| YEARS ENDED DECEMBER 31, | |||||
|
2003
|
2002
|
||||
| (As Restated, | |||||
| See Note 1 below) | |||||
| NET REVENUES | |||||
| Ticketing |
$ 52,266,539
|
$ 45,333,627
|
|||
| Other |
12,592,423
|
12,419,490
|
|||
|
64,858,962
|
57,753,117
|
||||
| OPERATING EXPENSES: | |||||
| Cost of revenues – ticketing |
44,850,254
|
39,930,761
|
|||
| Editorial, production, development and technology |
5,347,062
|
5,587,852
|
|||
| Selling, general and administrative |
18,706,679
|
20,833,096
|
|||
| Amortization of CBS advertising |
885,974
|
11,251,566
|
|||
| Impairment loss – CBS advertising |
–
|
57,274,680
|
|||
| Write-off of prepaid trade credits |
–
|
655,500
|
|||
| Depreciation and amortization |
2,624,729
|
3,074,614
|
|||
| Provision for closed stores and lease termination costs |
–
|
(14,644)
|
|||
| Total operating expenses |
72,414,698
|
138,593,425
|
|||
| Operating loss |
(7,555,736)
|
(80,840,308)
|
|||
| EQUITY IN EARNINGS OF INVESTMENTS |
957,681
|
234,504
|
|||
| OTHER INCOME (EXPENSE): | |||||
| Interest, net |
(1,442,707)
|
(1,272,879)
|
|||
| Other, net |
1,163,308
|
(250,566)
|
|||
| Loss before minority interest |
(6,877,454)
|
(82,129,249)
|
|||
| MINORITY INTEREST IN EARNINGS OF SUBSIDIARIES |
(564,233)
|
(665,529)
|
|||
| Net loss |
$ (7,441,687)
|
$ (82,794,778)
|
|||
| Basic and diluted loss per common share |
$ (0.36)
|
$ (3.24)
|
|||
| Weighted average common and common equivalent shares | |||||
| outstanding – basic and diluted |
20,829,183
|
25,535,626
|
|||
| (1) Net Revenues have been reduced by $484,154, or 0.8%, in the 2002 restated financial statements as a result of an underaccrual for Broadway Ticketing gift certificates. | |||||
| Cost of Revenues – Ticketing has been increased by $444,774, or 1.1%, in the 2002 restated financial statements as a result of an underaccrual for Broadway ticketing purchases. | |||||
| Equity in earnings of investments has been decreased by $315,734 as income recognized by the investee during 2002, was incorrectly recorded. | |||||
| The number of weighted average shares outstanding was reduced by 144,080 shares for the year ended December 31, 2002 to exclude shares issued of restricted stock until vesting date. |
|||||
| As a result of the changes noted above, net loss for the year ended December 31, 2002 was increased by $1,244,662, or 1.5%. | |||||
| HOLLYWOOD MEDIA CORP. AND SUBSIDIARIES CONSOLIDATED |
| • BALANCE SHEETS |
| • YEARLY CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS |
| • QUARTER CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS |
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