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.

Highlights

• Total Q1 revenue and the revenue from the company's 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 5^th, 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.

• Conference Call Information

• To participate in this event, dial approximately 5 to 10 minutes before the beginning of the call.
  Date, Time: July 13, 2020, at 4:30 p.m. ET
  Toll-Free: 877-407-0782
  International: 201-689-8567
  Live Webcast: https://www.webcaster4.com/Webcast/Page/2225/35648

• 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
  Reference ID: 35648

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 Observer's '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.

Contact:

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

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
(unaudited)

The accompanying notes are an integral part of these consolidated financial statements.

DOLPHIN ENTERTAINMENT, INC. AND SUBSIDIARIES
Condensed Consolidated Statements of Operations
(unaudited)

SOURCE: Dolphin Entertainment, Inc.