Hollywood Media Corp.

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Hollywood Media Corp. Reports 2013 First Quarter Results

BOCA RATON, FL -- (Marketwired) -- 05/14/13 -- Hollywood Media Corp. (NASDAQ: HOLL) today reported financial results for the first quarter ended March 31, 2013.

On a continuing operations basis, which includes the contribution from Tekno Books, the Company's 100% owned subsidiary under the Intellectual Property division, net revenues for the 2013 first quarter were $0.1 million compared to $0.2 million in the prior-year period.

Loss from continuing operations for the 2013 first quarter was $0.3 million, or $0.01 per share, compared to a loss from continuing operations for the 2012 first quarter of $0.6 million, or $0.03 per share. Net loss, which includes discontinued operations, was $0.3 million, or $0.01 per share, in the 2013 first quarter, compared to net loss of $0.4 million, or $0.02 per share, in the prior-year period.

At March 31, 2013, the Company had cash and cash equivalents of $9.9 million and no debt as compared to cash and cash equivalents of $11.4 million and no debt at December 31, 2012.

The Company repurchased 510,700 shares of Hollywood Media's common stock for $0.7 million during the first quarter of 2013.

About Hollywood Media Corp.

Hollywood Media Corp. is comprised primarily of an Ad Sales division, an Intellectual Property division, and various financial assets.

Note on Forward-Looking Statements
Statements in this press release may be "forward-looking statements" within the meaning of federal securities laws. 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. Actual outcomes and results may differ materially from what is expressed or forecasted in such forward-looking statements due to numerous potential risks and uncertainties, including, but not limited to, the need to manage our growth, our ability to realize anticipated revenues and cost efficiencies, the impact of potential future dispositions or other strategic transactions by Hollywood Media Corp., our ability to develop and maintain strategic relationships, technology risks, the volatility of our stock price, and other risks and factors described in Hollywood Media Corp.'s filings with the Securities and Exchange Commission including our Form 10-K for 2012. Such forward-looking statements speak only as of the date on which they are made.


                   HOLLYWOOD MEDIA CORP. AND SUBSIDIARIES
                   CONDENSED CONSOLIDATED BALANCE SHEETS

                                                March 31,     December 31,
                                                  2013            2012
                                             --------------  --------------
                                               (unaudited)
                   ASSETS

CURRENT ASSETS:
  Cash and cash equivalents                  $    9,946,831  $   11,378,519
  Prepaid expenses                                  688,016         329,915
  Other receivables                                  74,885          75,105
  Notes receivable, current                       1,466,253       1,375,545
  Related party receivable                           30,929          37,287
  Current portion of deferred compensation          430,000         430,000
                                             --------------  --------------
    Total current assets                         12,636,914      13,626,371

PROPERTY AND EQUIPMENT, net                         299,034         240,645
INVESTMENTS IN AND ADVANCES TO
 UNCONSOLIDATED INVESTEES                           138,222         138,384
INTANGIBLE ASSETS, net                                6,574           8,683
GOODWILL                                          6,200,000       6,200,000
OTHER ASSETS                                        727,982         727,982
NOTES RECEIVABLE, less current portion            4,320,322       4,455,106
WARRANT                                             700,000         700,000
DEFERRED COMPENSATION, less current portion         411,151         518,651
                                             --------------  --------------
    TOTAL ASSETS                             $   25,440,199  $   26,615,822
                                             ==============  ==============

    LIABILITIES AND SHAREHOLDERS' EQUITY

CURRENT LIABILITIES:
  Accounts payable                           $      612,814  $      414,123
  Accrued expenses and other                        677,321       1,036,788
  Deferred revenue                                  108,169         111,669
  Current portion of capital lease
   obligations                                       18,510          16,255
                                             --------------  --------------
    Total current liabilities                     1,416,814       1,578,835

CAPITAL LEASE OBLIGATIONS, less current
 portion                                             32,295           2,152
OTHER DEFERRED LIABILITY                                258             355
DEFERRED REVENUE                                      9,000          14,000
DERIVATIVE LIABILITIES                               60,000          60,000
                                             --------------  --------------
    TOTAL LIABILITIES                             1,518,367       1,655,342
                                             --------------  --------------

COMMITMENTS AND CONTINGENCIES

SHAREHOLDERS' EQUITY:
  Preferred Stock,  $. 01 par value, 1,000,000
   shares authorized; none outstanding                    -               -
  Common stock,  $. 01 par value, 100,000,000
   shares authorized; 22,651,766 and
   23,162,466 shares issued and outstanding
   at March 31, 2013 and December 31, 2012,
   respectively                                     226,518         231,625
  Additional paid-in capital                    292,847,044     293,591,903
  Accumulated deficit                          (269,151,730)   (268,863,048)
                                             --------------  --------------
    Total shareholders' equity                   23,921,832      24,960,480
                                             --------------  --------------
    TOTAL LIABILITIES AND SHAREHOLDERS'
     EQUITY                                  $   25,440,199  $   26,615,822
                                             ==============  ==============



                   HOLLYWOOD MEDIA CORP. AND SUBSIDIARIES
              CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
                                (unaudited)


                                                      THREE MONTHS ENDED
                                                           MARCH 31,
                                                   ------------------------
                                                       2013         2012
                                                   -----------  -----------


NET REVENUES                                       $    81,059  $   176,834

OPERATING COSTS AND EXPENSES
  Editorial, production, development and
   technology                                           57,498      125,104
  Selling, general and administrative                  941,044      504,846
  Payroll and benefits                                 431,246      398,721
  Depreciation and amortization                         21,134       37,594
                                                   -----------  -----------

    Total operating costs and expenses               1,450,922    1,066,265
                                                   -----------  -----------

    Loss from operations                            (1,369,863)    (889,431)
                                                   -----------  -----------

(LOSSES) EARNINGS OF UNCONSOLIDATED INVESTEES             (152)      71,797
                                                   -----------  -----------

OTHER INCOME (EXPENSE):
  Interest, net                                        493,300      253,037
  Accretion of discount, net of allowance for
   uncollectability                                    610,479            -
  Other, net                                               538      (33,877)
                                                   -----------  -----------
    Total other income                               1,104,317      219,160
                                                   -----------  -----------

      Loss from continuing operations before
       income taxes                                   (265,698)    (598,474)
      Income tax (expense)                             (22,984)           -
                                                   -----------  -----------
        Loss from continuing operations               (288,682)    (598,474)
                                                   -----------  -----------

      Gain on sale of discontinued operations, net
       of income taxes                                       -      197,517
      Loss from discontinued operations                      -      (11,582)
                                                   -----------  -----------

      Income from discontinued operations                    -      185,935
                                                   -----------  -----------

      Net loss                                     $  (288,682) $  (412,539)
                                                   ===========  ===========


Basic and diluted income (loss) per common share
      Continuing operations                        $     (0.01) $     (0.03)
      Discontinued operations                                -         0.01
                                                   -----------  -----------
      Total basic and diluted net loss per share   $     (0.01) $     (0.02)
                                                   ===========  ===========

Weighted average common and common equivalent
 shares outstanding - basic and diluted             22,776,185   23,179,066
                                                   ===========  ===========

Source: Hollywood Media Corp.

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