MIAMI, FL / ACCESSWIRE / November 14, 2019 / Dolphin Entertainment, Inc. (NASDAQ:DLPN), a leading independent entertainment marketing and premium content development company, announces its financial results for the period ended September 30, 2019.
Bill O'Dowd, CEO of Dolphin Entertainment, commented: "We are pleased to share that Dolphin exceeded consensus expectations in both revenue and earnings per share in the third quarter, which we attribute to the increased cross-selling of services between members of our Entertainment Marketing "Super Group." Our investments in these companies have led to our double-digit revenue growth through the first nine months of 2019, and we anticipate positive net income on a going-forward basis. Also, we took important steps on the M&A front, and we expect that we will have our fourth acquisition finished shortly, and that we are on target to complete the acquisition of all 6 "core competency" members of our Entertainment Marketing "Super Group" on schedule within 2020, which we believe will increase our cross-selling opportunities and accelerate growth of both revenues and profits."
- Total quarterly revenue increased 4% year-over-year to $5,948,056 and nine-month revenue increased 11% to $18,550,936.
- Entertainment Publicity and Marketing revenue increased 13% year over year to $18,464,330 for the nine months ended September 30, 2019.
- Operating loss for the three months ended September 30, 2019 of $(1,412,171), which included impairments to deferred production costs of Max Steel under the caption "direct costs" of $629,585 and non-cash items from depreciation and amortization of $485,965, compared to operating losses of $(538,840), which included non-cash items from depreciation and amortization of $599,078, for the same period in the prior year.
- Net loss before income taxes for the three months ended September 30, 2019 of $(350,831), compared to net loss before income taxes of $(639,306) for the same period in the prior year. The Company does not have an income tax expense or benefit in the current quarter but had an income tax benefit of $819,451 for the three months ended September 30, 2018.
- 42West and The Door were selected to lead marketing efforts for the 45th annual Saturn Awards.
- Veteran PR Professional Jodie Magid Oriol joined 42west As Vice President - New York Entertainment Marketing Division
- The Door expanded its national footprint with the launch of Miami office
- Closed a $2.1 Million offering of common stock at market, with no warrants issued
Conference Call Information
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Date, Time: Thursday, November 14, 2019, at 4:30 p.m. ET
Live Webcast: https://www.investornetwork.com/event/presentation/56833
Conference Call Replay Information
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Reference ID: 56833
About Dolphin Entertainment, Inc.
Dolphin Entertainment, Inc. 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.
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 Inc.'s offering of common stock as well as 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.
DOLPHIN ENTERTAINMENT, INC. AND SUBSIDIARIES
Condensed Consolidated Balance Sheets
|As of September 30, 2019||As of December 31, 2018|
Cash and cash equivalents
Accounts receivable, net of allowance for doubtful accounts of $311,649 and $283,022, respectively.
Other current assets
Total current assets
Capitalized production costs
Intangible assets, net of accumulated amortization of $3,884,448 and $2,689,704, respectively.
Property, equipment and leasehold improvements, net
Deposits and other assets
Other current liabilities
Line of credit
Loan from related party
Convertible notes payable, net of debt discount
Total current liabilities
Convertible notes payable
Other noncurrent liabilities
Total noncurrent liabilities
Commitments and contingencies (Note 19)
Common stock, $0.015 par value, 200,000,000 shares authorized,14,641,466and 14,123,157, respectively, issued and outstanding at September 30, 2019 and December 31, 2018.
Preferred Stock, Series C, $0.001 par value, 50,000 authorized, issued and outstanding at September 30, 2019 and December 31, 2018.
Additional paid in capital
Total Stockholders' Equity
Total Liabilities and Stockholders' Equity
DOLPHIN ENTERTAINMENT, INC. AND SUBSIDIARIES
Condensed Consolidated Statements of Operations
For the three and nine months ended September 30, 2019 and 2018
|For the three months ended||For the nine months ended|
|September 30,||September 30,|
Entertainment publicity and marketing
Selling, general and administrative
Depreciation and amortization
Legal and professional
Loss before other income (expenses)
Other Income (expenses):
Gain (loss) on extinguishment of debt, net
Change in fair value of put rights
Change in fair value of contingent consideration
Total other income (expenses)
(Loss) Income before income taxes
Net (loss) income
(Loss) income per Share:
Weighted average number of shares used in per share calculation
SOURCE: Dolphin Entertainment, Inc.
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