Hollywood Media Corp. (HOLL, Financial) filed Amended Annual Report for the period ended 2009-12-31.
Hollywood Media Corp. has a market cap of $35.5 million; its shares were traded at around $1.14 with and P/S ratio of 0.3. HOLL is in the portfolios of Jim Simons of Renaissance Technologies LLC.
On April 20, 2009, Mr. Gomez received a $25,000 cash bonus, payable in accordance with the terms of his employment agreement. On November 30, 2009, the Compensation Committee of the Board of Directors approved the payment of an annual cash performance bonus of $250,000 to Mr. Rubenstein and $100,000 to Ms. Silvers in recognition of Hollywood Media s overall good financial performance during the recessionary period which included the positive effects of such executives implementing, in advance of the economic downturn, significant across the board expense reductions while growing operating cash flow at the Company s Broadway Ticketing division, highlighted by: (i) a $0.6 million, or 20%, increase in EBITDA at the Company s Broadway Ticketing division in 2009, from approximately $3.0 million during the nine months ended September 30, 2008 to approximately $3.6 million during the same period in 2009; (ii) a $2.8 million, or 27%, decrease in payroll and benefits expenses for the Company as a whole, from $10.2 million in the first three quarters of 2008 to $7.4 million for the same period in 2009; and (iii) a $2.5 million, or 25%, decrease in selling, general and administrative expenses for the Company as a whole, from $10.1 million in the first three quarters of 2008 to $7.6 million for the same period in 2009, and including a $0.5 million decrease in marketing expenses, a $0.4 million decrease in occupancy expenses and $0.3 million decreases in travel and entertainment expenses and legal expenses, respectively. When considering and approving these discretionary bonuses, the Compensation Committee did not apply any specific quantitative relationship between objective measures of corporate performance and such compensation and took into account that they were not granting any stock options or other equity-based compensation awards to Mr. Rubenstein, Ms. Silvers or Mr. Gomez.
Automobile Allowance. The employment agreement between Hollywood Media and Mitchell Rubenstein provides that Mr. Rubenstein is entitled to an automobile allowance of $650 per month. In addition, the employment agreement between Hollywood Media and Laurie S. Silvers provides that Ms. Silvers is entitled to an automobile allowance of $650 per month.
Section 162(m) of the U.S. Internal Revenue Code generally limits the tax deduction to public companies for annual compensation in excess of $1.0 million paid to an executive who is the chief executive officer or who is one of its other four most highly compensated executive officers. However, compensation which qualifies as “performance-based” is excluded from the $1.0 million limit if, among other requirements, the compensation is payable upon attainment of pre-established, objective performance goals under a plan approved by stockholders (stock options often qualify for such exclusion). It is the policy of Hollywood Media s management and the Compensation Committee to consider potential adverse impact of Section 162(m) on Hollywood Media in connection with structuring executive compensation and, if and to the extent deemed necessary and appropriate under the circumstances, take steps intended to limit such adverse impact, while at the same time preserving the objective of providing compensation including incentive or equity-based awards as deemed appropriate by the Committee. The Compensation Committee intends to coordinate with management in evaluating the applicability and implications of Section 162(m) to Hollywood Media s compensation programs and arrangements, but also intends to retain the flexibility necessary to provide cash and other compensation consistent with Hollywood Media s compensation objectives.
Read the The complete Report
Hollywood Media Corp. has a market cap of $35.5 million; its shares were traded at around $1.14 with and P/S ratio of 0.3. HOLL is in the portfolios of Jim Simons of Renaissance Technologies LLC.
Highlight of Business Operations:
The aggregate market value of the registrant s common stock, $.01 par value, held by non-affiliates as of June 30, 2009, computed by reference to the last sale price of the common stock on June 30, 2009 as reported by Nasdaq, was $35,386,885, as calculated under the following assumptions. For purposes of this computation, all executive officers, directors, and beneficial owners of 10% or more of the registrant s common stock known to the registrant, have been deemed to be affiliates, but such calculation should not be deemed to be an admission that such directors, officers or beneficial owners are, in fact, affiliates of the registrant.On April 20, 2009, Mr. Gomez received a $25,000 cash bonus, payable in accordance with the terms of his employment agreement. On November 30, 2009, the Compensation Committee of the Board of Directors approved the payment of an annual cash performance bonus of $250,000 to Mr. Rubenstein and $100,000 to Ms. Silvers in recognition of Hollywood Media s overall good financial performance during the recessionary period which included the positive effects of such executives implementing, in advance of the economic downturn, significant across the board expense reductions while growing operating cash flow at the Company s Broadway Ticketing division, highlighted by: (i) a $0.6 million, or 20%, increase in EBITDA at the Company s Broadway Ticketing division in 2009, from approximately $3.0 million during the nine months ended September 30, 2008 to approximately $3.6 million during the same period in 2009; (ii) a $2.8 million, or 27%, decrease in payroll and benefits expenses for the Company as a whole, from $10.2 million in the first three quarters of 2008 to $7.4 million for the same period in 2009; and (iii) a $2.5 million, or 25%, decrease in selling, general and administrative expenses for the Company as a whole, from $10.1 million in the first three quarters of 2008 to $7.6 million for the same period in 2009, and including a $0.5 million decrease in marketing expenses, a $0.4 million decrease in occupancy expenses and $0.3 million decreases in travel and entertainment expenses and legal expenses, respectively. When considering and approving these discretionary bonuses, the Compensation Committee did not apply any specific quantitative relationship between objective measures of corporate performance and such compensation and took into account that they were not granting any stock options or other equity-based compensation awards to Mr. Rubenstein, Ms. Silvers or Mr. Gomez.
Automobile Allowance. The employment agreement between Hollywood Media and Mitchell Rubenstein provides that Mr. Rubenstein is entitled to an automobile allowance of $650 per month. In addition, the employment agreement between Hollywood Media and Laurie S. Silvers provides that Ms. Silvers is entitled to an automobile allowance of $650 per month.
Section 162(m) of the U.S. Internal Revenue Code generally limits the tax deduction to public companies for annual compensation in excess of $1.0 million paid to an executive who is the chief executive officer or who is one of its other four most highly compensated executive officers. However, compensation which qualifies as “performance-based” is excluded from the $1.0 million limit if, among other requirements, the compensation is payable upon attainment of pre-established, objective performance goals under a plan approved by stockholders (stock options often qualify for such exclusion). It is the policy of Hollywood Media s management and the Compensation Committee to consider potential adverse impact of Section 162(m) on Hollywood Media in connection with structuring executive compensation and, if and to the extent deemed necessary and appropriate under the circumstances, take steps intended to limit such adverse impact, while at the same time preserving the objective of providing compensation including incentive or equity-based awards as deemed appropriate by the Committee. The Compensation Committee intends to coordinate with management in evaluating the applicability and implications of Section 162(m) to Hollywood Media s compensation programs and arrangements, but also intends to retain the flexibility necessary to provide cash and other compensation consistent with Hollywood Media s compensation objectives.
Read the The complete Report
