Business
Dolphin Entertainment Q4 Revenue Increases 57% to a Record $10.5 Million - Fourth Consecutive Quarter of Record Revenue as Full Year 2021 Revenue Grows 49% to a Record $35.8 Million
Achieves Working Capital SurplusEnters 2022 with new upside optionality from three Dolphin 2.0 Investments: NFT Marketplace, Midnight Theater, and Crafthouse
About this update from Dolphin Entertainment, Inc.
[{"type":"text","content":"Achieves Working Capital SurplusEnters 2022 with new upside optionality from three Dolphin 2.0 Investments: NFT Marketplace, Midnight Theater, and Crafthouse CocktailsMIAMI, FL / ACCESSWIRE / April 13, 2022 / Dolphin Entertainment, Inc. (NASDAQ:DLPN), a leading entertainment marketing and premium content production company, announces its financial results for the fourth quarter and full year ended December 31, 2021.\"This has been a transformative year for Dolphin, both with respect to our balance sheet and operating income, as well as in our evolution to making investments in assets for which we believe our marketing expertise will greatly influence the likelihood of success,\" said Bill O'Dowd, CEO of Dolphin Entertainment. \"First, with respect to our financial statements, 2021 revenue grew 49% to a record $35.8 million. Furthermore, we turned operating income positive, absent depreciation and amortization and a change in the fair value of contingent consideration. Finally, and this feels great to say, we reached a working capital surplus, with more cash on hand than all remaining debt, which has allowed us to remove our going concern, a tremendous milestone for any micro-cap public company.\"Mr. O'Dowd continued, \"Practically speaking, our surplus cash allowed us to start making investments in Dolphin 2.0. This is most exciting for us, and we closed out the year blessed to have made the following three investments: 1) we developed our NFT marketplace, with collections ready to go on sale this summer; 2) we acquired an ownership stake in the very exciting Midnight Theater project at Manhattan West, which we expect to begin operations in June of this year; and, 3) entered into a strategic partnership with Crafthouse Cocktails, an exciting ready-to-drink beverage line that we believe has tremendous growth potential.\"Mr. O'Dowd concluded, \"In summary, 2021 will be remembered as the year Dolphin reached positive operating income, generated a working capital surplus, built more cash on hand than all remaining debt (including long-term debt), removed its going concern, and made its first Dolphin 2.0 investments. We're excited for 2022, wherein we expect to build on this strong operational base, generate revenues from the first of our Dolphin 2.0 investments, and enter into new partnerships and investments that bring strong optio...