GlobeSt.com EXCLUSIVE: Planet Hollywood Loses $23 Mil in First Half

ORLANDO-Planet Hollywood International Inc. expects to show a first-half net loss of $23.3 million and losses from operations totaling $22.5 million when it files its late second-quarter and six-months earnings reports later this month with the Securities and Exchange Commission.

In an Aug. 15 late-filing letter, Christopher Thomas, Planet Hollywood’s chief financial officer, told the SEC the company expects to report a 13-week loss from operations of $11.2 million and a net loss of $12.7 million. Planet Hollywood’s fiscal first half ended June 30.

The company’s 12B-25 statement says the late filings are due to its ongoing reorganization and financial restructuring after emerging from Chapter 11 court protection from creditors in May 2000. Planet Hollywood voluntarily filed for protection in October 1999.

If the company can continue shaving costs, its yearend losses from operations may be an improvement from the last three years based on filings with the SEC. Planet Hollywood lost $79.74 million from operations in 2000; $194.54 million in 1999; and $200.74 million in 1998.

The company’s revenue in 2000 was $170.25 million; $272.23 million in 1999; and $367.29 million in 1998. Planet Hollywood’s net loss, before extraordinary items, was $82.44 million in 2000; $221 million in 1999; and $243.93 million in 1998.

Planet Hollywood’s common stock was trading at noon today on the Over-the-Counter Bulletin Board at 55 cents per share, unchanged from last week. There are 10 million shares outstanding. The company’s market capitalization is $5.5 million.