Dolphin Entertainment Inc (NASDAQ:DLPN) shares are trading higher by 10.77% at $4.27 after the company reported fourth-quarter earnings results.
Dolphin Entertainment reported quarterly sales of $10.50 million which missed the analyst consensus estimate of $11.19 million by 6%. This sales figure represents an 80% increase over sales of $5.83 million the same period last year.
"This has been a transformative year for Dolphin, both with respect to our balance sheet and operating income, as well as in our evolution to making investments in assets for which we believe our marketing expertise will greatly influence the likelihood of success," said Bill O'Dowd, CEO of Dolphin Entertainment.
"First, with respect to our financial statements, 2021 revenue grew 49% to a record $35.8 million. Furthermore, we turned operating income positive, absent depreciation and amortization and a change in the fair value of contingent consideration. Finally, and this feels great to say, we reached a working capital surplus, with more cash on hand than all remaining debt, which has allowed us to remove our going concern, a tremendous milestone for any micro-cap public company," O'Dowd stated.
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Dolphin Entertainment is an entertainment marketing and content production company. It provides strategic marketing and publicity services to many of the top brands, both individual and corporate, in the film, television, music, gaming and hospitality industries.
According to data from Benzinga Pro, Dolphin Entertainment has a 52-week high of $15.25 and a 52-week low of $3.45.
