MIAMI, FL / ACCESSWIRE / November 14, 2022 / Dolphin Entertainment, Inc. (NASDAQ:DLPN), a leading entertainment marketing and premium content production company, announces its financial results for the third quarter ended September 30, 2022.

'We are pleased to announce another quarter of YoY revenue growth, and our Q3 and year-to-date performance continues to have Dolphin on track to cross $40.0 million in annual revenue this year,' said Bill O'Dowd, CEO of Dolphin Entertainment. 'And, in very exciting news, earlier today we added East Coast influencer marketing powerhouse, Socialyte, to our entertainment marketing ‘Super Group.' We believe the combination of Be Social and Socialyte under one roof positions Dolphin as the leading player in influencer marketing within the entertainment industry, complementing our market-leading PR firms, 42West, Shore Fire and The Door.'

Mr. O'Dowd continued, 'While adding Socialyte to the Dolphin family is certainly today's highlight, our 2.0 initiatives, wherein we take an ownership percentage in what we market, made terrific progress in Q3 and after quarter end. Highlights include: the soft opening Midnight Theatre, selling out our flagship NFT collection in 90-minutes, and partnering with renowned chef Nina Compton to create the cocktail club ShaSha Lounge in New Orleans.'

Q3 2022 and Recent Highlights

• Total Q3 2022 revenue increased 5% to $9.9 million as compared to $9.4 million in Q3 2021;
• Operating loss for the quarter ended September 30, 2022, of $1.1 million, includes non-cash items from depreciation and amortization of $415,836, a gain in the change of fair value of contingent consideration of $5,000 and acquisition costs of $315,800 as compared to an operating loss of $1.1 million for the quarter ended September 30, 2021, which included non-cash items from depreciation and amortization of $475,207 and a loss in the change of fair value of contingent consideration of $1.1 million.
• Net loss for the quarter ended September 30, 2022 of $1.3 million includes non-cash items from (i) depreciation and amortization of $415,836, (ii) a gain in the change of fair value of contingent consideration of $5,000, (iii) a gain in the change of fair value of warrants and convertible notes of $55,642 and (iv) acquisition costs of $315,800; compared to net income for the quarter ended September 30, 2021 of $141,651 which includes non-cash items from (i) depreciation and amortization of $475,207, (ii) a loss in the change of fair value of contingent consideration of $1.1 million, iii) a loss in the change of fair value of warrants and convertible notes of $278,923 and (iv) a net gain of $1.7 million from the extinguishment of debt.
• Cash and cash equivalents of $4.5 million as of September 30, 2022 as compared to $7.7 million as of September 30, 2021.
• Working capital surplus as of September 30, 2022, of $2.1 million, compared to a working capital surplus of $3.3 million as of September 30, 2021.
• Acquired East Coast influencer marketing agency Socialyte.
• Dolphin Entertainment Announces Partnership with Award Winning Chef Nina Compton and Sweet Management to Open a New Cocktail Lounge with First Location in New Orleans.
• Dolphin Entertainment's Flagship NFT Collection, Creature Chronicles, Sells Out in 90 Minutes.
• Midnight Theatre Enjoys Soft Opening on September 21 and Partners with Mastercard as Presenting Sponsor.

Conference Call Information
To participate in this event, dial approximately 5 to 10 minutes before the beginning of the call.

Date: November 14, 2022
Time: 4:30 PM Eastern Time
Toll Free: 800-225-9448 International: 203-518-9708
Participant Access Code: DOLPHIN
Webcast: https://www.webcaster4.com/Webcast/Page/2225/47111

Conference Call Replay Information
Toll Free: 877-481-4010
International: 919-882-2331
Replay Passcode: 47111
Webcast Replay: https://www.webcaster4.com/Webcast/Page/2225/47111

About Dolphin Entertainment

Dolphin Entertainment is a leading independent entertainment marketing and production company. Through our subsidiaries 42West, The Door, Shore Fire Media and B/HI (a division of 42West), 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. All three PR firms have been ranked among the most recent Observer's 'Power 50' PR Firms in the United States. 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, and has recently entered into a multi-year agreement with IMAX to co-produce feature documentaries. In early 2022, Dolphin launched WCIP (pronounced We Come In Peace), its new marketing, consulting and communications agency focused solely on developing and marketing blockchain, metaverse and Web3 projects and initiatives, for both current and future clients, as well as wholly-owned project investments. 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.

CONTACT:

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

DOLPHIN ENTERTAINMENT, INC. AND SUBSIDIARIES

Condensed Consolidated Balance Sheets

DOLPHIN ENTERTAINMENT, INC. AND SUBSIDIARIES

Condensed Consolidated Statements of Operations

SOURCE: Dolphin Entertainment Inc.