Business
Dolphin Entertainment Q2 Revenue Increases 66% Year over Year and 20% Sequentially to a Record $8.6 Million
Positive Operating Income Even Including Non-Cash Depreciation & Amortization ExpenseNet Income of $1.3M Equals $0.17 Basic Earnings Per ShareCompletes Growth
About this update from Dolphin Entertainment, Inc.
[{"type":"text","content":"Positive Operating Income Even Including Non-Cash Depreciation & Amortization ExpenseNet Income of $1.3M Equals $0.17 Basic Earnings Per ShareCompletes Growth to Positive Working Capital With Surplus of $1.26MNFTs, Dolphin's First of Dolphin 2.0 Initiatives, Have LaunchedMIAMI, FL / ACCESSWIRE / August 16, 2021 / 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, 2021.\"Three major financial milestones were achieved this quarter,\" stated Bill O'Dowd, CEO of Dolphin Entertainment. \"First, revenues of $8.6M, which topped by 20% the previous record of only one quarter prior. Secondly, positive operating income for the first time as a NASDAQ company when including the non-cash expense of depreciation and amortization. Operating income is the P&L metric we use to gauge ourselves, so this was very meaningful to us. And, third, a working capital surplus for the first time in Dolphin's history as a public company, achieved in 3 ½ years after uplisting to NASDAQ and despite pursuing an acquisition strategy to assemble a Super Group of six best-in-class marketing companies.\"\"All together, these 3 milestones show that we are a financially-sound, profitable and growing company,\" continued O'Dowd. \"That is a great platform from which to accelerate our first year of Dolphin 2.0 initiatives, and make investments in opportunities we see to own content, live events, and consumer products that we already know we can market as well as anyone else.\"Recent HighlightsTotal Q2 revenue increased to $8.6 million, compared to $5.2 million in Q2 2020;Operating income for the quarter ended June 30, 2021 of $56,293 including non-cash expense from depreciation and amortization of $478,270 as compared to an operating loss of $179,038, which included non-cash expense from depreciation and amortization of $496,461, for the same period in the prior year.Cash and cash equivalents of $9.3 million as of June 30, 2021, compared to $7.9 million as of December 31, 2020, not including restricted cash.Net Income for the quarter ended June 30, 2021 of $1.3 million, included the benefit of a net $1.0 million in non-cash items stemming from a $1.0 million gain on extinguishment of debt and a positive change in fair value of derivati...