Hollywood Media Corp. reports loss from continuing operations penny wider than Street

Jennifer Schonberger | Nov 09, 2007 9:02am EST | Comment

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Hollywood Media Corp. (Nasdaq: HOLL), provider of news, information and ticketing covering the entertainment and media industries, reported a third-quarter loss from its continuing operations a penny wider than analysts on Wall Street had forecasted.

For the three months ended Sept. 30, the Boca Raton, Fla.-based company reported a loss from continuing operations of $2.2 million, or $0.06 on a per share, a penny wider than the net loss of $0.05 per share three analysts polled by Thomson Financial were on average expecting. The current quarter’s operating results narrowed from a $2.5 million loss, or $0.08 per share from continuing operations in the third quarter of 2006.

Net income, which includes discontinued operations, for the third quarter was $8.1 million, or $0.24 per share, compared with a net income of $15 million for the third quarter of 2006, or $0.45 on a per share basis.

Hollywood Media previously reported in August that it sold its Source business unit to West World Media, LLC, and that in August 2006 the firm sold its Baseline StudioSystems business unit to The New York Times Company.

Hollywood Media's net revenues, which exclude the sale and operating results of the company’s discontinued operations, increased 15.6% to $28.2 million, compared with $24.4 million for the third quarter of 2006. Three analysts polled by Thomson Financial were on average anticipating revenue of $30.08 million.