ACCESS Newswire
14 Aug 2019, 01:49 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
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
[email protected]
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: |
Shares
Watch latest videosSubscribe 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
null in null
BusinessSectionEngine defect prompts Nissan to recall over 443,000 vehiclesFRANKLIN, Tennessee: Hundreds of thousands of Nissan and Infiniti vehicles are being recalled across the United States due to a potential... Microsoft trims jobs to manage soaring AI infrastructure costsREDMOND, Washington: Microsoft is the latest tech giant to announce significant job cuts, as the financial strain of building next-generation... Stocks worldwide struggle to make ground Friday with Wall Street closedLONDON UK - U.S. stock markets were closed on Friday for Independence Day. Global Forex Markets Wrap Up Friday with Greeback Comeback... Nvidia briefly tops Apple’s record in AI-fueled stock rallySANTA CLARA, California: Nvidia came within a whisker of making financial history on July 3, briefly surpassing Apple's all-time market... ICE raids leave crops rotting in California, farmers fear collapseSACRAMENTO, California: California's multibillion-dollar farms are facing a growing crisis—not from drought or pests, but from a sudden... Trump signals progress on India Trade, criticizes Japan stanceWASHINGTON, D.C.: President Donald Trump says the United States could soon reach a trade deal with India. He believes this deal would... MassachusettsSectionEngine defect prompts Nissan to recall over 443,000 vehiclesFRANKLIN, Tennessee: Hundreds of thousands of Nissan and Infiniti vehicles are being recalled across the United States due to a potential... COVID-19 source still unknown, says WHO panel]LONDON, U.K.: A World Health Organization (WHO) expert group investigating the origins of the COVID-19 pandemic released its final... Red Sox RHP Walker Buehler aims to snap slump vs. Nationals(Photo credit: Eric Canha-Imagn Images) Boston right-hander Walker Buehler looks to put a horrid six-start stretch behind him when... Phillies' Ranger Suarez looks for another strong outing vs. Reds(Photo credit: Mady Mertens-Imagn Images) The Cincinnati Reds are becoming known for their resilience. Fresh off an impressive... MLB roundup: Cubs blast team-record 8 HRs to beat Cards(Photo credit: Kamil Krzaczynski-Imagn Images) The Chicago Cubs set a franchise record by bashing eight home runs in a single game... Fever rolling, look to continue winning ways vs. visiting Sparks(Photo credit: Grace Smith/IndyStar / USA TODAY NETWORK via Imagn Images) The Indiana Fever look to extend their winning streak to... Movie Review |