Business
Dolphin Entertainment Reports First Quarter 2020 Results
Company Reports $6.6 million of Revenue and $2.1 million of Net IncomeNEW YORK, NY and LOS ANGELES, CA / ACCESSWIRE / July 13, 2020 / Dolphin Entertainment,
About this update from Dolphin Entertainment, Inc.
[{"type":"text","content":"Company Reports $6.6 million of Revenue and $2.1 million of Net IncomeNEW YORK, NY and LOS ANGELES, CA / ACCESSWIRE / July 13, 2020 / Dolphin Entertainment, Inc. (NASDAQ:DLPN), a leading independent entertainment marketing and production company, reports its operating results for the three months ended March 31, 2020.HighlightsTotal Q1 revenue and the revenue from the company's core entertainment and publicity segment, increased approximately 5% and 6.0%, respectively, year-over-year, to $6,633,800.Operating loss for the three months ended March 31, 2020 of $870,859, which included non-cash items from depreciation and amortization of $521,003, as compared to operating loss of $825,161 including non-cash items for depreciation and amortization of $481,642 for the same period in the prior year.Net Income for the three months ended March 31, 2020 of $2,073,847, compared to net income of $122,608 for the same period in the prior year.Shore Fire Media's clients won a collective 11 GRAMMY Awards, including seven in various Best Album categories.42West was involved in various capacities with 13 films that earned a total of 49 Academy Award nominations and won 9 Oscars.The Door and Shore Fire Media participated in a number of star-studded celebrations around the biggest sporting event in the nation, Super Bowl LIV, including the Super Bowl Music Fest headlined by acts such as DJ Khaled, Guns N Roses and Adam Levine.Rachel Aberly, Executive Vice President of 42West, won the inaugural \"Publicist of the Year\" award at the 2020 Publicists Awards.Dolphin Entertainment acquired feature comedy script SISTERS BEFORE MISTERS, and attached Lea Thompson to direct.Furthermore, on June 9, 2020, Dolphin closed on a securities purchase agreement, previously announced on June 5th, 2020, with several institutional investors for the issuance and sale of 7,900,000 shares of its common stock at a price of $1.05 per share, for aggregate gross proceeds of approximately $8.3 million, in a registered direct offering.Conference Call InformationTo participate in this event, dial approximately 5 to 10 minutes before the beginning of the call.Date, Time: July 13, 2020, at 4:30 p.m. ETToll-Free: 877-407-0782International: 201-689-8567Live Webcast: https://www.webcaster4.com/Webcast/Page/2225/35648Conference Call Replay InformationThe replay will be available begi...