MIAMI, FL / ACCESSWIRE / April 15, 2021 / 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, 2020.
'Dolphin 1.0, our core investment strategy to form and operate a best-in-class entertainment marketing ‘Super Group,' had a successful 2020 with the highly strategic acquisition of influencer marketing agency, Be Social,' said Bill O'Dowd, CEO of Dolphin Entertainment. 'Momentum continued into 2021, with the acquisition of BH/I, a leading entertainment content, gaming and Esports PR firm, expanding Dolphin into exciting new entertainment verticals, and greatly enhancing cross-sell opportunities.'
Mr. O'Dowd continued, 'Our financials reflect the strength of our Super Group. Even during the pandemic, with movie theaters, live music venues, restaurants and hotels closed nationwide, Q4 revenue grew to approximately $6.7 million, from $6.2 million in 2019. We believe Q1 revenues will pass $7 million, and we continue to believe that 2021 revenues will pass $30 million, without taking into account any Dolphin 2.0 initiatives, such as our recently announced NFT division. As exciting as our revenue growth is, we feel even more proud about our improved balance sheet. In 2020, even while continuing to pursue our growth and acquisition strategy, we improved our working capital deficit by over 80%, from $15.6 million down to $3 million. We believe we will reach a working capital surplus shortly, within 2021. Furthermore, both stockholder's equity and current assets doubled in value, and our cash on hand more than tripled, from 2019 to 2020.'
Mr. O'Dowd added, 'We are a company that is growing stronger and, with the further acquisitions of Be Social and B/Hi, we believe we have tremendous scale across the major verticals of entertainment. So, we have launched Dolphin 2.0. By leveraging our unique & powerful entertainment marketing Super Group, Dolphin will now start owning some of what we are marketing. To that end, in March, we formed a new division dedicated to designing, producing, releasing and promoting Non-Fungible Tokens (NFTs) for our clients across the film, television, music, gaming, culinary, and sports industries. Next, we signed our first NFTs partnership with Hall of Fame Resort & Entertainment Company to begin offering NFTs to maximize the value of original media content, with a focus on collectibles and sports entertainment. We are enthusiastic about our opportunities within the NFT space generally, and our partnership with Hall of Fame specifically. And, it's important to note, NFTs represent only 1 of the various Dolphin 2.0 initiatives we expect to announce this year. We could not be more excited.'
- Total Q4 revenue increased to $6.7 million, compared to $6.4 million in Q4 2019; full year 2020 revenue was $24.1 million, compared to $25.0 million in 2019.
- Operating loss for the year ended December 31, 2020 of $2.5 million, included non-cash items from depreciation and amortization of $2.0 million and an impairment of investment asset of $220,000, as compared to operating loss of $4.0 million, which included non-cash items from depreciation and amortization of $1.9 million, for the same period in the prior year.
- Net loss for the year ended December 31, 2020 of $1.9 million, which included the non-cash items from depreciation and amortization of $2.0 million and an impairment of investment asset of $220,000, compared to net loss of $2.3 million, which included non-cash items from depreciation and amortization of $1.9 million, for the same period in the prior year.
- Cash and cash equivalents of $7.9 million as of December 31, 2020, compared to $2.2 million as of December 31, 2019.
- Working Capital of ($3.0 million) as of December 31, 2020, compared to ($15.6 million) as of December 31, 2019.
- Dolphin Entertainment Launched Non-Fungible Tokens (NFTs) Creation and Marketing Division
- Dolphin Entertainment Signed its First NFT Partnership with Hall of Fame Resort & Entertainment; Announced Heisman Trophy Winners and Pro Football Hall of Fame Inductees Tim Brown, Earl Campbell and Doak Walker To Kick-Off NFT Collection
- 42West was involved in various capacities with 13 films that earned a total of 32 Academy Award nominations.
- 42West enjoyed an incredible night at the 63rd Grammys
- Shore Fire clients performed, presented and won at the 2021 Grammys
- Dolphin Entertainment Acquired B/HI (Formerly Bender/Helper Impact)
- Dolphin Entertainment recognized in New York Observer's PR Power List 2020
- The Door & Be Social launch culinary influencer marketing Initiative for brands looking to create 'Foodie' buzz on social media
- 42West ranked by Forbes among America's best PR agencies 2021
Conference Call Information
To participate in this event, dial approximately 5 to 10 minutes before the beginning of the call.
Date, Time: Thursday, April 15, 2021, at 4:30pm ET
Conference Call Replay Information
Reference ID: 40860
Webcast replay: https://www.webcaster4.com/Webcast/Page/2225/40860
About Dolphin Entertainment, Inc.
Dolphin Entertainment is a leading independent entertainment marketing and premium content development 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, gaming and hospitality industries. Viewpoint Creative and Be Social complement their efforts with full-service creative branding and production capabilities as well as social media and influencer marketing services. Dolphin's legacy content production business, founded by Emmy-nominated CEO Bill O'Dowd, has produced multiple feature films and award-winning digital series. Dolphin's Non-Fungible Tokens (NFTs) division is dedicated to designing, producing, distributing and promoting NFTs for itself and its clients within the film, television, music, gaming, epicurean, and technology industries. The NFTs division is comprised of executives across all six of Dolphin's wholly-owned subsidiaries blending their collective expertise in creative services, digital design, production, marketing, sales and public relations. To learn more, visit: https://www.dolphinentertainment.com
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 Inc.'s offering of common stock as well as 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.
DOLPHIN ENTERTAINMENT, INC. AND SUBSIDIARIES
Condensed Consolidated Balance Sheets
As of December 31, 2020 and 2019
DOLPHIN ENTERTAINMENT, INC. AND SUBSIDIARIES
Consolidated Statements of Operations
For the years ended December 31, 2020 and 2019
SOURCE: Dolphin Entertainment, Inc.
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