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Hollywood Media Corp. (NASDAQ: HOLL), recently reported financial results for the second quarter ended June 30, 2009. Results for the 2008 second quarter reflect the divestment of the Company's Hollywood.com business in August 2008, which has been accounted for as discontinued operations. For the 2009 second quarter, Hollywood Media reported net revenues of $30.3 million, primarily attributable to Broadway Ticketing revenues. This compares to net revenues of $35.5 million in the second quarter of last year. The year-over-year decline in net revenues primarily reflects lower group sales as a result of the economy as well as lower ancillary sales for hotels and other tourism-related services. Advertising sales from Broadway shows, which are not recorded as revenues but rather as a reduction to cost of revenues-ticketing, increased by more than $0.3 million, or 206%, in the second quarter 2009 period versus the prior year.
Net loss for the 2009 second quarter was $4.8 million, or $0.16 per share, which includes$5.0 million non-cash impairment charge related to the Ad Sales segment. This compares to a 2008 second quarter net loss of $0.7 million, or $0.02 per share, which included a loss from discontinued operations of $0.7 million and a $1.3 million cash dividend related to the Company's 26.2 percent equity interest in MovieTickets.com. There was no dividend in second quarter 2009. EBITDA loss in the 2009 second quarter for the Company as a whole was $4.4 million, which includes the $5.0 million impairment charge mentioned above. This compares to EBITDA (Modified)* of $0.3 million in the second quarter of 2008, which included the $1.3 million cash dividend mentioned above.
Mitchell Rubenstein, CEO of Hollywood Media, commented, "We drove significant improvement in profitability from operations in the second quarter, highlighted by income from operations for the Company as a whole and a 75% increase in Broadway Ticketing EBITDA versus the prior year. The results reflect significant decreases in operating expenses coupled with increases in gross margin percentage and ad sales on Broadway.com."
Hollywood Media is comprised primarily of Internet businesses focused on online ticketing, which include Broadway.com and Hollywood Media's minority interest in MovieTickets.com. Hollywood Media also owns the UK-based CinemasOnline and its Intellectual Property division.
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