Dolphin Entertainment Q2 Revenue Increases 20% Year-Over-Year to $6.3 Million
ACCESSWIRE
14 Aug 2019, 06:19 GMT+10
Entertainment Publicity and Marketing revenue increases 23% year-over-year to a record $6.3 million
NEW YORK, NY, LOS ANGELES, CA and MIAMI, FL / ACCESSWIRE / August 13, 2019 / Dolphin Entertainment, Inc. (NASDAQ:DLPN), a leading independent entertainment marketing and premium content development company, announces its financial results for the quarter ended June 30, 2019.
Q2 2019 and Recent Highlights
- Total revenue increased 20% year-over-year to $6,273,983.
- Entertainment Publicity and Marketing revenue increased 23% year over year to a record $6,273,983.
- Operating loss of $(1,202,078), which included direct costs of $1,279,657 and non-cash items from depreciation and amortization of $478,560, compared to operating income of $69,267, which included direct costs of $295,765 and non-cash items from depreciation and amortization of $375,163, in the prior year.
- Net loss was $(891,867), compared to net income of $170,474 in the prior year.
- 42West and The Door were selected to lead marketing efforts for the 45th annual Saturn Awards.
- The Door celebrated clients Patrick O'Connell, Kevin Boehm and Rob Katz, who won 2019 James Beard Foundation Awards.
- Award-Winning creatives John Murnane and James Coulson joined Viewpoint.
- Viewpoint Creative developed a new brand campaign for Investigation Discovery, America's #1 true crime network.
Bill O'Dowd, CEO of Dolphin Entertainment, commented: 'Our Q2 witnessed another historic quarter from our core Entertainment Publicity and Marketing segment, up 23% year over year and reaching a record $6.3 million of revenue.'
Mr. O'Dowd continued, ' As a reminder, there is seasonality in our movie marketing business, with Q2 representing the low point in any given year, as it is the only quarter without any awards business. Thus, for Q2 revenue to be better than Q1, and to improve by 23% from the prior year for the EPM segment, shows the power of the revenue diversification we are achieving with the creation of our Entertainment Marketing 'Super Group.'"
Mr. O'Dowd added, "As stated in our Q1 Earnings Release and on our Q1 Earnings Call, we are managing toward revenue growth in 2019. On the bottom line, our Q2 operating loss, excluding depreciation and amortization expenses, was entirely the result of the seasonality of revenues in our movie marketing division. With the return of awards season in Q3, we expect continued revenue growth and a much stronger bottom line for the rest of the year, even as we invest in additional personnel, such as the Consumer Products PR team at The Door."
Mr. O'Dowd concluded, 'On the M&A front, we are confident we'll have another acquisition done before the end of the year. Our goal is to have all 6 "core competency" companies of the 'Super Group' acquired within 2020. We believe reaching that goal will accelerate revenue growth even further as the cross-selling of services will amplify exponentially as the number of "sister" companies increase.'
Conference Call Information
To participate in this event, dial approximately 5 to 10 minutes before the beginning of the call.
Date, Time: Tuesday, August 13, 2019, at 4:30 p.m. ET
Toll-free: 866-682-6100
International: 862-298-0702
Live Webcast: https://www.investornetwork.com/event/presentation/53248
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
Reference ID: 53248
About Dolphin Entertainment, Inc.
Dolphin Entertainment is a leading independent entertainment marketing and premium content development 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 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 recent acquisition of Viewpoint Creative adds full-service creative branding and production capabilities to our marketing group. 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, except as required by applicable law.
Contact:
James Carbonara
Hayden IR
(646)-755-7412
james@haydenir.com
ITEM 1. FINANCIAL STATEMENTS
DOLPHIN ENTERTAINMENT, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS
(unaudited)
| As of June 30, 2019 | As of December 31, 2018 | |||||||
ASSETS | ||||||||
Current | ||||||||
Cash and cash equivalents | $ | 2,559,367 | $ | 5,542,272 | ||||
Restricted cash | 732,920 | 732,368 | ||||||
Accounts receivable, net of allowance for doubtful accounts of $274,861 and $283,022, respectively. | 2,479,299 | 3,173,107 | ||||||
Other current assets | 614,301 | 620,970 | ||||||
Total current assets | 6,385,887 | 10,068,717 | ||||||
Capitalized production costs, net | 785,039 | 724,585 | ||||||
Intangible assets, net of accumulated amortization of $3,494,560 and $2,714,785, respectively. | 8,086,773 | 9,395,215 | ||||||
Goodwill | 15,996,977 | 15,922,601 | ||||||
Right-of-use asset | 6,529,077 | - | ||||||
Property, equipment and leasehold improvements, net | 1,040,021 | 1,182,520 | ||||||
Investments | 220,000 | 220,000 | ||||||
Deposits and other assets | 534,735 | 475,956 | ||||||
Total Assets | $ | 39,578,509 | $ | 37,989,594 | ||||
DOLPHIN ENTERTAINMENT, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS (CONTINUED)
(unaudited)
| As of June 30, 2019 | As of December 31, 2018 | |||||||
LIABILITIES | ||||||||
Current | ||||||||
Accounts payable | $ | 769,974 | $ | 944,232 | ||||
Other current liabilities | 6,110,389 | 7,238,507 | ||||||
Line of credit | 1,700,390 | 1,700,390 | ||||||
Put rights | 4,030,280 | 4,281,595 | ||||||
Accrued compensation | 2,625,000 | 2,625,000 | ||||||
Debt | 2,312,461 | 2,411,828 | ||||||
Loan from related party | 1,107,873 | 1,107,873 | ||||||
Contract liabilities | 192,471 | 522,620 | ||||||
Lease liability | 1,408,120 | - | ||||||
Convertible notes payable, net of debt discount | 1,988,462 | 625,000 | ||||||
Notes payable | 283,952 | 479,874 | ||||||
Total current liabilities | 22,529,372 | 21,936,919 | ||||||
Noncurrent | ||||||||
Put rights | 677,911 | 1,702,472 | ||||||
Convertible notes payable | 1,044,232 | 1,376,924 | ||||||
Notes payable | 769,338 | 612,359 | ||||||
Contingent consideration | 460,000 | 550,000 | ||||||
Lease liability | 5,608,045 | - | ||||||
Other noncurrent liabilities | - | 1,034,393 | ||||||
Total noncurrent liabilities | 8,559,526 | 5,276,148 | ||||||
Total Liabilities | 31,088,898 | 27,213,067 | ||||||
Commitments and contingencies (Note 19) | ||||||||
STOCKHOLDERS' EQUITY | ||||||||
Common stock, $0.015 par value, 200,000,000 shares authorized, 14,394,562 and 14,123,157, respectively, issued and outstanding at June 30, 2019 and December 31, 2018 | 215,918 | 211,849 | ||||||
Preferred Stock, Series C, $0.001 par value, 50,000 shares authorized, issued and outstanding at June 30, 2019 and December 31, 2018 | 1,000 | 1,000 | ||||||
Additional paid in capital | 103,571,126 | 105,092,852 | ||||||
Accumulated deficit | (95,298,433 | ) | (94,529,174 | ) | ||||
Total Stockholders' Equity | 8,489,611 | 10,776,527 | ||||||
Total Liabilities and Stockholders' Equity | $ | 39,578,509 | $ | 37,989,594 | ||||
DOLPHIN ENTERTAINMENT, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(unaudited)
| For the three months ended | For the six months ended | |||||||||||||||
| June 30, | June 30, | |||||||||||||||
| 2019 | 2018 | 2019 | 2018 | |||||||||||||
Revenues: | ||||||||||||||||
Entertainment publicity and marketing | $ | 6,273,983 | $ | 5,121,487 | $ | 12,523,890 | $ | 10,577,220 | ||||||||
Content production | = | 97,961 | 78,990 | 427,153 | ||||||||||||
Total revenues | 6,273,983 | 5,219,448 | 12,602,880 | 11,004,373 | ||||||||||||
Expenses: |
Subscribe and FollowGet a daily dose of Boston Star news through our daily email, its complimentary and keeps you fully up to date with world and business news as well. News RELEASESPublish news of your business, community or sports group, personnel appointments, major event and more by submitting a news release to Boston Star. More Information
32
℉
Fair in Boston
Dollar shatters while Wall Street edges higher after Fed decision
NEW YORK, New York - U.S. stock indices closed modestly higher on Wednesday after the U.S. Federal Reserve at it's ... Inventor of Bar Code Dies at 94
George Laurer, who invented the universal product code, has died at his home in North Carolina. He was 94.The UPC ... Equity indices tick up on global cues, metal and pharma stocks gain
Mumbai (Maharashtra) [India], Dec 12 (ANI): Equity benchmark indices edged higher during early hours on Thursday with metal and pharma ... Not worried over slow GDP growth: Pranab Mukherjee
Kolkata (West Bengal) [India], Dec 12 (ANI): Former President Pranab Mukherjee on Wednesday said that he is not worried over ... Taste share price falls on poor earnings forecast
Taste Holdings' share price fell on Wednesday after it announced it expects to make losses for the half-year ended August ... On brink of 'man-made' starvation, Zimbabweans struggling to cope
Bulawayo, Zimbabwe - Every morning, just before the daily power cut kicks in, Juliet Gumbo enters her kitchen to start ... Mockery in politics: how diplomatic insults have been flying for centuries
At the 2019 NATO summit in London, the Canadian prime minister, Justin Trudeau, had the misfortune to be caught on ... Like 'Little Women,' books by Zitkala-Ša and Taha Hussein are classics
I'm a scholar of literature who spends a lot of time thinking about why certain stories continue to be revisited, ... Democratic Presidential Field Falls Flat with Black Students
At South Carolina State University, a historically black public institution of higher learning, some students shuttle between campus buildings, while ... Pete Frates, ALS Ice Bucket Challenge inspiration, dies at 34
Georgia [United States], Dec 10 (ANI): Former college baseball player Pete Frates, who popularised the Amyotrophic Lateral Sclerosis (ALS) Ice ... Babysitter accused of driving drunk with 3-year-old in car Lowell Sun
Baby-sitter accused of driving drunk with 3-year-old in car Lowell Sun ... Doug Pederson reveals his plan for Boston Scott Philadelphia
Doug Pederson reveals his plan for Boston Scott NBC Sports - Misc. ... | |||||||||||||||
