Business
Dolphin Entertainment Announces Record Q2 Revenue of $11.0 Million, an Increase of 7% YoY and up 11% from Q1 2023
LOS ANGELES, CA / ACCESSWIRE / August 14, 2023 / Dolphin Entertainment, Inc. (NASDAQ:DLPN), a leading entertainment marketing and premium content production
About this update from Dolphin Entertainment, Inc.
[{"type":"text","content":"LOS ANGELES, CA / ACCESSWIRE / August 14, 2023 / Dolphin Entertainment, Inc. (NASDAQ:DLPN), a leading entertainment marketing and premium content production company, announces its financial results for the second quarter ended June 30, 2023.\"We're thrilled to announce record Q2 revenue of $11.0 million,\" states Dolphin Entertainment CEO Bill O'Dowd. \"Additionally, it is worth noting that Q2 was our second highest revenue performance in any quarter in company history. It came just $100,000 short of our best ever quarter of $11.1 million in Q4 last year, without the benefit of the holiday seasonality that strengthens our business every year.\"\"On the operating line, when you back out non-cash charges, we improved over Q1 2023 by $1.3 million, to an operating loss, less non-cash charges, of approximately $370,000. This momentum of greater than $1 million improvement in operating results quarter over quarter sets us up nicely as we enter into the historically stronger second half of the year.\"\"Furthermore, we are very pleased with the strength of our balance sheet. We have over $7 million of unrestricted cash on hand, and we have paid out the last of our acquisition earn-outs, thereby removing the final contingent consideration liabilities.\"\"With respect to the non-cash charges, in addition to the normal depreciation and amortization we take every quarter (primarily as we amortize over several years the intangible assets we received via our acquisitions), we also took a one-time, $6.5 million non-cash impairment against our goodwill this quarter. In recognition of our stock price drop during the fourth quarter of last year, and the lack of market recovery in our stock price during the first half of this year, this one-time, non-cash impairment allows us to reset and realign our market capitalization with our book value prior to moving into our strongest quarters of the year, and before we announce the exciting catalysts we expect to share in the coming weeks.\"\" Looking ahead we expect a strong second half to the year, delivering strong, double-digit annual revenue growth. We also expect to report positive Operating Income in the back half of the year, and going forward, once non-cash items are excluded, as the strong improvement in operating results from Q1 to Q2 would indicate.\"\"We believe that our second half of the ye...