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Dolphin Entertainment Reports First Quarter 2020 Results
Company Reports $6.6 million of Revenue and $2.1 million of Net Income
NEW 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.
Total Q1 revenue and the revenue from the companys 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.
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 Observers 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.
The following information was filed by Dolphin Entertainment, Inc. (DLPN) on Tuesday, July 14, 2020 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.
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