Hollywood Media Reports Financial Results For Fourth Quarter and Full Year 2000

Year 2000 Revenues Increase 192% Over Year 1999;

Revenues Expected to Double in 2001



Apr 02, 2001, 01:00 ET from Hollywood Media Corp.

    BOCA RATON, Fla., April 2 /PRNewswire/ --
 Hollywood Media Corp. (Nasdaq:   HOLL), a leading provider of news, information
 and ticketing covering the entertainment and media industries, today announced
 financial results for the fourth quarter and year ended December 31, 2000.
     (Photo:  http://www.newscom.com/cgi-bin/prnh/20001215/FLTULOGO )
     Net revenues for the year 2000 increased 192% to $29.52 million from
 $10.11 million for the Year 1999, an increase of $19.41 million.
     Net revenues for the fourth quarter of 2000 increased to $11.5 million
 from $4.3 million in the same period of 1999, an increase of $7.2 million or
 167%.
     The revenue increases are due to the acquisition of Theatre Direct
 International; the development and launch of new businesses in 2000, including
 EventSource, TheaterSource and Broadway.com; and overall internal growth in
 the Company's businesses.
     The Company's share of earnings from our equity investments (which
 represents equity interests of 50% or less) increased to $1.9 million in 2000
 from $1.2 million in 1999, an increase of 58%.  The revenues that generated
 these earnings are not included in the Company's reported net revenue figures.
     For the fourth quarter ended December 31, 2000, adjusted EBITDA was
 positive for the Company's b2b units, its live theater ticketing business, and
 its intellectual property business.
     For the fourth quarter 2000, the Company's adjusted EBITDA loss was
 $5.2 million, an improvement of $5.2 million or 50% as compared to adjusted
 EBITDA loss of $10.4 million for the same period in 1999.  Approximately
 $1 million of the $5.2 million adjusted EBITDA loss were for expenses related
 to the closure of the Company's e-commerce division, severance costs
 associated with the consolidation of the Company's technology in South Florida
 and other related expenses.  For the year 2000, adjusted EBITDA loss was
 $16.2 million, an improvement of $0.2 million or 1% as compared to adjusted
 EBITDA loss of $16.4 million for the year 1999.
     The historical (GAAP) net loss for the fourth quarter ended December 31,
 2000 was $19.8 million, or $0.81 per share, as compared to a net loss of
 $15.0 million, or $1.00 per share, for the fourth quarter ended December 31,
 1999.  This increase in the historical (GAAP) net loss was attributable to an
 increase in non-cash expenses.  The $19.8 million or $0.81 per share loss for
 the fourth quarter ended December 31, 2000 includes $14.4 million or $0.59 per
 share of non-cash expenses, which includes amortization of goodwill and
 intangibles, depreciation, and the amortization of non-cash CBS advertising,
 as compared to a non-cash expense of $4.5 million for the same period in 1999.
     The historical (GAAP) net loss for the year 2000 was $51.8 million or
 $2.23 loss per share, as compared to $24.7 million or $2.01 loss per share for
 the year 1999.  The $51.8 million or $2.23 per share loss includes
 $35.3 million or $1.52 per share of non-cash expenses, which includes
 amortization of goodwill and intangibles, depreciation, and the amortization
 of non-cash CBS advertising, as compared to a non-cash expense of $7.7 million
 for the same period in 1999.
     Mitchell Rubenstein, Chairman and CEO of Hollywood Media Corp., stated:
 "Our fourth quarter results reflect impressive growth across our diversified
 asset base.  Our decision to consolidate our technology and hosting functions
 into our headquarters in South Florida, combined with realizing operating
 synergies among our b2b and consumer properties, is resulting in significant
 cost savings in 2001.  With new licensing agreements adding incremental profit
 margins in the 95% range and demand continuing to grow from new and existing
 customers, we are focused on enhancing the bottom line through our efficient
 and scalable business model.
     "The Company has taken several steps to substantially cut its operating
 losses, the benefits of which are materializing in 2001.  During 2000, we
 began a two-step approach to consolidate Hollywood.com's web site technology
 and production into our operations in South Florida.  Completed in January
 2001, the Company eliminated considerable duplication of resources with
 savings expected to exceed $4 million in 2001.  Also, during the fourth
 quarter of 2000, as part of our operational evaluation process, we determined
 that profitability in the e-commerce business could not be reached due to
 tight margins and high fulfillment costs.  We closed this e-commerce business
 in January 2001, and as a result, eliminated losses of approximately
 $2.5 million annually.  These two steps are expected to generate combined
 savings of approximately $6.5 million in 2001.
     "We further expect that the continued roll-out of our EventSource b2b
 business, along with the acquisitions we made during 2000, together with the
 economies of scale introduced and in particular the cost-cutting moves we
 implemented, will have a positive impact on operating cash flow for 2001.
     "In addition to our strong financial results, we have also been successful
 in enhancing our strategic position," Mr. Rubenstein continued.  "For example,
 we recently announced a major agreement with AOL whereby our Movietickets.com
 joint venture will team with AOL in a co-branded ticketing offering to
 consumers.  This provides Movietickets.com with a national platform and
 distribution across all of AOL's online properties.  This relationship
 highlights the operating synergies among Hollywood Media's commercial and
 consumer properties, as we also license to AOL movie showtimes data through
 our CinemaSource unit.  As a result, we are able to generate ticketing and
 syndication revenues by leveraging our strategic relationships and focused
 business units.  Hollywood Media is doing the same in live theatre ticketing
 and information through our TheatreSource, Broadway.com and Theatre Direct
 International units.  Taken as a whole, we are uniquely positioned to
 capitalize on the increasing demand for entertainment information and
 ticketing services online."
 
     RECENT DEVELOPMENTS
     During and subsequent to the fourth quarter of 2000, the Company continued
 to strengthen its network of online and offline media assets.  Specifically:
 
     Movietickets.com
 
     >>  Movietickets.com, the company's 30% owned online movie ticketing
         service, announced a number of initiatives including a new strategic
         relationship with AOL, the launch of an online movie ticketing service
         in Canada and a wireless distribution agreement with Sprint PCS.  As a
         result, Movietickets.com's ticketing services will soon be serving 85%
         of North America's movie screens that currently offer Internet
         ticketing in addition to millions of Sprint PCS Internet-ready phones
         nationwide.
 
     >>  Movietickets.com also announced that America Online, Inc. made a
         minority investment in Movietickets.com, joining existing shareholders
         Hollywood Media, AMC Entertainment, National Amusements, Famous
         Players,  Marcus Theatres and Viacom.
 
     >>  Movietickets.com has sold over one million tickets since the service
         launched in May 2000.
 
     >>  Through proprietary software technology developed in-house by
         Movietickets.com and the Company, Movietickets.com has been testing
         at-home movie ticket printing and anticipates that it will roll-out
         this convenience feature nationwide during 2001.
 
     Broadway.com
 
     >>  The Company announced a strategic alliance between its Broadway.com
         unit and Stagebill, the country's largest custom publisher for more
         than 28,000 performing arts performances nationwide, including
         performances at Lincoln Center, the Kennedy Center in Washington,
         D.C., Carnegie Hall, the Goodman and Lyric Opera in Chicago, the
         Geffen in Los Angeles and many others.  Under the agreement, Hollywood
         Media will partner with Stagebill to host a Stagebill channel on
         Broadway.com, and Broadway.com will be promoted across Stagebill's
         publications.
 
     >>  In March 2001, Visa launched a national TV campaign showcasing Visa as
         the preferred credit card on Broadway.com.
 
 
     B2B
 
     >>  The Company announced an agreement with Lycos whereby Hollywood
         Media's CinemaSource unit will provide movie content, data and
         services to the millions of Lycos users.
 
 
     Hollywood.com
 
     >>  Consumer acceptance remains high and traffic is growing on the
         Company's various entertainment-focused Web sites.  In January 2001,
         2,475,739 unique users visited Hollywood.com.
 
     >>  During 2000, AT&T Wireless showcased Hollywood.com's wireless movie
         showtimes service in a national advertising campaign.
 
 
     Intellectual Property Division
 
     >>  The Company's Intellectual Property division has had 26 successive
         quarters of profitability and currently has royalty interests in
         24 books that have appeared on The New York Times Bestseller List.
 
 
     Corporate
 
     >>  The Company changed its corporate name from Hollywood.com, Inc. to
         Hollywood Media Corp. in December 2000 to better reflect its
         integrated online and offline media assets.  During 2000, we
         successfully implemented a strategic plan to expand the Company's
         asset base beyond the Hollywood.com web site by expanding our b2b
         businesses and rolling out EventSource, launching Broadway.com in
         May 2000, and acquiring Theatre Direct International in
         September 2000.
 
     About the Company
     Hollywood Media Corp. is a leading online provider of news, information
 and ticketing covering the entertainment and media industries.  On the
 strength of its history in developing comprehensive entertainment industry
 databases, as well as its major strategic partners and unique content, the
 Company has launched a network of b2b and consumer businesses.  The Company's
 consumer sites include Hollywood.com, Broadway.com and a 30% interest in
 MovieTickets.com. The Company's b2b units include CinemaSource, EventSource,
 ConcertSource, TheaterSource, Baseline, and Theatre Direct International.
 These services supply thousands of media outlets with specific information on
 entertainment events such as movies, live theater and concerts.  The Company's
 ticketing units sell live theater tickets to shows in New York and London to
 consumers through Broadway.com and to the travel and tourism industry through
 Theater Direct International.  The Company's shares are traded on the Nasdaq
 stock market under the symbol HOLL.
 
    Note: adjusted EBITDA as described in this release is defined as earnings
 before interest, taxes, depreciation, amortization, and CBS non-cash
 advertising expense.
 
     The matters discussed herein that are forward-looking statements are based
 on current management expectations that involve risks and uncertainties that
 may result in such expectations not being realized.  Potential risks and
 uncertainties include, but are not limited to, the risks described in
 Hollywood Media Corp.'s filings with the Securities and Exchange Commission.
 
 

SOURCE Hollywood Media Corp.
    BOCA RATON, Fla., April 2 /PRNewswire/ --
 Hollywood Media Corp. (Nasdaq:   HOLL), a leading provider of news, information
 and ticketing covering the entertainment and media industries, today announced
 financial results for the fourth quarter and year ended December 31, 2000.
     (Photo:  http://www.newscom.com/cgi-bin/prnh/20001215/FLTULOGO )
     Net revenues for the year 2000 increased 192% to $29.52 million from
 $10.11 million for the Year 1999, an increase of $19.41 million.
     Net revenues for the fourth quarter of 2000 increased to $11.5 million
 from $4.3 million in the same period of 1999, an increase of $7.2 million or
 167%.
     The revenue increases are due to the acquisition of Theatre Direct
 International; the development and launch of new businesses in 2000, including
 EventSource, TheaterSource and Broadway.com; and overall internal growth in
 the Company's businesses.
     The Company's share of earnings from our equity investments (which
 represents equity interests of 50% or less) increased to $1.9 million in 2000
 from $1.2 million in 1999, an increase of 58%.  The revenues that generated
 these earnings are not included in the Company's reported net revenue figures.
     For the fourth quarter ended December 31, 2000, adjusted EBITDA was
 positive for the Company's b2b units, its live theater ticketing business, and
 its intellectual property business.
     For the fourth quarter 2000, the Company's adjusted EBITDA loss was
 $5.2 million, an improvement of $5.2 million or 50% as compared to adjusted
 EBITDA loss of $10.4 million for the same period in 1999.  Approximately
 $1 million of the $5.2 million adjusted EBITDA loss were for expenses related
 to the closure of the Company's e-commerce division, severance costs
 associated with the consolidation of the Company's technology in South Florida
 and other related expenses.  For the year 2000, adjusted EBITDA loss was
 $16.2 million, an improvement of $0.2 million or 1% as compared to adjusted
 EBITDA loss of $16.4 million for the year 1999.
     The historical (GAAP) net loss for the fourth quarter ended December 31,
 2000 was $19.8 million, or $0.81 per share, as compared to a net loss of
 $15.0 million, or $1.00 per share, for the fourth quarter ended December 31,
 1999.  This increase in the historical (GAAP) net loss was attributable to an
 increase in non-cash expenses.  The $19.8 million or $0.81 per share loss for
 the fourth quarter ended December 31, 2000 includes $14.4 million or $0.59 per
 share of non-cash expenses, which includes amortization of goodwill and
 intangibles, depreciation, and the amortization of non-cash CBS advertising,
 as compared to a non-cash expense of $4.5 million for the same period in 1999.
     The historical (GAAP) net loss for the year 2000 was $51.8 million or
 $2.23 loss per share, as compared to $24.7 million or $2.01 loss per share for
 the year 1999.  The $51.8 million or $2.23 per share loss includes
 $35.3 million or $1.52 per share of non-cash expenses, which includes
 amortization of goodwill and intangibles, depreciation, and the amortization
 of non-cash CBS advertising, as compared to a non-cash expense of $7.7 million
 for the same period in 1999.
     Mitchell Rubenstein, Chairman and CEO of Hollywood Media Corp., stated:
 "Our fourth quarter results reflect impressive growth across our diversified
 asset base.  Our decision to consolidate our technology and hosting functions
 into our headquarters in South Florida, combined with realizing operating
 synergies among our b2b and consumer properties, is resulting in significant
 cost savings in 2001.  With new licensing agreements adding incremental profit
 margins in the 95% range and demand continuing to grow from new and existing
 customers, we are focused on enhancing the bottom line through our efficient
 and scalable business model.
     "The Company has taken several steps to substantially cut its operating
 losses, the benefits of which are materializing in 2001.  During 2000, we
 began a two-step approach to consolidate Hollywood.com's web site technology
 and production into our operations in South Florida.  Completed in January
 2001, the Company eliminated considerable duplication of resources with
 savings expected to exceed $4 million in 2001.  Also, during the fourth
 quarter of 2000, as part of our operational evaluation process, we determined
 that profitability in the e-commerce business could not be reached due to
 tight margins and high fulfillment costs.  We closed this e-commerce business
 in January 2001, and as a result, eliminated losses of approximately
 $2.5 million annually.  These two steps are expected to generate combined
 savings of approximately $6.5 million in 2001.
     "We further expect that the continued roll-out of our EventSource b2b
 business, along with the acquisitions we made during 2000, together with the
 economies of scale introduced and in particular the cost-cutting moves we
 implemented, will have a positive impact on operating cash flow for 2001.
     "In addition to our strong financial results, we have also been successful
 in enhancing our strategic position," Mr. Rubenstein continued.  "For example,
 we recently announced a major agreement with AOL whereby our Movietickets.com
 joint venture will team with AOL in a co-branded ticketing offering to
 consumers.  This provides Movietickets.com with a national platform and
 distribution across all of AOL's online properties.  This relationship
 highlights the operating synergies among Hollywood Media's commercial and
 consumer properties, as we also license to AOL movie showtimes data through
 our CinemaSource unit.  As a result, we are able to generate ticketing and
 syndication revenues by leveraging our strategic relationships and focused
 business units.  Hollywood Media is doing the same in live theatre ticketing
 and information through our TheatreSource, Broadway.com and Theatre Direct
 International units.  Taken as a whole, we are uniquely positioned to
 capitalize on the increasing demand for entertainment information and
 ticketing services online."
 
     RECENT DEVELOPMENTS
     During and subsequent to the fourth quarter of 2000, the Company continued
 to strengthen its network of online and offline media assets.  Specifically:
 
     Movietickets.com
 
     >>  Movietickets.com, the company's 30% owned online movie ticketing
         service, announced a number of initiatives including a new strategic
         relationship with AOL, the launch of an online movie ticketing service
         in Canada and a wireless distribution agreement with Sprint PCS.  As a
         result, Movietickets.com's ticketing services will soon be serving 85%
         of North America's movie screens that currently offer Internet
         ticketing in addition to millions of Sprint PCS Internet-ready phones
         nationwide.
 
     >>  Movietickets.com also announced that America Online, Inc. made a
         minority investment in Movietickets.com, joining existing shareholders
         Hollywood Media, AMC Entertainment, National Amusements, Famous
         Players,  Marcus Theatres and Viacom.
 
     >>  Movietickets.com has sold over one million tickets since the service
         launched in May 2000.
 
     >>  Through proprietary software technology developed in-house by
         Movietickets.com and the Company, Movietickets.com has been testing
         at-home movie ticket printing and anticipates that it will roll-out
         this convenience feature nationwide during 2001.
 
     Broadway.com
 
     >>  The Company announced a strategic alliance between its Broadway.com
         unit and Stagebill, the country's largest custom publisher for more
         than 28,000 performing arts performances nationwide, including
         performances at Lincoln Center, the Kennedy Center in Washington,
         D.C., Carnegie Hall, the Goodman and Lyric Opera in Chicago, the
         Geffen in Los Angeles and many others.  Under the agreement, Hollywood
         Media will partner with Stagebill to host a Stagebill channel on
         Broadway.com, and Broadway.com will be promoted across Stagebill's
         publications.
 
     >>  In March 2001, Visa launched a national TV campaign showcasing Visa as
         the preferred credit card on Broadway.com.
 
 
     B2B
 
     >>  The Company announced an agreement with Lycos whereby Hollywood
         Media's CinemaSource unit will provide movie content, data and
         services to the millions of Lycos users.
 
 
     Hollywood.com
 
     >>  Consumer acceptance remains high and traffic is growing on the
         Company's various entertainment-focused Web sites.  In January 2001,
         2,475,739 unique users visited Hollywood.com.
 
     >>  During 2000, AT&T Wireless showcased Hollywood.com's wireless movie
         showtimes service in a national advertising campaign.
 
 
     Intellectual Property Division
 
     >>  The Company's Intellectual Property division has had 26 successive
         quarters of profitability and currently has royalty interests in
         24 books that have appeared on The New York Times Bestseller List.
 
 
     Corporate
 
     >>  The Company changed its corporate name from Hollywood.com, Inc. to
         Hollywood Media Corp. in December 2000 to better reflect its
         integrated online and offline media assets.  During 2000, we
         successfully implemented a strategic plan to expand the Company's
         asset base beyond the Hollywood.com web site by expanding our b2b
         businesses and rolling out EventSource, launching Broadway.com in
         May 2000, and acquiring Theatre Direct International in
         September 2000.
 
     About the Company
     Hollywood Media Corp. is a leading online provider of news, information
 and ticketing covering the entertainment and media industries.  On the
 strength of its history in developing comprehensive entertainment industry
 databases, as well as its major strategic partners and unique content, the
 Company has launched a network of b2b and consumer businesses.  The Company's
 consumer sites include Hollywood.com, Broadway.com and a 30% interest in
 MovieTickets.com. The Company's b2b units include CinemaSource, EventSource,
 ConcertSource, TheaterSource, Baseline, and Theatre Direct International.
 These services supply thousands of media outlets with specific information on
 entertainment events such as movies, live theater and concerts.  The Company's
 ticketing units sell live theater tickets to shows in New York and London to
 consumers through Broadway.com and to the travel and tourism industry through
 Theater Direct International.  The Company's shares are traded on the Nasdaq
 stock market under the symbol HOLL.
 
    Note: adjusted EBITDA as described in this release is defined as earnings
 before interest, taxes, depreciation, amortization, and CBS non-cash
 advertising expense.
 
     The matters discussed herein that are forward-looking statements are based
 on current management expectations that involve risks and uncertainties that
 may result in such expectations not being realized.  Potential risks and
 uncertainties include, but are not limited to, the risks described in
 Hollywood Media Corp.'s filings with the Securities and Exchange Commission.
 
 SOURCE  Hollywood Media Corp.

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