Business
Dolphin Entertainment Q1 Revenue Increases 28% YoY to $9.2M
MIAMI, FL / ACCESSWIRE / July 18, 2022 / Dolphin Entertainment, Inc. (NASDAQ:DLPN), a leading entertainment marketing and premium content production company,
About this update from Dolphin Entertainment, Inc.
[{"type":"text","content":"MIAMI, FL / ACCESSWIRE / July 18, 2022 / Dolphin Entertainment, Inc. (NASDAQ:DLPN), a leading entertainment marketing and premium content production company, announces its financial results for the first quarter ended March 31, 2022.\"2022's financial and operating performance is off to a strong start,\" said Bill O'Dowd, CEO of Dolphin Entertainment. \"First, our Q1 revenue increased 28% year over year to $9.2 million, which represents pure organic growth derived from the cross-selling of services within our Super Group of entertainment marketing companies. Secondly, on the balance sheet, we have dramatically reduced our debt from its high of over $16 million at the apex of our acquisition strategy to build the Super Group, to a record low of below $6 million, the vast majority of which is long-term debt, and all of which is far less than our cash of $9.6 million. Third, all puts have been paid and all but one Earn-Out contingent consideration has been settled from all six of our acquisitions, and we now have shareholders' equity of just under $25 million. This complete transformation of our balance sheet has allowed us to remove our financial statement disclosure on going concern , and we believe serves as a differentiating factor for us in the marketplace.\"Mr. O'Dowd continued, \"We're excited to continue the strong momentum into the second half of this year and advance our existing Dolphin 2.0 investments, including Midnight Theatre (the Hidden Leaf restaurant opened on July 6, with the theater itself scheduled to open in September), Dolphin's NFT collections (with multiple drops planned for this summer), and Crafthouse Cocktails. We're also excited by our recently announced multi-year agreement with IMAX to co-produce feature documentaries. \"Blue Angels,\" our first project, is already in production, with a planned H2 2023 release. And, of course, we'll continue to explore both acquisitions and additional 2.0 investments, based on the strength of our balance sheet and opportunities in the market.\"Q1 2022 and Recent HighlightsTotal Q1 2022 revenue increased 28% to $9.2 million, compared to $7.2 million in Q1 2021;Operating loss for the quarter ended March 31, 2022 of $(963,709), includes non-cash items from depreciation and amortization of $407,238 and a gain from the change in the fair value of contingent consideration o...