Dolphin Entertainment 2019 Revenue Increases 11% to $25 Million

NEW YORK, NY and LOS ANGELES, CA / ACCESSWIRE / March 30, 2020 / Dolphin Entertainment, Inc. (NASDAQ:DLPN), a leading entertainment marketing and premium content production company, announces its financial results for the period ended December 31, 2019.

Bill O’Dowd, CEO of Dolphin Entertainment, commented: “I’m happy to report that results exceeded consensus expectations for both revenues and earnings per share. All members of our PR and marketing “Super Group” had a strong 4th quarter, pushing our annual revenues just past $25,000,000, which was terrific. This represents an 11% increase year-over-year.

Furthermore, our net loss in the 4th quarter was just $71,428, which was less than half a cent per share, and this number includes Depreciation and Amortization costs of $500,792, or a little over 3 cents per share. This result also exceeds consensus expectations, which we attribute to the cross-selling of services between members of our entertainment marketing super group.

Also, we received tremendous recognition in December with the publishing of this year’s Power 50 list of the top PR firms by the New York Observer. All 3 of our PR firms made the list, with 42West at #4, the highest-ranking of any entertainment PR firm. Putting that in perspective, it is estimated that there are over 12,000 PR firms in this country. Yet, all 3 of ours made the Top 50 list. Secondly, we believe we are the only company to own more than 1 PR firm on the list. This is our differentiating factor. We have what we call an Entertainment Marketing Super Group, led by our 3 PR firms — 42West for movies and television; The Door for celebrity chefs, hospitality and consumer products; and Shore Fire Media for music. The combination of these best-in-class companies represents a platform for future growth that is the heart of the investment thesis into Dolphin.”


  • Total Q4 revenue increased 11% year-over-year to $6,450,931 and full year revenue increased 11% to $25,001,867 as compared to same period in the prior year.
  • Entertainment Publicity and Marketing revenue increased 14% year over year to $24,915,261 for the full year ended December 31, 2019.
  • Operating loss for the three months ended December 31, 2019 of $643,879, which included non-cash items from depreciation and amortization of $500,792, as compared to operating loss of $3,580,080 including non-cash items for depreciation and amortization of $633,382 and goodwill impairment of $1,857,000 for the same period in the prior year.
  • Net loss for the three months ended December 31, 2019 of $71,428, compared to net loss of $3,578,467 for the same period in the prior year.
  • On December 3, 2019, we acquired Shore Fire Media, Ltd, a leading PR firm specializing in music.
  • 42West, The Door, and Shore Fire Media, earned spots on The Observer’s prestigious PR Power 50, a widely-respected ranking of the 50 most influential public relations firms in the nation.
  • 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.
  • Rachel Aberly, Executive Vice President of 42West, won the inaugural “Publicist of the Year” award at the 2020 ICG (International Cinematographers Guild) Publicists Awards
  • Dolphin Entertainment acquired feature comedy script SISTERS BEFORE MISTERS, and attached Lea Thompson to direct.

Conference Call Information

To participate in this event, dial approximately 5 to 10 minutes before the beginning of the call.
Date, Time: Tuesday, March 31, 2020, at 8:45 a.m. ET
Toll-free: 877-407-0782
International: 201-689-8567
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Reference ID: 33736

About Dolphin Entertainment, Inc.

Dolphin Entertainment is a leading independent entertainment marketing and production company. Through our subsidiaries 42West, The Door and Shore Fire Media, we provide expert strategic marketing and publicity services to many of the top brands, both individual and corporate, in the film, television, music and hospitality industries. In December 2019, all three PR firms were ranked among the Observer’s “Power 50” PR Firms in the United States, an unprecedented achievement. Dolphin’s acquisition of Viewpoint Creative adds full-service creative branding and production capabilities to our marketing group. Dolphin’s legacy content production business, founded by Emmy-nominated CEO Bill O’Dowd, has produced multiple feature films and award-winning digital series.


James Carbonara
Hayden IR

Special Note Regarding Forward-Looking Statements

This press release contains “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act. These forward-looking statements may address, among other things, Dolphin Entertainment’s expected financial and operational results and the related assumptions underlying its expected results. These forward-looking statements are distinguished by the use of words such as “will,” “would,” “anticipate,” “expect,” “believe,” “designed,” “plan,” or “intend,” the negative of these terms, and similar references to future periods. These views involve risks and uncertainties that are difficult to predict and, accordingly, Dolphin Entertainment’s actual results may differ materially from the results discussed in its forward-looking statements. Dolphin Entertainment’s forward-looking statements contained herein speak only as of the date of this press release. Factors or events Dolphin Entertainment cannot predict, including those described in the risk factors contained in its filings with the Securities and Exchange Commission, may cause its actual results to differ from those expressed in forward-looking statements. Although Dolphin Entertainment believes the expectations reflected in such forward-looking statements are based on reasonable assumptions, it can give no assurance that its expectations will be achieved, and Dolphin Entertainment undertakes no obligation to update publicly any forward-looking statements as a result of new information, future events, or otherwise, except as required by applicable law.

Condensed Consolidated Balance Sheets

  As of December 31, 2019     As of December 31, 2018  
Cash and cash equivalents
  $ 2,196,249     $ 5,542,272  
Restricted cash
    714,089       732,368  
Accounts receivable, net
    3,581,155       3,173,107  
Other current assets
    372,872       620,970  
Total current assets
    6,864,365       10,068,717  
Capitalized production costs
    203,036       724,585  
Right of use assets
Intangible assets, net of accumulated amortization of $4,299,794 and $2,714,785, respectively.
    8,361,539       9,395,215  
    17,947,989       15,922,601  
Property, equipment and leasehold improvements, net
    1,036,849       1,182,520  
    220,000       220,000  
    502,046       475,956  
Total Assets
  $ 42,571,726     $ 37,989,594  
Accounts payable
  $ 832,089     $ 944,232  
Other current liabilities
    5,373,808       7,238,507  
Line of credit
    1,700,390       1,700,390  
Put rights
    2,879,403       4,281,595  
Accrued compensation
    2,625,000       2,625,000  
    3,311,198       2,411,828  
Loan from related party
    1,107,873       1,107,873  
Lease liability
Contract liability
    309,880       522,620  
Convertible notes payable
    2,452,960       625,000  
Note payable
    288,237       479,874  
Total current liabilities
    22,490,861       21,936,919  
Put rights
    124,144       1,702,472  
Convertible notes payable
    1,907,575       1,376,924  
Notes payable
    1,074,122       612,359  
Contingent consideration
    330,000       550,000  
Lease liability
Other noncurrent liabilities
    570,000       1,034,393  
Total noncurrent liabilities
    10,392,050       5,276,148  
Total Liabilities
    32,882,911       27,213,067  
Commitments and contingencies (Note 21)
Common stock, $0.015 par value, 200,000,000 shares authorized, 17,892,900 and 14,123,157, respectively, issued and outstanding at December 31, 2019 and 2018.
    268,402       211,849  
Preferred Stock, Series C, $0.001 par value, 50,000 authorized, issued and outstanding at December 31, 2019 and 2018.
    1,000       1,000  
Additional paid in capital
    105,443,656       105,092,852  
Accumulated deficit
    (96,024,243 )     (94,529,174 )
Total Stockholders’ Equity
  $ 9,688,815     $ 10,776,527  
Total Liabilities and Stockholders’ Equity
  $ 42,571,726     $ 37,989,594  

Consolidated Statements of Operations
For the years ended December 31, 2019 and 2018

  2019     2018  
Entertainment publicity and marketing
  $ 24,915,261     $ 21,916,727  
Content production
    86,606       632,612  
Total revenues
    25,001,867       22,551,339  
Direct costs
    5,043,903       2,176,968  
Selling, general and administrative
    3,799,765       4,486,023  
Depreciation and amortization
    1,946,960       1,978,804  
Legal and professional
    1,560,483       2,119,107  
    16,735,911       14,082,014  
Goodwill impairment
Total expenses
    29,087,021       26,699,916  
Loss before other expenses
    (4,085,155 )     (4,148,577 )
Other Income (Expenses):
Gain (loss) on extunguishment of debt
    711,718       (53,271 )
Acquisition costs
    (106,015 )     (438,552 )
Change in fair value of put rights
    2,880,520       616,943  
Change in fair value of contigent consideration
    193,557       1,070,000  
Interest expense
    (1,206,202 )     (1,050,478 )
Total other income, net
    2,473,579       144,642  
Loss before income taxes
  $ (1,611,576 )   $ (4,003,935 )
Income tax benefit
    418,199       1,090,614  
Net loss
  $ (1,193,377 )   $ (2,913,321 )
Loss per share – Basic
  $ (0.07 )   $ (0.22 )
Loss per share – Diluted
  $ (0.20 )   $ (0.23 )
Weighted average number of shares used in per share calculation
    16,522,924       13,773,395  
    21,425,506       16,159,486  

SOURCE: Dolphin Entertainment

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