Net revenues for Hollywood Media Corp. (HMC) increased 9 percent to $23.3 million for the first quarter, ended March 31, the company announced yesterday, May 17.
The company, whose primary business is online ticketing for theater and cinema, agreed in December to sell its Broadway ticketing division to Key Brand Entertainment. HMC calls the deal “definitive,” but no exact closing date was disclosed. Numbers for the Broadway division, which includes Broadway.com, were included in this first quarter report, but not broken out separately. The Broadway division accounted for 95 percent of HMC’s total revenue in the first quarter.
In a press statement, Mitchell Rubenstein, CEO of Hollywood Media, said, “We continue to benefit from a more favorable environment for Broadway entertainment with a significant uptick in demand from the prior year.”
HMC’s net revenue for the first quarter of 2009 was $21.3 million, and the increase to $23.3 million in the same period this year was mostly helped by a 10 percent increase in the Broadway Ticketing division’s revenues, the company said.
Net loss for the first quarter was $600,000, while loss from continuing operations was up from the first quarter last year. Continuing operation losses totaled $800,000, compared to $100,000 in the same period last year.
Earnings before interest, taxation, depreciation and amortization (EBITDA) was also down $200,000 in the first quarter, compared to a positive EBITDA of $300,000 in the first quarter last year.
Cash and cash equivalents, which totaled $11.8 million with no debt in at December 31, 2009, were at $10 million and no debt at the end of the first quarter.
