Dolphin Entertainment Q3 2020 Revenue Increases 23% From Q2 2020, And 7% Year Over Year, to $6.4 Million

NEW YORK, NY and LOS ANGELES, CA / ACCESSWIRE / November 16, 2020 / Dolphin Entertainment, Inc. (NASDAQ:DLPN), a leading independent entertainment marketing and production company, reports its operating results for the three months ended September 30, 2020.

Bill O'Dowd, CEO of Dolphin Entertainment, commented, "Our Q3 highlight was undoubtedly the acquisition of Be Social. Adding best-in-class influencer marketing capabilities to our entertainment industry leading PR firms was the single-most strategic objective for Dolphin in 2020. With Be Social, we added our first choice of companies in this vertical, and continued to build on the momentum from the Shore Fire acquisition in December, 2019. And that momentum is showing in our financial results. Our revenue grew 23% from Q2, from just under $5.2 million to just under $6.4 million. This also represents a 7% year over year increase. We will continue to integrate Be Social, and cross-sell their services, throughout Q4 and expect to finish the year very strong, as we look forward to 2021."

Highlights

• Total revenue, fully derived from the Company's core entertainment and publicity segment, was $6,390,653 for the three months ended September 30, 2020, as compared to $5,948,056 in the same period in the prior year. The prior year included $7,616 of revenue from content production.

• Operating loss for the three months ended September 30, 2020 of $493,185, which included non-cash items from depreciation and amortization of $514,097, as compared to operating loss of $1,412,171 including non-cash items for depreciation and amortization of $485,965 for the same period in the prior year.

• Net Loss for the three months ended September 30, 2020 of $137,630, compared to net loss of $326,441 for the same period in the prior year.

• Cash and cash equivalents of $9.9 million as of September 30, 2020, compared to $2.9 million as of December 31, 2019.

• Announced a major expansion of entertainment marketing capabilities through the acquisition of influencer marketing leader, Be Social. Founded 8 years ago, Be Social is a Los Angeles-based digital communications group representing both brands and highly-engaged digital influencers. Be Social has worked with hundreds of leading beauty, fashion and lifestyle brands on influencer campaigns, including H&M, Nordstrom and Disney, oftentimes alongside the roster of digital talent they represent, which include many of the most recognized influencers across social media.

• Viewpoint Creative launched its Quarterly Earnings Report Videos service, just in time for Q3 reporting, and ahead of major Fall and Winter virtual investor events, including the Virtual CES Conference and the Virtual JP Morgan Healthcare Conference. Viewpoint Creative is now offering their award-winning, full-service, live-action and animated video capabilities to publicly traded companies looking to add a dynamic visual component to their quarterly earnings presentations.

• 42 West was awarded by Forbes with five stars - the highest possible rating - in its inaugural ranking of America's Best PR Firms for 2021. To develop the list, Forbes worked with Statista to survey more than 12,700 experts and 20,500 customers who nominated more than 5,000 firms nationwide across all industries. Participants were then asked to indicate how likely they were to nominate a particular agency on a scale of zero (very unlikely) to 10 (very likely). Statista then narrowed the list to the top 200 for recognition. 42West is one of only 108 PR firms to receive five stars, placing in the top 1% of all PR firms in the United States.

• The Door had 11 hotels in their hospitality portfolio recognized by the distinguished Condé Nast Traveler 2020 Readers' Choice Awards. This year, more than 715,000 Condé Nast Traveler readers submitted responses rating their travel experiences across the globe to determine the winners. This year's line-up of winners among The Door brand and hotel clients includes: The Family Coppola Hideaways, Makeready, Viceroy Hotels & Resorts and Virgin Hotels.

• 42West was involved in various capacities with 33 programs and individuals that earned a total of 145 nominations and won 43 Emmy Awards overall. During the Emmy's broadcast, 42West clients took home more than half of the awards presented. Among the company's highlights was Pop TV's "Schitt's Creek," which 42West has been representing since 2018. The series, winner of nine Emmy Awards overall, made history as the first comedy series to win all seven major awards in the category in the same year.

• The Door announced openings and re-openings of multiple hotel clients including the opening of both Virgin Hotels Nashville and Kenoza Hall located in the Catskills region of New York, as well as the re-opening of Virgin Hotels Chicago and the Viceroy Santa Monica, which is just completing a $21 million renovation.

Conference Call Information

To participate in this event, dial approximately 5 to 10 minutes before the beginning of the call.
Date, Time: November 16, 2020, at 4:30 p.m. ET
Toll-Free: 877-407-0782
International: 201-689-8567
Live Webcast: https://www.webcaster4.com/Webcast/Page/2225/38312

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Reference ID: 38312

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 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.

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.

CONTACT:
James Carbonara
Hayden IR
(646)-755-7412
[email protected]

DOLPHIN ENTERTAINMENT, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS
(unaudited)

DOLPHIN ENTERTAINMENT, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(unaudited)

SOURCE: Dolphin Entertainment