Business
Dolphin Entertainment Q3 Revenue Increases 70% Year over Year to a Record $9.4 Million – Third Straight Quarter of Record Revenue
Positive Operating Income for the Second Consecutive Quarter, Even Including Non-Cash Items of Depreciation & Amortization ExpensesNet Income of $141,651
About this update from Dolphin Entertainment, Inc.
[{"type":"text","content":"Positive Operating Income for the Second Consecutive Quarter, Even Including Non-Cash Items of Depreciation & Amortization ExpensesNet Income of $141,651 Equals $0.02 Basic Earnings Per SharePositive Working Capital for the Second Consecutive Quarter with Surplus of $4.5 MillionRecord Cash Position of $12.7 MillionDolphin's 2.0 Momentum Continues with NFT Infrastructure Development with FTX, NFT Creative Development Led by Anthony Francisco and Ownership Position in Midnight TheatreMIAMI, FL / ACCESSWIRE / November 19, 2021 / Dolphin Entertainment, Inc. (NASDAQ:DLPN), a leading entertainment marketing and premium content production company, announces its financial results for the third quarter ended September 30, 2021.\"The financial momentum we experienced in the first half of the year continued through the third quarter,\" stated Bill O'Dowd, CEO of Dolphin Entertainment. \"First, revenues of $9.4 million, up 70% year over year, represented our third consecutive record revenue quarter, driven by a terrific year over year 41% organic growth from existing subsidiaries. Secondly, positive operating income was achieved for the second consecutive quarter, even including the non-cash expenses of depreciation and amortization. And, third, our balance sheet has never been stronger, as we reported a record cash position of $12.7 million, which is an increase of 60% compared to December 31, 2020. As you would then expect, we reported a working capital surplus for the second consecutive quarter, growing to $4.5 million.\"O'Dowd added, \"We've been managing quite nicely to positive operating income, while we've been building out the Dolphin 2.0 business opportunities, including the infrastructure needed to launch our NFT business in earnest shortly. Furthermore, our cash on hand exceeds all debt, including long-term debt, by over $2.8 million, solidifying Dolphin as a financially-sound, profitable and growing company. That is a tremendous platform from which to execute on our first year of Dolphin 2.0 initiatives.\"Recent HighlightsTotal Q3 2021 revenue increased by 70% to $9,399,432, compared to $5,527,943 million in Q3 2020Operating income for the quarter ended September 30, 2021 of $38,289 including non-cash expense from depreciation and amortization of $475,207 as compared to an operating loss of $(493,185), which included non-cash ex...