|
Properties
|
14
|
Item 3.
|
Legal
Proceedings
|
14
|
Item 4.
|
Submission
of Matters to a Vote of Shareholders
|
14-15
|
PART II
|
||
Item 5.
|
Market
for Common Equity, Related Stockholder Matters and Issuer Purchases of
Equity Securities
|
16-18
|
Item 6.
|
Selected
Financial Data
|
19-22
|
Item 7.
|
Management’s
Discussion and Analysis of Financial Condition and Results of
Operation
|
22-35
|
Item 7A.
|
Quantitative
and Qualitative Disclosures About Market Risk
|
35-36
|
Item 8.
|
Financial
Statements and Supplementary Data
|
37-75
|
Item 9.
|
Changes
in and Disagreements with Accountants on Accounting and Financial
Disclosure
|
76
|
Item 9A.
|
Controls
and Procedures
|
76-77
|
Item 9B.
|
Other
Information
|
77
|
PART III
|
||
Item 10.
|
Directors,
Executive Officers and Corporate Governance
|
78
|
Item 11.
|
Executive
Compensation
|
78
|
Item 12.
|
Security
Ownership of Certain Beneficial Owners and Management and Related
Stockholder Matters
|
78
|
Item 13.
|
Certain
Relationships and Related Transactions, and Director
Independence
|
78
|
Item 14.
|
Principal
Accounting Fees and Services
|
78
|
PART IV
|
||
Item 15.
|
Exhibits, Financial Statement
Schedules
|
79-82
|
|
·
|
our
continuing operating losses,
|
|
·
|
negative
cash flows and accumulated deficit,
|
|
·
|
the
need to manage our growth,
|
|
·
|
our
ability to develop and maintain strategic relationships, including but not
limited to relationships with live theater
venues,
|
|
·
|
our
ability to compete with other online ticketing services and other
competitors,
|
|
·
|
our
ability to maintain and obtain sufficient capital to finance our growth
and operations,
|
|
·
|
our
ability to realize anticipated revenues and cost
efficiencies,
|
|
·
|
technology
risks and risks of doing business over the
Internet,
|
|
·
|
government
regulation,
|
|
·
|
adverse
economic factors such as recession, war, terrorism, international
incidents or labor strikes and
disputes,
|
|
·
|
our
ability to achieve and maintain effective internal
controls,
|
|
·
|
dependence
on our founders, and our ability to recruit and retain key
personnel,
|
|
·
|
the
unpredictability of our stock
price,
|
|
·
|
the
occurrence of any event, change or other circumstance that could give rise
to the termination of the purchase agreement related to the sale of the
Broadway Ticketing Division,
|
|
·
|
the
inability to complete the sale of the Broadway Ticketing Division due to
the failure to satisfy the conditions to the completion of the sale of the
Broadway Ticketing Division, including the receipt of shareholder approval
and the absence of legal restraints from governmental
entities,
|
|
·
|
the
failure of the sale of the Broadway Ticketing Division to close for any
other reason, and
|
|
·
|
the
possible effect of the announcement of the sale of the Broadway Ticketing
Division on our customer and supplier relationships, operating results,
and business generally.
|
Item
1.
|
Business.
|
2009
|
2008
|
2007
|
||||||||||
Broadway
Ticketing
|
96 | % | 95 | % | 95 | % | ||||||
Ad
Sales
|
3 | % | 4 | % | 4 | % | ||||||
Intellectual
Properties
|
1 | % | 1 | % | 1 | % | ||||||
TOTALS
|
100 | % | 100 | % | 100 | % |
|
·
|
seasonal,
economic and other variations in the demand for Broadway tickets and
resulting variations in our revenue from Broadway ticket
sales;
|
|
·
|
our
ability to enter into or renew strategic relationships and agreements with
live theater venues and authors;
|
|
·
|
the
amount and timing of our marketing expenditures and other costs relating
to the expansion of our operations;
|
|
·
|
new
products, websites or services introduced by us or our competitors;
and
|
|
·
|
technical
difficulties, security concerns or system downtime affecting the Internet
generally or the operation of our websites in
particular.
|
|
·
|
websites,
telephone services and wireless services targeted to entertainment
enthusiasts, moviegoers, theatergoers and other eventgoers, which feature
directories of movies, shows, events, showtimes, theater and event
locations and related content, and also allow users to
purchase tickets;
|
|
·
|
traditional
ticketing organizations, companies, agents and
brokers;
|
|
·
|
the
box office at each of the venues that hold events for which we sell
tickets; and
|
|
·
|
ticket
resellers and other participants in the secondary ticketing
market.
|
Current
|
|||||||||||
Location
|
Square Feet
|
Monthly Rent
|
Expiration Date
|
||||||||
Corporate
Headquarters,
|
13,130 | $ | 26,129 |
November 30, 2012
|
|||||||
Boca
Raton, FL
|
|||||||||||
Theatre
Direct,
|
21,600 | $ | 62,029 |
February
28, 2017
|
|||||||
Broadway.com
and
|
|||||||||||
1-800-BROADWAY
|
|||||||||||
New
York, NY
|
|||||||||||
Tekno
Books
|
2,025 | $ | 1,446 |
Month
to Month
|
|||||||
Green
Bay, WI
|
463 | $ | 355 |
Month
to Month
|
|||||||
CinemasOnline
|
3,710 | $ | 4,409 |
Month
to Month
|
|||||||
Lancashire,
UK
|
Director Nominees
|
Votes For
|
Votes Withheld
|
||
Mitchell
Rubenstein
|
23,176,787
|
466,152
|
||
Laurie
S. Silvers
|
23,176,372
|
466,567
|
||
Harry
T. Hoffman
|
20,932,726
|
2,710,213
|
||
Robert
D. Epstein
|
21,376,302
|
2,266,637
|
||
Spencer
Waxman
|
23,176,787
|
466,152
|
||
Stephen
Gans
|
23,206,889
|
436,050
|
Votes
|
||
For
|
23,596,618
|
|
Against
|
22,371
|
|
Abstain
|
23,950
|
|
Broker
Non-Votes
|
-
|
Item
5.
|
Market for Common
Equity, Related Stockholder Matters and Issuer Purchases of Equity
Securities.
|
High
|
Low
|
|||||||
2008
|
||||||||
First
Quarter
|
$ | 3.07 | $ | 2.29 | ||||
Second
Quarter
|
$ | 2.70 | $ | 2.28 | ||||
Third
Quarter
|
$ | 2.81 | $ | 1.72 | ||||
Fourth
Quarter
|
$ | 2.34 | $ | 0.80 | ||||
2009
|
||||||||
First
Quarter
|
$ | 1.14 | $ | 0.56 | ||||
Second
Quarter
|
$ | 1.70 | $ | 0.75 | ||||
Third
Quarter
|
$ | 1.76 | $ | 1.38 | ||||
Fourth
Quarter
|
$ | 1.75 | $ | 1.03 |
Maximum
|
||||||||||||||||
Total Number of
|
Approximate
|
|||||||||||||||
Shares Purchased
|
Dollar Value of Shares
|
|||||||||||||||
as Part of Publicly
|
that May Yet Be
|
|||||||||||||||
Total Number of
|
Average Price
|
Announced Plans
|
Purchased Under the
|
|||||||||||||
Period
|
Shares Purchased
|
Paid Per Share
|
or Programs
|
Plans or Programs
|
||||||||||||
October
1, 2009 through October 31, 2009
|
- | $ | - | - | $ | - | ||||||||||
November
1, 2009 through November 30, 2009
|
- | - | - | - | ||||||||||||
December
1, 2009 through December 31, 2009
|
- | - | - | - | ||||||||||||
Total
|
- | $ | - | - | $ | 2,697,843 |
(1)
|
(1)
|
As
of December 31, 2009, calculated by subtracting (i) the total price paid
for all shares purchased under the repurchase program through December 31,
2009 ($7,302,157), from (ii) the $10 million potential maximum dollar
value of repurchases approved under the life of the
plan.
|
YEARS ENDED DECEMBER 31,
|
||||||||||||||||||||
2009
|
2008
|
2007
|
2006
|
2005
|
||||||||||||||||
STATEMENT
OF OPERATIONS DATA:
|
||||||||||||||||||||
Net
revenues
|
||||||||||||||||||||
Ticketing
|
$ | 98,860,362 | $ | 110,918,969 | $ | 111,792,068 | $ | 98,661,705 | $ | 79,189,987 | ||||||||||
Other
|
4,518,548 | 6,138,962 | 6,369,156 | 5,862,715 | 2,025,776 | |||||||||||||||
Total
net revenues
|
103,378,910 | 117,057,931 | 118,161,224 | 104,524,420 | 81,215,763 | |||||||||||||||
Operating
Costs and Expenses
|
||||||||||||||||||||
Cost
of revenues – ticketing
|
81,014,536 | 92,882,066 | 94,017,924 | 82,496,590 | 68,179,732 | |||||||||||||||
Editorial,
production, development and technology
|
2,569,354 | 3,323,546 | 3,590,192 | 3,165,383 | 1,022,850 | |||||||||||||||
Selling,
general and administrative
|
10,827,719 | 13,932,852 | 14,269,974 | 13,354,795 | 9,472,084 | |||||||||||||||
Payroll
& benefits
|
10,574,375 | 13,284,857 | 13,368,817 | 12,100,816 | 11,425,999 | |||||||||||||||
Impairment
loss
|
- | 3,524,697 | - | - | - | |||||||||||||||
Depreciation
and amortization
|
1,590,598 | 2,224,831 | 1,378,492 | 1,293,797 | 891,540 | |||||||||||||||
Total
operating costs and expenses
|
106,576,582 | 129,172,849 | 126,625,399 | 112,411,381 | 90,992,205 | |||||||||||||||
Loss
from operations
|
(3,197,672 | ) | (12,114,918 | ) | (8,464,175 | ) | (7,886,961 | ) | (9,776,442 | ) | ||||||||||
EARNINGS
(LOSSES) OF UNCONSOLIDATED INVESTEES
|
||||||||||||||||||||
Equity
in earnings of unconsolidated investees
|
2,006,498 | 1,160,623 | 4,747 | 12,227 | 533,228 | |||||||||||||||
Impairment
loss
|
(5,000,000 | ) | - | - | - | - | ||||||||||||||
Total
equity in earnings (losses) of unconsolidated
investees
|
(2,993,502 | ) | 1,160,623 | 4,747 | 12,227 | 533,228 | ||||||||||||||
OTHER
INCOME (EXPENSE)
|
||||||||||||||||||||
Interest,
net
|
28,922 | 425,251 | 199,437 | (1,787,735 | ) | (542,935 | ) | |||||||||||||
Change
in derivative liability
|
- | - | - | 640,536 | 87,037 | |||||||||||||||
Other,
net
|
(75,146 | ) | 44,958 | (50,935 | ) | 9,430 | 40,803 | |||||||||||||
Loss
from continuing operations
|
(6,237,398 | ) | (10,484,086 | ) | (8,310,926 | ) | (9,012,503 | ) | (9,658,309 | ) | ||||||||||
Gain
(loss) on sale of discontinued operations, net of income
taxes
|
614,572 | (4,655,122 | ) | 10,254,287 | 16,328,241 | - | ||||||||||||||
Income
(loss) from discontinued operations
|
- | (1,635,750 | ) | (211,993 | ) | 2,201,865 | 913,234 | |||||||||||||
Income
(loss) from discontinued operations
|
614,572 | (6,290,872 | ) | 10,042,294 | 18,530,106 | 913,234 | ||||||||||||||
Net
income (loss)
|
(5,622,826 | ) | (16,774,958 | ) | 1,731,368 | 9,517,603 | (8,745,075 | ) | ||||||||||||
NET
INCOME (LOSS) ATTRIBUTABLE TO NON-CONTROLLING INTEREST
|
2,409 | (81,365 | ) | 3,241 | 4,910 | (168,107 | ) | |||||||||||||
Net
income (loss) attributable to Hollywood Media Corp.
|
$ | (5,620,417 | ) | $ | ( 16,856,323 | ) | $ | 1,734,609 | $ | 9,522,513 | $ | (8,913,182 | ) | |||||||
Basic
and diluted income (loss) per common share
|
||||||||||||||||||||
Continuing
operations
|
$ | (0.20 | ) | $ | (0.33 | ) | $ | (0.25 | ) | $ | (0.28 | ) | $ | (0.31 | ) | |||||
Discontinued
operations
|
0.02 | (0.20 | ) | 0.30 | 0.57 | 0.03 | ||||||||||||||
Total
basic and diluted net income (loss) per share
|
$ | (0.18 | ) | $ | (0.53 | ) | $ | 0.05 | $ | 0.29 | $ | (0.28 | ) | |||||||
Weighted
average common and common equivalent shares outstanding – basic and
diluted
|
30,584,902 | 31,793,853 | 33,303,886 | 32,761,848 | 31,470,307 |
AS OF DECEMBER 31,
|
||||||||||||||||||||
2009
|
2008
|
2007
|
2006
|
2005
|
||||||||||||||||
CONSOLIDATED
BALANCE SHEET DATA:
|
||||||||||||||||||||
Cash
and cash equivalents
|
$ | 11,764,810 | $ | 12,685,946 | $ | 26,758,550 | $ | 27,448,649 | $ | 6,926,313 | ||||||||||
Working
capital (deficit)
|
8,774,819 | 8,876,128 | 20,128,557 | 16,380,362 | (3,396,040 | ) | ||||||||||||||
Total
assets
|
57,606,179 | 66,938,861 | 93,978,836 | 100,009,604 | 83,302,950 | |||||||||||||||
Capital
lease obligations, including current portion
|
198,891 | 407,480 | 397,780 | 77,588 | 106,993 | |||||||||||||||
Convertible
debentures - net
|
- | - | - | - | 940,927 | |||||||||||||||
Senior
Unsecured Notes
|
- | - | - | 6,375,399 | 5,402,255 | |||||||||||||||
Total
shareholders’ equity
|
$ | 32,490,409 | $ | 37,758,880 | $ | 55,567,474 | $ | 55,761,457 | $ | 42,487,230 |
|
·
|
Broadway Ticketing –
sells tickets and related hotel and restaurant packages via Broadway.com,
1-800-BROADWAY and TDI to live theater events on Broadway, Off-Broadway
and London’s West End, to individual consumers, groups and domestic and
international travel professionals, including travel agencies, tour
operators, and educational institutions. Sales for events
in London’s West End are fulfilled through a partnership arrangement
between Theatre.com and an unrelated London-based ticket
agency. This segment also generates revenue from the sale of
sponsorships and advertisements on
Broadway.com.
|
|
·
|
Ad Sales – includes
CinemasOnline, which sells advertising on plasma TV displays throughout
the U.K. and Ireland, on lobby display posters, movie brochure booklets
and ticket wallets distributed in cinemas, live theater and other
entertainment venues in the U.K. and on cinema and theater websites in the
U.K. and Ireland. This segment also includes Hollywood Media’s
investment in MovieTickets.com.
|
|
·
|
Intellectual Properties
– owns or controls the exclusive rights to certain intellectual
properties created by best-selling authors and media celebrities, which it
licenses for book and other media. This segment includes a 51%
interest in Tekno Books, and a book development business, and this segment
does not include our 50% interest in NetCo
Partners.
|
|
·
|
Other – is comprised of
payroll and benefits for corporate and administrative personnel as well as
other corporate-wide expenses, such as legal fees, audit fees, proxy
costs, insurance, centralized information technology, and includes
consulting and other fees and costs relating to compliance with the
provisions of the Sarbanes-Oxley Act of 2002 that require Hollywood Media
to assess and report on internal control over financial reporting, and
related development of controls.
|
2009
|
2008
|
2007
|
||||||||||
(in millions)
|
(in millions)
|
(in millions)
|
||||||||||
Operating
revenue
|
$ | - | $ | 3.9 | $ | 10.0 | ||||||
Gain
(loss) on sale of discontinued operations net of income taxes of $0.6
million for fiscal 2007
|
0.6 | (4.7 | ) | 10.2 | ||||||||
Income
(loss) from discontinued operations
|
- | (1.6 | ) | (0.2 | ) | |||||||
Income
(loss) from discontinued operations
|
$ | 0.6 | $ | (6.3 | ) | $ | 10.0 |
Net Revenues Analysis
|
Net Revenues
|
2008 to
|
2008 to
|
|||||||||||||
(in millions)
|
2009
|
2009
|
||||||||||||||
2009
|
2008
|
Change ($)
|
Change (%)
|
|||||||||||||
Broadway
Ticketing
|
$ | 98.9 | $ | 110.9 | $ | (12.0 | ) | (11 | ) | |||||||
Ad
Sales
|
3.4 | 4.8 | ( 1.4 | ) | (29 | ) | ||||||||||
Intellectual
Properties
|
1.1 | 1.4 | (0.3 | ) | (21 | ) | ||||||||||
Other
|
- | - | - | - | ||||||||||||
TOTALS
|
$ | 103.4 | $ | 117.1 | $ | (13.7 | ) | (12 | ) |
Net Revenues
|
2007 to
|
2007 to
|
||||||||||||||
2008
|
2008
|
|||||||||||||||
2008
|
2007
|
Change ($)
|
Change (%)
|
|||||||||||||
Broadway
Ticketing
|
$ | 110.9 | $ | 111.8 | $ | (0.9 | ) | (1 | ) | |||||||
Ad
Sales
|
4.8 | 5.3 | (0.5 | ) | (9 | ) | ||||||||||
Intellectual
Properties
|
1.4 | 1.1 | 0.3 | 27 | ||||||||||||
Other
|
- | - | - | - | ||||||||||||
TOTALS
|
$ | 117.1 | $ | 118.2 | $ | (1.1 | ) | ( 1 | ) |
Operating Expense Analysis
|
Operating Expenses
|
2008 to
|
2008 to
|
|||||||||||||
(in millions)
|
2009
|
2009
|
||||||||||||||
2009
|
2008
|
Change ($)
|
Change (%)
|
|||||||||||||
Broadway
Ticketing
|
$ | 94.1 | $ | 108.4 | $ | (14.3 | ) | (13 | ) | |||||||
Ad
Sales
|
3.7 | 8.8 | (5.1 | ) | (58 | ) | ||||||||||
Intellectual
Properties
|
1.1 | 1.4 | (0.3 | ) | (21 | ) | ||||||||||
Other
|
7.6 | 10.6 | (3.0 | ) | (28 | ) | ||||||||||
TOTALS
|
$ | 106.5 | $ | 129.2 | $ | (22.7 | ) | (18 | ) |
Operating Expenses
|
2007 to
|
2007 to
|
||||||||||||||
2008
|
2008
|
|||||||||||||||
2008
|
2007
|
Change ($)
|
Change (%)
|
|||||||||||||
Broadway
Ticketing
|
$ | 108.4 | $ | 109.1 | $ | (0.7 | ) | (1 | ) | |||||||
Ad
Sales
|
8.8 | 5.9 | 2.9 | 49 | ||||||||||||
Intellectual
Properties
|
1.4 | 1.1 | 0.3 | 27 | ||||||||||||
Other
|
10.6 | 10.5 | 0.1 | 1 | ||||||||||||
TOTALS
|
$ | 129.2 | $ | 126.6 | $ | 2.6 | 2 |
2008 to 2009
|
2007 to 2008
|
|||||||||||||||
2008 to 2009
Revenues (%)
|
Operating
Expenses (%)
|
2007 to 2008
Revenues (%)
|
Operating
Expenses (%)
|
|||||||||||||
Increase
(decrease) in -
|
||||||||||||||||
Broadway
Ticketing
|
(11 | ) | (13 | ) | (1 | ) | (1 | ) | ||||||||
Ad
Sales
|
(29 | ) | (58 | ) | (9 | ) | 49 | |||||||||
Intellectual
Properties
|
(21 | ) | (21 | ) | 27 | 27 | ||||||||||
Other
|
- | (28 | ) | - | 1 | |||||||||||
TOTALS
|
(12 | ) | (18 | ) | (1 | ) | 2 |
·
|
the
United States and global economic downturn, which can adversely affect
business and personal discretionary spending for entertainment-related
items such as theater tickets, and has resulted in a reduction in tickets
sold and in net revenue;
|
·
|
increases
in Broadway ticket prices, which can positively affect Hollywood Media’s
revenues as the ticket service fees Hollywood Media earns are based on a
percentage of ticket prices, but which can also result in a lower of
volume of tickets being sold and could adversely affect Hollywood Media’s
revenues and, accordingly, its earnings and cash flow;
and
|
·
|
New
York State’s repeal of caps on ticket service fees, which has given
Hollywood Media greater flexibility to charge increased service fees on
tickets for high demand shows, such as Wicked and Jersey
Boys.
|
For the years ended December 31,
|
||||||||||||
2009
|
2008
|
2007
|
||||||||||
(in millions)
|
(in millions)
|
(in millions)
|
||||||||||
NetCo
Partners (a)
|
$ | - | $ | (0.1 | ) | $ | - | |||||
MovieTickets.com
(b)
|
(3.0 | ) | 1.3 | - | ||||||||
$ | (3.0 | ) | $ | 1.2 | $ | - |
|
(a)
NetCo Partners
|
|
(b)
MovieTickets.com
|
Payments Due by Period
|
||||||||||||||||||||
Less than
|
Years
|
Years
|
After
|
|||||||||||||||||
Contractual Obligations
|
Total
|
1 Year
|
1-3
|
4-5
|
5 Years
|
|||||||||||||||
(in
millions)
|
||||||||||||||||||||
Capital
lease obligations (1)
|
$ | 0.2 | $ | 0.1 | $ | 0.1 | $ | - | $ | - | ||||||||||
Operating
lease obligations (2)
|
7.1 | 1.1 | 3.1 | 1.8 | 1.1 | |||||||||||||||
Total
contractual obligations
|
$ | 7.3 | $ | 1.2 | $ | 3.2 | $ | 1.8 | $ | 1.1 |
(1)
|
Capital
lease obligations are future lease payments under capital leases inclusive
of interest.
|
(2)
|
Operating
lease obligations include leases pertaining to various leased offices and
facilities and those classified as operating leases for financial
statement purposes. Certain leases provide for payment of real
estate taxes, common area maintenance, insurance, and certain other
expenses. Lease terms expire at various dates through the year
2017. Also, certain equipment used in Hollywood Media’s
operations is leased under operating
leases.
|
Page
|
|
Report
of Independent Registered Public Accounting Firm
|
38
|
Consolidated
Balance Sheets as of December 31, 2009 and December 31,
2008
|
39
|
Consolidated
Statements of Operations for the Years Ended December 31, 2009, 2008 and
2007
|
40
|
Consolidated
Statements of Shareholders’ Equity for the Years Ended December 31, 2009,
2008 and 2007
|
41
|
Consolidated
Statements of Cash Flows for the Years Ended December 31, 2009, 2008 and
2007
|
42
|
Notes
to Consolidated Financial Statements
|
43-75
|
December 31,
|
December 31,
|
|||||||
2009
|
2008
|
|||||||
ASSETS
|
||||||||
CURRENT
ASSETS
|
||||||||
Cash
and cash equivalents
|
$ | 11,764,810 | $ | 12,685,946 | ||||
Receivables,
net
|
897,503 | 1,433,797 | ||||||
Inventories
held for sale
|
3,735,691 | 4,491,841 | ||||||
Deferred
ticket costs
|
10,985,160 | 12,085,237 | ||||||
Prepaid
expenses
|
1,896,237 | 1,418,563 | ||||||
Other
receivables
|
1,125,263 | 1,287,752 | ||||||
Other
current assets
|
436,675 | 99,945 | ||||||
Related
party receivable
|
335,245 | 143,464 | ||||||
Restricted
cash
|
1,221,000 | 2,600,000 | ||||||
Total
current assets
|
32,397,584 | 36,246,545 | ||||||
PROPERTY
AND EQUIPMENT, net
|
4,369,085 | 4,649,202 | ||||||
INVESTMENTS
IN AND ADVANCES TO UNCONSOLIDATED INVESTEES
|
230,097 | 132,800 | ||||||
INTANGIBLE
ASSETS, net
|
390,818 | 682,896 | ||||||
GOODWILL
|
20,197,513 | 25,154,292 | ||||||
OTHER
ASSETS
|
21,082 | 73,126 | ||||||
TOTAL
ASSETS
|
$ | 57,606,179 | $ | 66,938,861 | ||||
LIABILITIES
AND SHAREHOLDERS’ EQUITY
|
||||||||
CURRENT
LIABILITIES
|
||||||||
Accounts
payable
|
$ | 1,632,351 | $ | 1,329,949 | ||||
Accrued
expenses and other
|
3,074,549 | 3,708,652 | ||||||
Deferred
revenue
|
14,012,178 | 15,196,455 | ||||||
Gift
certificate liability
|
3,794,899 | 3,434,359 | ||||||
Customer
deposits
|
948,273 | 831,838 | ||||||
Current
portion of capital lease obligations
|
123,061 | 203,579 | ||||||
Current
portion of notes payable
|
37,454 | 43,147 | ||||||
Related
party payable
|
- | 2,622,438 | ||||||
Total
current liabilities
|
23,622,765 | 27,370,417 | ||||||
DEFERRED
REVENUE
|
309,190 | 401,309 | ||||||
CAPITAL
LEASE OBLIGATIONS, less current portion
|
75,830 | 203,901 | ||||||
OTHER
DEFERRED LIABILITY
|
1,105,553 | 1,168,096 | ||||||
NOTES
PAYABLE, less current portion
|
2,432 | 36,258 | ||||||
COMMITMENTS
AND CONTINGENCES
|
||||||||
SHAREHOLDERS’
EQUITY
|
||||||||
Preferred
stock, $.01 par value, 1,000,000 shares authorized; none
outstanding
|
- | - | ||||||
Common
stock, $.01 par value, 100,000,000 shares authorized; 31,037,656 and
30,883,913 shares issued and outstanding at December 31, 2009 and December
31, 2008, respectively
|
310,377 | 308,839 | ||||||
Additional
paid-in capital
|
309,480,331 | 309,100,760 | ||||||
Accumulated
deficit
|
(277,315,848 | ) | (271,695,431 | ) | ||||
Total
Hollywood Media Corp. shareholders’ equity
|
32,474,860 | 37,714,168 | ||||||
Non-controlling
interest
|
15,549 | 44,712 | ||||||
Total
shareholders’ equity
|
32,490,409 | 37,758,880 | ||||||
TOTAL
LIABILITIES AND SHAREHOLDERS’ EQUITY
|
$ | 57,606,179 | $ | 66,938,861 |
YEAR ENDED DECEMBER 31,
|
||||||||||||
2009
|
2008
|
2007
|
||||||||||
NET
REVENUES
|
||||||||||||
Ticketing
|
$ | 98,860,362 | $ | 110,918,969 | $ | 111,792,068 | ||||||
Other
|
4,518,548 | 6,138,962 | 6,369,156 | |||||||||
103,378,910 | 117,057,931 | 118,161,224 | ||||||||||
OPERATING
COSTS AND EXPENSES
|
||||||||||||
Cost
of revenues - ticketing
|
81,014,536 | 92,882,066 | 94,017,924 | |||||||||
Editorial,
production, development and technology
|
2,569,354 | 3,323,546 | 3,590,192 | |||||||||
Selling,
general and administrative
|
10,827,719 | 13,932,852 | 14,269,974 | |||||||||
Payroll
and benefits
|
10,574,375 | 13,284,857 | 13,368,817 | |||||||||
Impairment
loss
|
- | 3,524,697 | - | |||||||||
Depreciation
and amortization
|
1,590,598 | 2,224,831 | 1,378,492 | |||||||||
Total
operating costs and expenses
|
106,576,582 | 129,172,849 | 126,625,399 | |||||||||
Loss
from operations
|
(3,197,672 | ) | (12,114,918 | ) | (8,464,175 | ) | ||||||
EARNINGS
(LOSSES) OF UNCONSOLIDATED INVESTEES
|
||||||||||||
Equity
in earnings of unconsolidated investees
|
2,006,498 | 1,160,623 | 4,747 | |||||||||
Impairment
loss
|
(5,000,000 | ) | - | - | ||||||||
Total
equity in earnings (losses) of unconsolidated investees
|
(2,993,502 | ) | 1,160,623 | 4,747 | ||||||||
OTHER
INCOME (EXPENSE):
|
||||||||||||
Interest,
net
|
28,922 | 425,251 | 199,437 | |||||||||
Other,
net
|
(75,146 | ) | 44,958 | (50,935 | ) | |||||||
Loss
from continuing operations
|
(6,237,398 | ) | (10,484,086 | ) | (8,310,926 | ) | ||||||
Gain
(loss) on sale of discontinued operations, net of income
taxes
|
614,572 | (4,655,122 | ) | 10,254,287 | ||||||||
Loss
from discontinued operations
|
- | (1,635,750 | ) | (211,993 | ) | |||||||
Income
(loss) from discontinued operations
|
614,572 | (6,290,872 | ) | 10,042,294 | ||||||||
Net
income (loss)
|
(5,622,826 | ) | (16,774,958 | ) | 1,731,368 | |||||||
NET
(INCOME) LOSS ATTRIBUTABLE TO NON-CONTROLLING INTEREST
|
2,409 | (81,365 | ) | 3,241 | ||||||||
Net
income (loss) attributable to Hollywood Media Corp.
|
$ | (5,620,417 | ) | $ | (16,856,323 | ) | $ | 1,734,609 | ||||
Basic
and diluted income (loss) per common share
|
||||||||||||
Continuing
operations
|
$ | (0.20 | ) | $ | (0.33 | ) | $ | (0.25 | ) | |||
Discontinued
operations
|
0.02 | (0.20 | ) | 0.30 | ||||||||
Total
basic and diluted net income (loss) per share
|
$ | (0.18 | ) | $ | (0.53 | ) | $ | 0.05 | ||||
Weighted
average common and common equivalent shares outstanding – basic and
diluted
|
30,584,902 | 31,793,853 | 33,303,886 |
Common Stock
|
Additional
|
Accumulated
|
||||||||||||||||||
Shares
|
Amount
|
Paid-in Capital
|
Deficit
|
Total
|
||||||||||||||||
Balance
– December 31, 2006
|
33,476,530 | $ | 334,765 | $ | 311,210,796 | $ | (255,846,144 | ) | $ | 55,699,417 | ||||||||||
Effect
of adoption of FSP EITF 00-19-2
|
- | - | 2,151,037 | (727,573 | ) | 1,423,464 | ||||||||||||||
Repurchase
of company stock
|
(2,003,660 | ) | (20,037 | ) | (5,084,167 | ) | - | (5,104,204 | ) | |||||||||||
Issuance
of stock – stock option exercises
|
69,375 | 694 | 203,130 | - | 203,824 | |||||||||||||||
Issuance
of stock to employees
|
145,308 | 1,453 | 570,806 | - | 572,259 | |||||||||||||||
Issuance
of stock – warrant exercise
|
149,181 | 1,492 | (1,492 | ) | - | - | ||||||||||||||
Issuance
of stock – 401(k) employer match
|
59,257 | 593 | 248,283 | - | 248,876 | |||||||||||||||
Amortization
of deferred compensation
|
- | - | 650,000 | - | 650,000 | |||||||||||||||
Issuance
of stock for acquisitions of intangible
assets
|
1,992 | 20 | 7,980 | - | 8,000 | |||||||||||||||
Compensation
expense on employee stock options
|
- | - | 164,158 | - | 164,158 | |||||||||||||||
Net
income
|
- | - | - | 1,734,609 | 1,734,609 | |||||||||||||||
Balance
– December 31, 2007
|
31,897,983 | 318,980 | 310,120,531 | (254,839,108 | ) | 55,600,403 | ||||||||||||||
Repurchase
of company stock
|
(1,711,639 | ) | (17,117 | ) | (2,107,882 | ) | - | (2,124,999 | ) | |||||||||||
Issuance
of stock – stock option exercises
|
101,000 | 1,010 | 121,890 | - | 122,900 | |||||||||||||||
Issuance
of stock to officers
|
100,000 | 1,000 | 101,000 | - | 102,000 | |||||||||||||||
Issuance
of warrants for services rendered
|
- | - | 4,429 | - | 4,429 | |||||||||||||||
Issuance
of stock – 401(k) employer match
|
96,569 | 966 | 279,084 | - | 280,050 | |||||||||||||||
Amortization
of deferred compensation
|
- | - | 487,500 | - | 487,500 | |||||||||||||||
Issuance
of restricted stock - officers
|
400,000 | 4,000 | (3,069 | ) | - | 931 | ||||||||||||||
Compensation
expense on employee stock options
|
- | - | 97,277 | - | 97,277 | |||||||||||||||
Net
loss
|
- | - | - | (16,856,323 | ) | (16,856,323 | ) | |||||||||||||
Balance
– December 31, 2008
|
30,883,913 | 308,839 | 309,100,760 | (271,695,431 | ) | 37,714,168 | ||||||||||||||
Repurchase
of company stock
|
(71,600 | ) | (716 | ) | (72,238 | ) | - | (72,954 | ) | |||||||||||
Issuance
of stock – 401(k) employer match
|
225,343 | 2,254 | 223,089 | - | 225,343 | |||||||||||||||
Stock
compensation expense - officers
|
- | - | 204,885 | - | 204,885 | |||||||||||||||
Stock
compensation expense - employees
|
- | - | 23,835 | - | 23,835 | |||||||||||||||
Net
loss
|
- | - | - | (5,620,417 | ) | (5,620,417 | ) | |||||||||||||
Balance
– December 31, 2009
|
31,037,656 | $ | 310,377 | $ | 309,480,331 | $ | (277,315,848 | ) | $ | 32,474,860 |
YEAR ENDED DECEMBER 31,
|
||||||||||||
2009
|
2008
|
2007
|
||||||||||
CASH
FLOWS FROM OPERATING ACTIVITIES:
|
||||||||||||
Net
income (loss)
|
$ | (5,622,826 | ) | $ | (16,774,958 | ) | $ | 1,731,368 | ||||
Adjustments
to reconcile net income (loss) to net cash provided by (used in) operating
activities:
|
||||||||||||
(Income)
loss from discontinued operations
|
(614,572 | ) | 6,290,872 | (10,042,294 | ) | |||||||
Depreciation
and amortization
|
1,590,598 | 2,224,831 | 1,378,492 | |||||||||
Amortization
of discount on senior unsecured notes
|
- | - | 624,601 | |||||||||
401(k)
stock match
|
141,664 | 165,819 | 198,753 | |||||||||
Warrants
issued for consulting services
|
- | 4,429 | - | |||||||||
Equity
in earnings of unconsolidated investees, net of return of invested
capital
|
(97,297 | ) | 154,185 | (4,271 | ) | |||||||
Stock
compensation expense
|
23,835 | 97,277 | 164,158 | |||||||||
Loss
(gain) on retirement of property
|
160,608 | (21,340 | ) | - | ||||||||
Stock
compensation expense - officers
|
204,885 | 102,931 | - | |||||||||
Amortization
of deferred compensation costs
|
- | 487,500 | 650,000 | |||||||||
Provision
for bad debts
|
387,362 | 319,273 | 627,197 | |||||||||
Distributions
to minority owners
|
(26,754 | ) | (3,724 | ) | (91,728 | ) | ||||||
Impairment
loss
|
5,000,000 | 3,524,697 | - | |||||||||
Changes
in assets and liabilities:
|
||||||||||||
Receivables
|
148,932 | 280,632 | (378,620 | ) | ||||||||
Inventories
held for sale
|
756,150 | (541,263 | ) | (576,451 | ) | |||||||
Deferred
ticket costs
|
1,100,077 | 4,396,624 | (1,208,537 | ) | ||||||||
Prepaid
expenses
|
(477,674 | ) | 778,953 | (111,753 | ) | |||||||
Other
receivables
|
162,489 | 2,559,682 | (933,160 | ) | ||||||||
Related
party receivable
|
12,640 | ( 88,992 | ) | 5,193 | ||||||||
Other
current assets
|
(336,730 | ) | 529,353 | (543,764 | ) | |||||||
Other
assets
|
52,044 | (18,133 | ) | 55,685 | ||||||||
Accounts
payable
|
239,633 | (2,053,364 | ) | 697,626 | ||||||||
Accrued
expenses and other
|
(644,141 | ) | (303,440 | ) | (2,655,186 | ) | ||||||
Deferred
revenue
|
(915,856 | ) | (5,747,493 | ) | 489,412 | |||||||
Customer
deposits
|
116,435 | (1,096,519 | ) | 152,644 | ||||||||
Other
deferred liability
|
(62,543 | ) | 272,014 | 613,118 | ||||||||
Restricted
cash
|
(1,221,000 | ) | - | - | ||||||||
Net
cash provided by (used in) operating activities – continuing
operations
|
77,959 | (4,460,154 | ) | (9,157,517 | ) | |||||||
Net
cash provided by (used in) operating activities - discontinued
operations
|
- | (2,717,075 | ) | 1,510,881 | ||||||||
Net
cash provided by (used in) operating activities
|
77,959 | (7,177,229 | ) | (7,646,636 | ) | |||||||
CASH
FLOWS FROM INVESTING ACTIVITIES:
|
||||||||||||
Capital
expenditures
|
(1,190,141 | ) | (1,290,439 | ) | (3,393,426 | ) | ||||||
Acquisition
of businesses, net of cash acquired
|
- | (43,313 | ) | (2,690,659 | ) | |||||||
Proceeds
(expenditures) from sale of assets
|
472,920 | (42,320 | ) | 25,418,361 | ||||||||
Acquisition
of intangible assets
|
- | (17,000 | ) | (59,470 | ) | |||||||
Proceeds
from property and equipment sales
|
- | - | 29,432 | |||||||||
Loss
on disposition of assets
|
- | - | ( 1,722 | ) | ||||||||
Restricted
cash
|
- | - | 90,000 | |||||||||
Net
cash (used in) provided by investing activities – continuing
operations
|
(717,221 | ) | (1,393,072 | ) | 19,392,516 | |||||||
Net
cash used in investing activities – discontinued
operations
|
- | (3,274,868 | ) | (582,048 | ) | |||||||
Net
cash (used in) provided by investing activities
|
(717,221 | ) | (4,667,940 | ) | 18,810,468 | |||||||
CASH
FLOWS FROM FINANCING ACTIVITIES:
|
||||||||||||
Proceeds
received from exercise of stock options
|
- | 122,900 | 203,824 | |||||||||
Payments
under capital lease obligations
|
(169,401 | ) | (157,030 | ) | (93,290 | ) | ||||||
(Repayment
of) proceeds from notes payable
|
(39,519 | ) | (68,306 | ) | 147,711 | |||||||
Extinguishment
of unsecured notes
|
- | - | (7,000,000 | ) | ||||||||
Stock
repurchase program
|
(72,954 | ) | (2,124,999 | ) | (5,104,204 | ) | ||||||
Net
cash used in financing activities – continuing operations
|
(281,874 | ) | (2,227,435 | ) | (11,845,959 | ) | ||||||
Net
cash used in financing activities – discontinued
operations
|
- | - | (7,972 | ) | ||||||||
Net
cash used in financing activities
|
(281,874 | ) | (2,227,435 | ) | (11,853,931 | ) | ||||||
Net
decrease in cash and cash equivalents
|
(921,136 | ) | (14,072,604 | ) | (690,099 | ) | ||||||
CASH
AND CASH EQUIVALENTS, beginning of period
|
12,685,946 | 26,758,550 | 27,448,649 | |||||||||
CASH
AND CASH EQUIVALENTS, end of period
|
$ | 11,764,810 | $ | 12,685,946 | $ | 26,758,550 | ||||||
SUPPLEMENTAL
SCHEDULE OF CASH RELATED ACTIVITIES:
|
||||||||||||
Interest
paid
|
$ | 41,607 | $ | 64,674 | $ | 268,628 | ||||||
Taxes
paid
|
$ | 19,345 | $ | 462,837 | $ | 787,086 |
Additions (Deductions)
|
||||||||||||||||||||||
Balance
at
|
Charges
to
|
Charged
|
Balance
at
|
|||||||||||||||||||
Beginning
|
costs
and
|
to
other
|
end
of
|
|||||||||||||||||||
of period
|
expenses
|
accounts
|
Write-offs
|
period
|
||||||||||||||||||
Allowance
for doubtful accounts:
|
||||||||||||||||||||||
2009
|
$ | 645,177 | $ | 141,310 | - | $ | (312,801 | ) |
(B)
|
$ | 473,686 | |||||||||||
2008
|
$ | 1,146,536 | $ | 319,273 | $ | 5,000 |
(A)
|
$ | (825,632 | ) |
(B)
|
$ | 645,177 | |||||||||
2007
|
$ | 1,144,700 | $ | 627,197 | $ | 48,360 |
(A)
|
$ | (673,721 | ) |
(B)
|
$ | 1,146,536 | |||||||||
Notes:
|
(A)
Collections on accounts previously written off and acquisitions of
subsidiaries.
|
|
(B)
Uncollectible accounts written off.
|
Furniture
and fixtures
|
5
years
|
Equipment
and software
|
3
to 5 years
|
Website
development
|
Up
to 3 years
|
Equipment
under capital leases
|
Shorter
of term of lease or 3 to 5 years
|
Leasehold
improvements
|
Term
of lease
|
Internally
developed software
|
3
years upon
implementation
|
Stock Options
|
Warrants
|
|||||||||||||||
Weighted
|
Weighted
|
|||||||||||||||
Average
|
Average
|
|||||||||||||||
Exercise
|
Exercise
|
|||||||||||||||
Shares
|
Price
|
Shares
|
Price
|
|||||||||||||
Outstanding
at December 31, 2008
|
591,943 | $ | 5.24 | 1,989,985 | $ | 4.35 | ||||||||||
Granted
|
- | - | - | - | ||||||||||||
Exercised
|
- | - | - | - | ||||||||||||
Cancelled
|
(1,000 | ) | 4.28 | - | - | |||||||||||
Expired
|
(70,000 | ) | 11.73 | (1,182,485 | ) | 4.41 | ||||||||||
Outstanding
at December 31, 2009
|
520,943 | $ | 4.37 | 807,500 | $ | 4.27 |
Number
of
|
Exercise
Price
|
|||||||
Shares
|
Per Share
|
|||||||
Outstanding
at December 31, 2008
|
591,943 | $ | 2.03 - $16.50 | |||||
Granted
|
- | - | ||||||
Exercised
|
- | - | ||||||
Cancelled
|
(1,000 | ) | $ | 4.28 | ||||
Expired
|
(70,000 | ) | $ | 2.55 - $16.50 | ||||
Outstanding
at December 31, 2009
|
520,943 | $ | 2.03 - $9.75 |
Weighted
|
||||||||||||||||
Average
|
||||||||||||||||
Number
of
|
Weighted
|
Remaining
|
||||||||||||||
Options
|
Average
Exercise
|
Contractual
|
Aggregate
|
|||||||||||||
Outstanding
|
Price Per Share
|
Term (years)
|
Intrinsic Value (1)
|
|||||||||||||
Vested
Options
|
517,193 | $ | 4.37 | 3.04 | $ | - | ||||||||||
Non-vested
Options
|
3,750 | $ | 4.19 | 1.77 | - | |||||||||||
Total
Outstanding Stock Options
|
520,943 | $ | - |
(1)
|
The
aggregate intrinsic value is computed based on the closing price of
Hollywood Media’s stock on December 31, 2009, which is a
price per share of $1.40.
|
Weighted -
|
||||||||
Average
Grant
|
||||||||
Number
of
|
Date
Fair Value
|
|||||||
Shares
|
Per Share
|
|||||||
Non-vested
at December 31, 2008
|
7,500 | $ | 2.42 | |||||
Granted
|
- | - | ||||||
Vested
|
(3,750 | ) | $ | 2.32 | ||||
Forfeited
|
- | - | ||||||
Non-vested
at December 31, 2009
|
3,750 | $ | 2.39 |
2009
|
2008
|
2007
|
||||||||||
Average
risk free interest rate
|
- | - | 4.14 | % | ||||||||
Expected
lives of options (years):
|
||||||||||||
Two
year options
|
- | - | - | |||||||||
Three
year options
|
- | - | - | |||||||||
Five
and Ten year options
|
- | - | 10 | |||||||||
Expected
volatility
|
- | - | 72.1 | % |
2009
|
2008
|
2007
|
||||||||||
Exercise
Price Equals Market Price
|
||||||||||||
Weighted
average exercise price
|
$ | - | $ | 2.34 | $ | 2.50 | ||||||
Weighted
average fair value
|
$ | - | $ | 0.59 | $ | 1.99 | ||||||
Exercise
Price Exceeds Market Price
|
||||||||||||
Weighted
average exercise price
|
$ | - | $ | - | $ | - | ||||||
Weighted
average fair value
|
$ | - | $ | - | $ | - | ||||||
Exercise
Price is Less Than Market Price
|
||||||||||||
Weighted
average exercise price
|
$ | - | $ | - | $ | - | ||||||
Weighted
average fair value
|
$ | - | $ | - | $ | - |
Options and Warrants Outstanding
|
Exercisable
|
||||||||||||||||||||
Weighted
|
Weighted
|
Weighted
|
|||||||||||||||||||
Average
|
Average
|
Average
|
|||||||||||||||||||
Remaining
|
Exercise
|
Exercise
|
|||||||||||||||||||
Range
of
|
Number
of
|
Contractual
|
Price
|
Number
of
|
Price
|
||||||||||||||||
Exercise
Prices
|
Shares
|
Life
|
Per
Share
|
Shares
|
Per
Share
|
||||||||||||||||
$
2.03
- $ 2.50
|
97,500 | 4.31 | $ | 2.13 | 97,500 | $ | 2.13 | ||||||||||||||
$
4.06
- $ 5.19
|
1,194,943 | 1.56 | $ | 4.32 | 1,191,193 | $ | 4.32 | ||||||||||||||
$
9.75
|
36,000 | .41 | $ | 9.75 | 36,000 | $ | 9.75 | ||||||||||||||
1,328,443 | 1.73 | $ | 4.31 | 1,324,693 | $ | 4.31 |
|
(a)
|
One-third
of the issued shares vest at the rate of 25% per year on each of the first
through fourth anniversaries of the date of grant, such that these shares
will be fully vested on the fourth anniversary of the date of grant,
assuming continued employment of the executives by Hollywood
Media.
|
|
|
|
(b)
|
One-third
of the issued shares will vest if, at any time prior to the fourth
anniversary of the date of grant, Hollywood Media achieves EBITDA greater
than zero for either (A) each of two consecutive fiscal quarters or
(B) any three quarters in any 15-month period, in each case beginning
with the fourth fiscal quarter of
2008.
|
|
(c)
|
One-third
of the issued shares will vest if, at any time prior to the fourth
anniversary of the date of grant, the closing price of Hollywood Media’s
Common Stock exceeds $2.00 per share for at least 10 consecutive trading
days after the date of grant.
|
2009
|
2008
|
2007
|
||||||||||
Operating
revenue
|
$ | - | $ | 3,948,495 | $ | 4,322,810 | ||||||
Gain
(loss) on sale of discontinued operations net of income taxes of $569,298
for 2007
|
614,572 | (4,655,122 | ) | 10,254,287 | ||||||||
Loss
from discontinued operations
|
- | (1,635,750 | ) | (211,993 | ) | |||||||
Income
(loss) from discontinued operations
|
$ | 614,572 | $ | (6,290,872 | ) | $ | 10,042,294 |
Purchase
consideration (including contingent consideration recorded through
December 31, 2009)
|
$ | 2,839,194 | ||
Cash
acquired
|
4,824 | |||
Accounts
receivable
|
368,319 | |||
Prepaid
|
11,584 | |||
Intangibles
|
470,760 | |||
Total
assets
|
$ | 855,487 | ||
Current
liabilities
|
$ | (94,167 | ) | |
Total
liabilities
|
$ | (94,167 | ) | |
Net
assets
|
$ | 761,320 | ||
Excess
of the purchase consideration over fair value of net assets acquired
(included in Broadway
|
||||
Ticketing
segment)
|
$ | 2,077,874 |
December
31, 2007
|
||||
(unaudited)
|
||||
Proforma
net revenues
|
$ | 118,897,529 | ||
Proforma
loss from continuing operations
|
$ | (8,482,476 | ) | |
Proforma
net income
|
$ | 1,716,308 | ||
Proforma
loss per share from continuing operations
|
$ | (0.25 | ) | |
Proforma
net income per share
|
$ | 0.05 | ||
Proforma
weighted average common and common equivalent shares
|
33,303,886 |
December 31,
|
||||||||
2009
|
2008
|
|||||||
Equipment
and software
|
$ | 4,691,921 | $ | 4,328,556 | ||||
Leasehold
improvements
|
2,878,332 | 2,869,874 | ||||||
Equipment
under capital leases
|
1,059,560 | 1,200,737 | ||||||
Furniture
and fixtures
|
850,704 | 860,132 | ||||||
Website
development
|
781,717 | 288,224 | ||||||
Internally
developed software project
|
||||||||
In
progress
|
591,329 | 427,398 | ||||||
10,853,563 | 9,974,921 | |||||||
Less: Accumulated
depreciation and amortization
|
(6,484,478 | ) | (5,325,719 | ) | ||||
$ | 4,369,085 | $ | 4,649,202 |
Balance at
|
Balance at
|
Balance at
|
||||||||||||||||||||||||||
December 31,
|
Acquisition
|
December 31,
|
Acquisition
|
December 31,
|
||||||||||||||||||||||||
2009
|
and Other
|
Impairment
|
2008
|
and Other
|
Impairment
|
2007
|
||||||||||||||||||||||
Broadway
Ticketing
|
$ | 5,601,730 | $ | 43,221 | $ | - | $ | 5,558,509 | $ | (370,270 | ) | $ | - | $ | 5,928,779 | |||||||||||||
Ad
Sales and Other
|
14,595,783 | - | (5,000,000 | ) | 19,595,783 | - | (3,276,640 | ) | 22,872,423 | |||||||||||||||||||
Intellectual
Properties
|
- | - | - | - | - | (248,057 | ) | 248,057 | ||||||||||||||||||||
Total
|
$ | 20,197,513 | $ | 43,221 | $ | (5,000,000 | ) | $ | 25,154,292 | $ | (370,270 | ) | $ | (3,524,697 | ) | $ | 29,049,259 |
Balance at December 31,
|
||||||||||||||||||||||||
2009
|
2008
|
|||||||||||||||||||||||
Gross
|
Gross
|
|||||||||||||||||||||||
Carrying
|
Accumulated
|
Carrying
|
Accumulated
|
|||||||||||||||||||||
Amount
|
Amortization
|
Net
|
Amount
|
Amortization
|
Net
|
|||||||||||||||||||
Patents
and trademarks
|
$ | 203,368 | $ | (183,831 | ) | $ | 19,537 | $ | 203,368 | $ | (171,843 | ) | $ | 31,525 | ||||||||||
Web
addresses
|
2,061,089 | (2,044,128 | ) | 16,961 | 2,061,089 | (1,999,604 | ) | 61,485 | ||||||||||||||||
Other
|
2,112,852 | (1,758,532 | ) | 354,320 | 2,112,852 | (1,522,966 | ) | 589,886 | ||||||||||||||||
Total
|
$ | 4,377,309 | $ | (3,986,491 | ) | $ | 390,818 | $ | 4,377,309 | $ | (3,694,413 | ) | $ | 682,896 |
Year
|
Amount
|
|||
2010
|
$ | 232,404 | ||
2011
|
90,505 | |||
2012
|
62,820 | |||
2013
|
5,089 | |||
2014
|
- | |||
Total
|
$ | 390,818 |
Year
|
Amount
|
|||
2010
|
$ | 135,715 | ||
2011
|
68,458 | |||
2012
|
11,135 | |||
2013
|
355 | |||
2014
|
- | |||
Minimum
lease payments
|
215,663 | |||
Less:
amount representing imputed interest
|
(16,772 | ) | ||
Present
value of net minimum lease payments
|
198,891 | |||
Less:
current portion
|
(123,061 | ) | ||
$ | 75,830 |
(13)
|
STOCK REPURCHASE
PROGRAM:
|
(14)
|
INCOME
TAXES:
|
Year
|
Amount
|
|||
2018
|
$ | 5,804,864 | ||
2019
|
18,526,989 | |||
2020
|
43,159,623 | |||
2021
|
37,552,359 | |||
2022
|
76,867,212 | |||
2023
|
9,728,058 | |||
2024
|
8,719,119 | |||
2025
|
9,543,785 | |||
2028
|
10,876,436 | |||
2029
|
5,068,861 | |||
$ | 225,847,306 |
2009
|
2008
|
|||||||
Net
difference in tax basis and book basis for certain
|
||||||||
assets
and liabilities
|
$ | 324,483 | $ | 1,997,251 | ||||
Net
operating loss and tax credit carryforwards
|
86,144,320 | 84,102,705 | ||||||
86,468,803 | 86,099,956 | |||||||
Valuation
allowance
|
(86,468,803 | ) | (86,099,956 | ) | ||||
Net
deferred tax asset
|
$ | - | $ | - |
For the Year Ended December 31,
|
||||||||||||
2009
|
2008
|
2007
|
||||||||||
Income
tax benefit at Federal statutory tax rate
|
$ | (1,967,989 | ) | $ | (3,697,908 | ) | $ | (2,907,690 | ) | |||
State
income tax benefit (net of federal benefit)
|
(163,062 | ) | (306,398 | ) | (240,923 | ) | ||||||
Change
in valuation allowance
|
694,919 | 4,938,841 | (1,170,750 | ) | ||||||||
Change
in valuation allowance resulting from change in
|
||||||||||||
cumulative
temporary differences
|
(326,072 | ) | - | 1,943,628 | ||||||||
Impairment
of goodwill
|
1,895,000 | 1,182,315 | - | |||||||||
Dividends
received deduction
|
(580,386 | ) | (397,526 | ) | - | |||||||
Change
in cumulative temporary differences
|
- | - | (1,943,628 | ) | ||||||||
Sale
of subsidiaries – basis difference
|
326,072 | 450,206 | - | |||||||||
Non
deductible expenses
|
- | - | - | |||||||||
Loss
of foreign subsidiaries
|
- | 271,973 | 418,802 | |||||||||
Tax
effect of income (loss) from discontinued operations
|
152,351 | (2,384,240 | ) | 3,900,561 | ||||||||
Other
|
(30,833 | ) | (57,263 | ) | - | |||||||
$ | - | $ | - | $ | - |
(15)
|
INVESTMENTS IN AND
ADVANCES TO EQUITY METHOD UNCONSOLIDATED
INVESTEES:
|
December 31,
|
||||||||
2009
|
2008
|
|||||||
NetCo
Partners (a)
|
$ | 139,789 | $ | 137,775 | ||||
MovieTickets.com
(b)
|
90,308 | (4,975 | ) | |||||
$ | 230,097 | $ | 132,800 |
Year Ended December 31,
|
||||||||||||
2009
|
2008
|
2007
|
||||||||||
(unaudited)
|
(unaudited)
|
(unaudited)
|
||||||||||
Revenues
|
$ | - | $ | 9,508 | $ | 1,138 | ||||||
Gross
profit
|
- | 7,416 | 887 | |||||||||
Net
income (loss)
|
(5,973 | ) | (300,954 | ) | 9,494 | |||||||
Company’s
share
|
||||||||||||
of
net income (loss)
|
$ | (2,987 | ) | $ | (150,477 | ) | $ | 4,747 |
As of December 31,
|
||||||||
2009
|
2008
|
|||||||
(unaudited)
|
(unaudited)
|
|||||||
Current
assets
|
$ | 1,546 | $ | 771 | ||||
Current
liabilities
|
$ | 49,025 | $ | 48,700 |
Year Ended December 31,
|
||||||||||||
2009
|
2008
|
2007
|
||||||||||
(unaudited)
|
(unaudited)
|
(unaudited)
|
||||||||||
Revenues
|
$ | 18,643,342 | $ | 18,062,438 | $ | 13,130,977 | ||||||
Cost
and expenses
|
$ | 13,471,941 | $ | 12,345,771 | $ | 10,045,326 | ||||||
Depreciation
and amortization
|
$ | 594,120 | $ | 502,950 | $ | 532,495 | ||||||
Net
income
|
$ | 4,842,476 | $ | 5,764,290 | $ | 3,318,818 |
As of December 31,
|
||||||||
2009
|
2008
|
|||||||
(unaudited)
|
(unaudited)
|
|||||||
Cash
|
$ | 5,128,137 | $ | 3,183,806 | ||||
Accounts
receivable, net
|
$ | 5,822,591 | $ | 5,651,847 | ||||
Accrued
expenses and current liabilities
|
$ | 2,090,816 | $ | 3,451,147 |
(16)
|
COMMITMENTS AND
CONTINGENCIES:
|
Year
|
Amount
|
|||
2010
|
$ | 1,081,613 | ||
2011
|
1,087,238 | |||
2012
|
1,141,414 | |||
2013
|
865,664 | |||
2014
|
886,083 | |||
Thereafter
|
1,994,967 | |||
Total
|
$ | 7,056,979 |
(17)
|
SUPPLEMENTAL
DISCLOSURE OF NON-CASH INVESTING AND FINANCING
ACTIVITIES:
|
2009
|
2008
|
2007
|
||||||||||
INVESTING
ACTIVITIES:
|
||||||||||||
Acquisition
of property and equipment under capital leases
|
$ | - | $ | (456,587 | ) | $ | (441,026 | ) | ||||
Total
non-cash investing activities
|
$ | - | $ | (456,587 | ) | $ | (441,026 | ) | ||||
FINANCING
ACTIVITIES:
|
||||||||||||
Obligations
acquired under capital leases
|
$ | - | $ | 176,918 | $ | 441,026 | ||||||
Common
stock issued and vesting for compensation
|
||||||||||||
to
officers
|
204,885 | (2) | 102,931 | (2), (3) | - | |||||||
Common
stock issued for contributions to Company 401(k)
|
||||||||||||
Plan
|
225,343 | (1) | 280,050 | (4) | 248,876 | (5) | ||||||
Common
stock issued as compensation as part of sale
|
- | 402,150 | (6) | |||||||||
Total
non-cash financing activities
|
$ | 430,228 | $ | 559,899 | $ | 1,092,052 |
(18)
|
SEGMENT
REPORTING:
|
Year Ended December 31,
|
||||||||||||
2009
|
2008
|
2007
|
||||||||||
Net
Revenues:
|
||||||||||||
Broadway
Ticketing
|
$ | 98,860,362 | $ | 110,918,969 | $ | 111,792,068 | ||||||
Ad
Sales
|
3,391,714 | 4,830,760 | 5,308,038 | |||||||||
Intellectual
Properties
|
1,126,834 | 1,308,202 | 1,061,118 | |||||||||
Other
|
- | - | - | |||||||||
$ | 103,378,910 | $ | 117,057,931 | $ | 118,161,224 | |||||||
Operating
Income (Loss):
|
||||||||||||
Broadway
Ticketing
|
$ | 4,809,588 | $ | 2,533,682 | $ | 2,652,352 | ||||||
Ad
Sales
|
(355,892 | ) | (3,977,171 | ) | (571,818 | ) | ||||||
Intellectual
Properties
|
(4,816 | ) | (71,372 | ) | (8,918 | ) | ||||||
Other
|
(7,646,552 | ) | (10,600,057 | ) | (10,535,791 | ) | ||||||
$ | (3,197,672 | ) | $ | (12,114,918 | ) | $ | (8,464,175 | ) | ||||
Capital
Expenditures (a)
|
||||||||||||
Broadway
Ticketing
|
$ | 1,088,501 | $ | 791,356 | $ | 2,725,762 | ||||||
Ad
Sales
|
31,694 | 208,577 | 438,572 | |||||||||
Intellectual
Properties
|
- | 897 | - | |||||||||
Other
|
69,946 | 289,609 | 229,092 | |||||||||
$ | 1,190,141 | $ | 1,290,439 | $ | 3,393,426 | |||||||
Depreciation
and
|
||||||||||||
Amortization
Expense:
|
||||||||||||
Broadway
Ticketing
|
$ | 846,603 | $ | 876,049 | $ | 351,310 | ||||||
Ad
Sales
|
354,932 | 901,351 | 553,237 | |||||||||
Intellectual
Properties
|
299 | 150 | - | |||||||||
Other
|
388,764 | 447,281 | 473,945 | |||||||||
$ | 1,590,598 | $ | 2,224,831 | $ | 1,378,492 |
December 31,
|
||||||||
2009
|
2008
|
|||||||
Segment
Assets:
|
||||||||
Broadway
Ticketing
|
$ | 30,386,157 | $ | 34,958,642 | ||||
Ad
Sales
|
16,376,839 | 21,989,086 | ||||||
Intellectual
Properties
|
475,140 | 543,989 | ||||||
Other
|
10,368,043 | 9,447,144 | ||||||
$ | 57,606,179 | $ | 66,938,861 |
|
(a)
|
Capital
expenditures do not include property and equipment acquired under capital
lease obligations or through
acquisitions.
|
(19)
|
UNAUDITED QUARTERLY
FINANCIAL INFORMATION:
|
Reported
|
||||
Net
revenues
|
$ | 21,313,897 | ||
Loss
from continuing operations
|
$ | (95,020 | ) | |
Loss
from discontinued operations
|
$ | - | ||
Net
loss attributable to Hollywood Media Corp.
|
$ | (91,853 | ) | |
Weighted
average shares
|
30,418,516 | |||
Loss
per share - continuing operations
|
$ | - | ||
Loss
per share - discontinued operations
|
$ | - | ||
Net
loss per share (1)
|
$ | - |
For
the quarter ended June 30, 2009
|
||||
Reported
|
||||
Net
revenues
|
$ | 30,252,255 | ||
Loss
from continuing operations
|
$ | (4,792,490 | ) | |
Loss
from discontinued operations
|
$ | - | ||
Net
loss attributable to Hollywood Media Corp.
|
$ | (4,794,716 | ) | |
Weighted
average shares
|
30,637,658 | |||
Loss
per share - continuing operations
|
$ | (0.16 | ) | |
Income
per share - discontinued operations
|
$ | - | ||
Net
loss per share (1)
|
$ | (0.16 | ) |
For
the quarter ended September 30, 2009
|
||||
Reported
|
||||
Net
revenues
|
$ | 21,854,666 | ||
Loss
from continuing operations
|
$ | (787,718 | ) | |
Gain
from discontinued operations
|
$ | 472,487 | ||
Net
loss attributable to Hollywood Media Corp.
|
$ | (348,993 | ) | |
Weighted
average shares
|
30,637,658 | |||
Loss
per share - continuing operations
|
$ | (0.03 | ) | |
Income
per share - discontinued operations
|
$ | 0.02 | ||
Net
loss per share (1)
|
$ | (0.01 | ) |
For
the quarter ended December 31, 2009
|
||||
Reported
|
||||
Net
revenues
|
$ | 29,958,092 | ||
Loss
from continuing operations
|
$ | (562,170 | ) | |
Gain
from discontinued operations
|
$ | 142,085 | ||
Net
loss attributable to Hollywood Media Corp.
|
$ | (384,855 | ) | |
Weighted
average shares
|
30,642,730 | |||
Loss
per share - continuing operations
|
$ | (0.02 | ) | |
Income
per share - discontinued operations
|
$ | - | ||
Net
loss per share (1)
|
$ | (0.02 | ) |
For
the quarter ended March 31, 2008
|
||||
Reported
|
||||
Net
revenues
|
$ | 26,973,670 | ||
Loss
from continuing operations
|
$ | (2,279,303 | ) | |
Loss
from discontinued operations
|
$ | (845,973 | ) | |
Net
loss attributable to Hollywood Media Corp.
|
$ | (3,149,038 | ) | |
Weighted
average shares
|
31,854,228 | |||
Loss
per share – continuing operations
|
$ | (0.07 | ) | |
Loss
per share – discontinued operations
|
$ | (0.03 | ) | |
Net
loss per share (1)
|
$ | (0.10 | ) |
For
the quarter ended June 30, 2008
|
||||
Reported
|
||||
Net
revenues
|
$ | 35,543,314 | ||
Loss
from continuing operations
|
$ | (17,500 | ) | |
Loss
from discontinued operations
|
$ | (674,802 | ) | |
Net
loss attributable to Hollywood Media Corp.
|
$ | (734,362 | ) | |
Weighted
average shares
|
31,964,851 | |||
Loss
per share - continuing operations
|
$ | - | ||
Loss
per share - discontinued operations
|
$ | (0.02 | ) | |
Net
loss per share (1)
|
$ | (0.02 | ) |
For
the quarter ended September 30, 2008
|
||||
Reported
|
||||
Net
revenues
|
$ | 25,522,782 | ||
Loss
from continuing operations
|
$ | (1,899,156 | ) | |
Loss
from discontinued operations
|
$ | (4,418,692 | ) | |
Net
loss attributable to Hollywood Media Corp.
|
$ | (6,349,599 | ) | |
Weighted
average shares
|
32,095,554 | |||
Loss
per share - continuing operations
|
$ | (0.06 | ) | |
Loss
per share - discontinued operations
|
$ | (0.14 | ) | |
Net
loss per share (1)
|
$ | (0.20 | ) |
For
the quarter ended December 31, 2008
|
||||
Reported
|
||||
Net
revenues
|
$ | 29,018,165 | ||
Loss
from continuing operations
|
$ | (6,288,127 | ) | |
Loss
from discontinued operations
|
$ | (351,405 | ) | |
Net
loss attributable to Hollywood Media Corp.
|
$ | (6,623,324 | ) | |
Weighted
average shares
|
31,263,293 | |||
Loss
per share - continuing operations
|
$ | (0.20 | ) | |
Loss
per share - discontinued operations
|
$ | (0.01 | ) | |
Net
loss per share (1)
|
$ | (0.21 | ) |
(20)
|
RELATED PARTY
TRANSACTIONS:
|
(21)
|
PROPOSED SALE OF THE
BROADWAY TICKETING
DIVISION
|
•
|
Continued
to strengthen the manual processes and controls related to the support,
review and summarization of financial information produced from the
existing ticketing system, specifically the cash receipts, purchase and
pay and gift certificate processes.
|
•
|
Continued
to develop modifications to the existing ticketing systems to automate
certain processes related to the affiliate and groups processes necessary
for the support, review and summarization of financial
information.
|
•
|
The
Company began developing a transaction processing engine (“TPE”) to act as
the foundation and middle-ware to the next generation ticketing system due
to the limitations in the licensed ticketing system discussed
below. The TPE was designed to plug-in to a variety of software
components, thus allowing management to license various product line
specific packages, thereby minimizing development time on future product
lines. The first phase was completed in July of
2008. The second phase has been rolled out throughout 2009 as
described below.
|
|
·
|
Report
of Independent Registered Public Accounting
Firm
|
|
·
|
Consolidated
Balance Sheets as of December 31, 2009 and December 31,
2008
|
|
·
|
Consolidated
Statements of Operations for the Years Ended December 31, 2009, 2008 and
2007
|
|
·
|
Consolidated
Statements of Shareholders’ Equity for the Years Ended December 31, 2009,
2008 and 2007
|
|
·
|
Consolidated
Statements of Cash Flows for the Years Ended December 31, 2009, 2008 and
2007
|
|
·
|
Notes
to Consolidated Financial
Statements
|
Exhibit No.
|
Description
|
Location
of
Exhibit |
||
2.1
|
Stock
Purchase Agreement dated as of December 22, 2009, by and
between
|
(23)
|
||
Hollywood
Media Corp. and Key Brand Entertainment Inc.
|
||||
3.1
|
Third
Amended and Restated Articles of Incorporation.
|
(1)
|
||
3.2
|
Articles
of Amendment to Articles of Incorporation of Hollywood Media Corp. for
Designation of Preferences, Rights and Limitations of Series E Junior
Preferred Stock.
|
(2)
|
||
3.3
|
Amended
and Restated Bylaws of Hollywood Media Corp., dated as of September 1,
2006.
|
(3)
|
||
4.1
|
Form
of Common Stock Certificate.
|
(4)
|
||
4.2
|
Amended
and Restated Rights Agreement dated as of August 23, 1996 between
Hollywood Media Corp. (f/k/a Big Entertainment, Inc.) and American Stock
Transfer & Trust Company, as Rights Agent.
|
(5)
|
4.3
|
Amendment
No. 1, dated as of December 9, 2002, to Amended and Restated Rights
Amendment dated as of August 23, 1996 between Hollywood Media Corp. and
American Stock Transfer & Trust Company.
|
(6)
|
||
4.4
|
Amendment
No. 2, dated as of September 1, 2006, to the Amended and Restated Rights
Agreement dated as of August 23, 1996, as amended December 9, 2002,
between Hollywood Media Corp. and American Stock Transfer & Trust
Company.
|
(3)
|
||
10.1
|
Compensatory
Plans, Contracts and Arrangements:
|
|||
(a)
1993 Stock Option Plan, as amended effective October 1,
1999.
|
(7)
|
|||
(b)
Directors Stock Option Plan, as amended effective May 1,
2003.
|
(8)
|
|||
(c)
2000 Stock Incentive Plan, as amended October 30, 2003.
|
(9)
|
|||
(d)
2004 Stock Incentive Plan.
|
(10)
|
|||
(e) Hollywood
Media Corp. 401(k) Retirement Savings Plan, dated as
of September 16, 2004 (the “Plan”); Amendment to the Plan,
dated as of September 16, 2004; related Volume Submitter (Cross-Tested
Defined Contribution Plan and Trust); EGTRRA Amendment to the Plan and
Post-EGTRRA Amendment to the Plan, dated as of September 16,
2004.
|
(11)
|
|||
(f)
Amendment to Hollywood Media Corp. 401(k) Retirement Savings Plan, dated
June 16, 2005.
|
(12)
|
|||
(g)
Amended and Restated Employment Agreement, dated as of December 22, 2008,
by and between Hollywood Media Corp. and Mitchell
Rubenstein.
|
(13)
|
|||
(h)
Amended and Restated Employment Agreement, dated as of December 22, 2008,
by and between Hollywood Media Corp. and Laurie S.
Silvers.
|
(13)
|
|||
(i)
Amended and Restated Employment Agreement, dated as of August 9, 2006, by
and between Hollywood Media Corp. and Scott Gomez.
|
(14)
|
|||
(j)
Amendment to Amended and Restated Employment Agreement, dated as
of
|
(23)
|
|||
December 23, 2009, by and between Hollywood Media Corp.
and
|
||||
Mitchell Rubenstein.
|
||||
(k)
Amendment to Amended and Restated Employment Agreement, dated as
of
|
(23)
|
|||
December 23, 2009, by and between Hollywood Media Corp.
and
|
||||
Laurie S. Silvers.
|
||||
10.2
|
Amended
and Restated Partnership Agreement dated as of November 21, 2002 between
Hollywood Media Corp. and Dr. Martin H. Greenberg.
|
(15)
|
||
10.3
|
Agreement
for the Sale and Purchase of UK Theatres Online Limited and other
Companies, dated November 22, 2005, by and among Cinemasource UK Limited,
Jeffrey Spector and the other shareholders party thereto.
|
(16)
|
10.4
|
Agreement
for the Sale and Purchase of CinemasOnline Limited, dated November 22,
2005, by and between Mitchell Clifford Cartwright and Cinemasource UK
Limited.
|
(16)
|
||
10.5
|
Note
Purchase Agreement, dated as of November 22, 2005, by and among Hollywood
Media and each of the Purchasers, including the forms of Notes and
Warrants issued to the Purchasers and the form of registration rights
agreement.
|
(16)
|
||
10.6
|
Registration
Rights Agreement dated November 23, 2005 by and among Hollywood Media
Corp. and the investors signatory thereto.
|
(17)
|
||
10.7
|
Letter
agreements dated March 15, 2006, by and between Hollywood Media Corp. and
each of the holders of its 8% Senior Unsecured Notes dated November 23,
2005.
|
(18)
|
||
10.8
|
Form
of Common Stock Purchase Warrants dated March 15, 2006, issued to the
Holders of Hollywood Media Corp.’s 8% Senior Unsecured Notes dated
November 23, 2005.
|
(18)
|
||
10.9
|
Stock
Purchase Agreement, dated as of August 25, 2006, by and between The New
York Times Company and Hollywood Media Corp.
|
(19)
|
||
10.10
|
Asset
Purchase Agreement, dated as of February 1, 2007, by and among Theatre
Direct NY, Inc., Showtix LLC and each of the members of Showtix
LLC.
|
(20)
|
||
10.11
|
Asset
Purchase Agreement, dated as of August 24, 2007, by and among Hollywood
Media Corp., Showtimes.com, Inc. Brett West and West World Media,
LLC.
|
(21)
|
||
10.12
|
Purchase
Agreement dated as of August 21, 2008, between Hollywood Media Corp.
and R&S Investments, LLC.
|
(22)
|
||
10.13
|
Transition
Services Agreement dated as of August 21, 2008 between Hollywood
Media Corp., Hollywood.com, LLC and Totally Hollywood TV,
LLC.
|
(22)
|
||
10.14
|
Amendment
to Purchase Agreement dated September 30, 2009 between
|
(24)
|
||
Hollywood
Media Corp. and R&S Investments, LLC.
|
||||
10.15
|
Escrow
Agreement, dated as of December 22, 2009, by and between
|
(23)
|
||
Hollywood
Media Corp., Key Brand Entertainment Inc. and
|
||||
The
Bank of New York Mellon.
|
||||
21.1
|
Subsidiaries
of Hollywood Media.
|
(25)
|
||
23.1
|
Consent
of Kaufman, Rossin & Co., P.A. Independent Registered Public
Accounting Firm.
|
*
|
||
31.1
|
Certification
of Chief Executive Officer (Section 302).
|
*
|
||
31.2
|
Certification
of Chief Accounting Officer (Principal financial and accounting officer)
(Section 302).
|
*
|
||
32.1
|
Certification
of Chief Executive Officer (Section 906).
|
*
|
32.2
|
Certification
of Chief Accounting Officer (Principal financial and accounting officer)
(Section 906).
|
*
|
(1)
|
Incorporated
by reference from the exhibit filed with Hollywood Media’s Annual Report
on Form 10-K for the year ended December 31, 2000.
|
(2)
|
Incorporated
by reference from the exhibit filed with Hollywood Media’s Quarterly
Report on Form 10-Q for the quarter ended September 30,
2004.
|
(3)
|
Incorporated
by reference from the exhibit filed with Hollywood Media’s Current Report
on Form 8-K filed on September 5, 2006.
|
(4)
|
Incorporated
by reference from the exhibit filed with Hollywood Media’s Registration
Statement on Form SB-2 (No. 33-69294).
|
(5)
|
Incorporated
by reference from the exhibit filed with Hollywood Media’s Current Report
on Form 8-K filed on October 20, 1999.
|
(6)
|
Incorporated
by reference from the exhibit filed with Hollywood Media’s Current Report
on Form 8-K filed on December 10, 2002.
|
(7)
|
Incorporated
by reference from the exhibit filed with Hollywood Media’s Annual Report
on Form 10-K for the year ended December 31, 1999.
|
(8)
|
Incorporated
by reference from Appendix B to Hollywood Media’s Proxy Statement filed on
November 13, 2003 for its 2003 Annual Meeting of
Shareholders.
|
(9)
|
Incorporated
by reference from Appendix C to Hollywood Media’s Proxy Statement filed on
November 13, 2003 for its 2003 Annual Meeting of
Shareholders.
|
(10)
|
Incorporated
by reference from Appendix B to Hollywood Media’s Proxy Statement filed on
November 4, 2004 for its 2004 Annual Meeting of
Shareholders.
|
(11)
|
Incorporated
by reference from the exhibits filed with Hollywood Media’s Current Report
on Form 8-K filed on September 17, 2004.
|
(12)
|
Incorporated
by reference from the exhibit filed with Hollywood Media’s Quarterly
Report on Form 10-Q for the quarter ended June 30,
2005.
|
(13)
|
Incorporated
by reference from the exhibit filed with Hollywood Media’s Current Report
on Form 8-K filed on December 22, 2008.
|
(14)
|
Incorporated
by reference from the exhibit filed with Hollywood Media’s Quarterly
Report on Form10-Q for the quarter ended June 30, 2006.
|
(15)
|
Incorporated
by reference from the exhibit filed with Hollywood Media’s Annual Report
on Form 10-K for the year ended December 31, 2002.
|
(16)
|
Incorporated
by reference from the exhibits filed with Hollywood Media’s Current Report
on Form 8-K filed on November 28, 2005.
|
(17)
|
Incorporated
by reference from the exhibit filed with Hollywood Media’s Registration
Statement on Form S-3 (No. 333-130903).
|
(18)
|
Incorporated
by reference from the exhibits filed with Hollywood Media’s Current Report
on Form 8-K filed on March 16, 2006.
|
(19)
|
Incorporated
by reference from the exhibit filed with Hollywood Media’s Current Report
on Form 8-K filed on August 28, 2006.
|
(20)
|
Incorporated
by reference from the exhibit filed with Hollywood Media’s Current Report
on Form 8-K filed on February 6, 2007.
|
(21)
|
Incorporated
by reference from the exhibit filed with Hollywood Media’s Form 8-K filed
on August 30, 2007.
|
(22)
|
Incorporated
by reference from the exhibit filed with Hollywood Media’s Form 8-K filed
on August 27, 2008.
|
(23)
|
Incorporated
by reference from the exhibit filed with Hollywood Media Corp’s Form 8-K
filed on December
29, 2009.
|
(24)
|
Incorporated
by reference from the exhibit filed with Hollywood Media Corp’s Form 8-K
filed on October
5, 2009.
|
(25) |
Incorporated
by reference from the exhibit filed with Hollywood Media’s Annual Report
on Form 10-K for the year ended December 31,
2008.
|
HOLLYWOOD
MEDIA CORP.
|
||
Date: March
19, 2010
|
By:
|
/s/ Mitchell Rubenstein
|
Mitchell
Rubenstein, Chairman of the Board
|
||
and
Chief Executive Officer
|
Date:
March 19, 2010
|
/s/ Mitchell Rubenstein
|
|
Mitchell
Rubenstein, Chairman of the Board and
Chief
Executive Officer (Principal executive
officer) |
||
Date:
March 19, 2010
|
/s/ Laurie S. Silvers
|
|
Laurie
S. Silvers, Vice Chairman of the Board,
|
||
President
and Secretary
|
||
Date:
March 19, 2010
|
/s/ Scott Gomez
|
|
Scott
Gomez, Chief Accounting Officer (Principal
financial and accounting officer) |
||
Date:
March 19, 2010
|
/s/ Harry T. Hoffman
|
|
Harry
T. Hoffman, Director
|
||
Date:
March 19, 2010
|
/s/ Robert Epstein
|
|
Robert
Epstein, Director
|
||
Date:
March 19, 2010
|
/s/ Stephen Gans
|
|
Stephen
Gans, Director
|
||
Date:
March 19, 2010
|
/s/ Spencer Waxman
|
|
Spencer
Waxman, Director
|