Tue, 01 Dec 2020

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.

James Carbonara
Hayden IR



As of
June 30,
As of
December 31,
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
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
220,000 220,000
Deposits and other assets
534,735 475,956
Total Assets
$ 39,578,509 $ 37,989,594


As of
June 30,
As of
December 31,
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
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
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)
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


For the three months ended For the six months ended
June 30, June 30,
2019 2018 2019 2018
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

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