PR Newswire
NEW YORK and LOS ANGELES, Nov. 19, 2018
NEW YORK and LOS ANGELES, Nov. 19, 2018 /PRNewswire/ -- Dolphin Entertainment, Inc. (NASDAQ: DLPN), a leading independent entertainment marketing and premium content production company, announces its financial results for the quarter ended September 30, 2018.
Quarterly and Recent Highlights
Dolphin's CEO, Bill O'Dowd, commented: "We remain focused on assembling our 'Super Group' of previously privately-held, already profitable, best-in-class entertainment marketing companies, as evidenced by our acquisitions of The Door during the third quarter and Viewpoint in the current quarter, recognized as the third most powerful PR firm in the country and a leading full-service creative branding and production boutique, respectively. Coupled with four new hires to 42West's Talent PR team in the third quarter, we believe that we are well positioned for continued revenue growth in 2019."
Conference Call Information
To participate in this event, dial-in approximately 5 to 10 minutes before the beginning of the call.
Date, Time: November 19, 2018, at 9:00 a.m. ET
Toll-free: 877-407-0782
International: 201-689-8567
Live Webcast: http://www.investorcalendar.com/event/41072
Conference Call Replay Information
The replay will be available beginning approximately 1 hour after the completion of the live event.
Toll-free: 877-481-4010
International: 919-882-2331
Reference ID: 41072
About Dolphin Entertainment, Inc.
Dolphin Entertainment is a leading independent entertainment marketing and premium content development company. Through our subsidiaries 42West and The Door, we provide expert strategic marketing and publicity services to many of the top brands, both individual and corporate, in the entertainment and hospitality industries. The Door and 42West are both recognized global leaders in PR services for their respective industries and, in December 2017, the New York Observer listed them, respectively, as the third and fourth most powerful PR firms of any kind in the United States. Dolphin's recent 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.
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.
Investor Contact:
James Carbonara
Partner, Hayden IR
[email protected]
+ 1 646 755 7412
DOLPHIN ENTERTAINMENT, INC. AND SUBSIDIARIES | |||
Condensed Consolidated Balance Sheets | |||
(unaudited) | |||
ASSETS | As of September 30, | As of December 31, | |
Current | |||
Cash and cash equivalents | $ 7,112,256 | $ 5,296,873 | |
Restricted cash | 677,354 | - | |
Accounts receivable, net of allowance for doubtful accounts of $531,409 and $366,280, respectively. | 3,412,585 | 3,700,618 | |
Other current assets | 367,563 | 422,118 | |
Total current assets | 11,569,758 | 9,419,609 | |
Capitalized production costs | 884,585 | 1,075,645 | |
Intangible assets, net of accumulated amortization of $2,169,782 and $1,043,255, respectively. | 9,490,218 | 8,506,745 | |
Goodwill | 16,614,335 | 12,778,860 | |
Property, equipment and leasehold improvements | 1,067,874 | 1,110,776 | |
Investments | 220,000 | 220,000 | |
Deposits | 475,958 | 485,508 | |
Total Assets | $ 40,322,728 | $ 33,597,143 | |
LIABILITIES | |||
Current | |||
Accounts payable | $ 877,240 | $ 1,097,006 | |
Other current liabilities | 5,585,920 | 6,487,819 | |
Merger consideration payable | 1,000,000 | - | |
Line of credit | 1,700,390 | 750,000 | |
Put Rights | 3,273,448 | 2,446,216 | |
Accrued compensation | 2,625,000 | 2,500,000 | |
Debt | 2,756,392 | 3,987,220 | |
Loan from related party | 1,107,873 | 1,708,874 | |
Deferred revenue | 60,074 | 48,449 | |
Convertible notes payable | 625,000 | 800,000 | |
Notes payable | 900,000 | 300,000 | |
Total current liabilities | 20,511,337 | 20,125,584 | |
Noncurrent | |||
Warrant liability | - | 1,441,831 | |
Put Rights | 1,909,265 | 3,779,794 | |
Convertible notes payable, net of discount | 1,346,155 | 75,000 | |
Notes payable | - | 600,000 | |
Contingent consideration | 1,150,000 | - | |
Deferred tax | 201,740 | 187,537 | |
Other noncurrent liabilities | 804,143 | 1,311,040 | |
Total noncurrent liabilities | 5,411,303 | 7,395,202 | |
Total Liabilities | 25,922,640 | 27,520,786 | |
STOCKHOLDERS' EQUITY | |||
Common stock, $0.015 par value, 200,000,000 shares authorized, xxxx and 10,565,789, respectively, issued and outstanding at September 30, 2018 and December 31, 2017. | 209,003 | 158,487 | |
Preferred Stock, Series C, $0.001 par value, 50,000 authorized, issued and outstanding at September 30, 2018 and December 31, 2017. | 1,000 | 1,000 | |
Additional paid in capital | 105,003,434 | 98,816,550 | |
Accumulated deficit | (90,813,349) | (92,899,680) | |
Total Stockholders' Equity | $ 14,400,088 | $ 6,076,357 | |
Total Liabilities and Stockholders' Equity | $ 40,322,728 | $ 33,597,143 | |
The notes to the financial statements not included here, are an integral part of these consolidated financial statements. |
DOLPHIN ENTERTAINMENT INC. AND SUBSIDIARIES | |||||
Condensed Consolidated Statements of Operations | |||||
(Unaudited) | |||||
For the three months ended | For the nine months ended | ||||
September 30, | September 30, | ||||
2018 | 2017 | 2018 | 2017 | ||
Revenues: | |||||
Entertainment publicity | $ 5,720,264 | $ 5,409,175 | $ 16,297,466 | $ 10,546,716 | |
Production and distribution | - | 1,398,839 | 427,153 | 4,625,801 | |
Total revenues | 5,720,264 | 6,808,014 | 16,724,619 | 15,172,517 | |
Expenses: | |||||
Direct costs | 333,041 | 748,365 | 1,199,165 | 3,878,629 | |
Selling, general and administrative | 1,111,516 | 698,001 | 2,547,621 | 1,956,695 | |
Depreciation and amortization | 599,078 | 321,538 | 1,345,421 | 648,848 | |
Legal and professional | 601,330 | 208,637 | 1,445,818 | 1,098,728 | |
Payroll | 3,614,139 | 3,482,246 | 10,755,111 | 7,284,734 | |
Total expenses | 6,259,104 | 5,458,787 | 17,293,136 | 14,867,634 | |
Income (Loss) before other expenses | (538,840) | 1,349,227 | (568,517) | 304,883 | |
Other Income (Expenses): | |||||
Extinguishment of debt | - | 3,881,444 | (53,271) | 3,877,277 | |
Acquisition costs | (182,504) | - | (217,174) | (745,272) | |
Loss on disposal of furniture, office equipment and | - | - | - | (28,025) | |
Change in fair value of warrant liability | - | 1,396,094 | - | 7,685,607 | |
Change in fair value of contingent consideration | 470,000 | (230,000) | 470,000 | (346,000) | |
Change in fair value of put rights | (110,840) | 200,000 | 1,305,797 | 100,000 | |
Interest expense | (277,122) | (424,187) | (810,521) | (1,273,166) | |
Total other income (loss) | (100,466) | 4,823,351 | 694,831 | 9,270,421 | |
Income before income taxes | (639,306) | 6,172,578 | 126,314 | 9,575,304 | |
Income taxes | 819,451 | - | 538,831 | - | |
Net income | $ 180,145 | $ 6,172,578 | $ 665,145 | $ 9,575,304 | |
Income (Loss) per Share: | |||||
Basic | $ 0.01 | $ 0.66 | $ 0.05 | $ 1.11 | |
Diluted | $ 0.01 | $ 0.44 | $ (0.04) | $ 0.20 | |
Weighted average number of shares used | |||||
Basic | 14,565,766 | 9,336,826 | 13,151,649 | 8,640,543 | |
Diluted | 14,565,766 | 10,382,818 | 15,355,134 | 9,479,840 | |
The notes to the financial statements not included here, are an integral part of these consolidated financial statements. |
View original content:http://www.prnewswire.com/news-releases/dolphin-entertainment-reports-third-quarter-financial-results-300752670.html
SOURCE Dolphin Entertainment, Inc.
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