Dolphin Entertainment Reports Second Quarter Financial Results

NEW YORK and LOS ANGELES, Aug. 14, 2018 /PRNewswire/ -- Dolphin Entertainment, Inc. (NASDAQ: DLPN), a leading independent entertainment marketing and premium content production company announces its financial results for the quarter ended June 30, 2018.

Quarterly Highlights   

• Revenue for Q2 2018 was $5.2 million, compared to $7.8 million in Q2 2017. The decrease in revenue in Q2 2018 is entirely attributable to the life cycle of a feature film that was released in October 2016 and the majority of the revenues from that film being recognized during 2016 and 2017.
• Entertainment publicity revenue of $5.1 million, essentially flat for the three months ended June 30, 2018 as compared to the same period in the prior year
• Operating income of $69,267 compared to an operating loss of $155,753 in the same period in the prior year.
• Net income of $0.2 million for the three months ended June 30, 2018 compared to a net loss of $1.6 million for the same period in the prior year.
• Stockholders' equity of $5.3 million as of June 30, 2018 compared to a stockholders' deficit of $3 million on June 30, 2017.
• After the quarter ended, on July 5, 2018, Dolphin acquired top lifestyle and hospitality PR agency, The Door, for aggregate consideration of up to $11 million, which includes performance-based contingent consideration of up to $7 million.
• After the quarter ended, on July 24, 2018, Dolphin closed a $6.0 million public offering. Two million shares of common stock were issued at a purchase price to the public of $3.00 per share, with no warrants attached.

Dolphin's CEO, Bill O'Dowd, commented: "We are extremely proud of how far we've come in the past year since purchasing 42West and announcing our intention of assembling a "Super Group" of previously privately-held, already profitable, best-in-class entertainment marketing companies.  Acquisitions of The Door and 42West, recognized as the third and fourth most powerful PR firms in the country, respectively, are proof that we can execute on this strategy.  In upcoming quarters, we hope to share more exciting acquisitions, as well as the launch of our content production business, which will represent us firing on all cylinders."

Conference Call Information

To participate in this event, dial approximately 5 to 10 minutes before the beginning of the call.
Date, Time: Wednesday, August 15, 2018, at 9 a.m. ET
Toll-free: 877-407-0782
International: 201-689-8567
Live Webcast: http://www.investorcalendar.com/event/36994

Conference Call Replay Information

The replay will be available beginning approximately 1 hour after the completion of the live event.
Toll-free: 877-481-4010
International: 919-882-2331
Reference ID: 36994

About Dolphin Entertainment, Inc.

Dolphin Entertainment is a leading independent entertainment marketing and premium content production company. Through our subsidiaries 42West and The Door, we provide expert strategic marketing and publicity services to many of the top brands, both individual and corporate, in the entertainment, lifestyle and hospitality industries. The Door and 42West are both recognized global leaders in PR services for their respective industries and, in December 2017, the New York Observer listed them, respectively, as the third and fourth most powerful PR firms of any kind in the United States.  Dolphin's legacy content production business, founded by Emmy-nominated CEO Bill O'Dowd, has produced multiple feature films and award-winning digital series.

Special Note Regarding Forward-Looking Statements
This press release contains "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act. These forward-looking statements may address, among other things, Dolphin Entertainment's expected financial and operational results and the related assumptions underlying its expected results. These forward-looking statements are distinguished by the use of words such as "will," "would," "anticipate," "expect," "believe," "designed," "plan," or "intend," the negative of these terms, and similar references to future periods. These views involve risks and uncertainties that are difficult to predict and, accordingly, Dolphin Entertainment's actual results may differ materially from the results discussed in its forward-looking statements. Dolphin Entertainment's forward-looking statements contained herein speak only as of the date of this press release. Factors or events Dolphin Entertainment cannot predict, including those described in the risk factors contained in its filings with the Securities and Exchange Commission, may cause its actual results to differ from those expressed in forward-looking statements. Although Dolphin Entertainment believes the expectations reflected in such forward-looking statements are based on reasonable assumptions, it can give no assurance that its expectations will be achieved, and Dolphin Entertainment undertakes no obligation to update publicly any forward-looking statements as a result of new information, future events, or otherwise.

Investor Contact:

James Carbonara 
Partner, Hayden IR 
[email protected] 
+ 1 646 755 7412

SOURCE Dolphin Entertainment, Inc.