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Dolphin Entertainment shares surge after signing famous faces and boosting revenue in its first quarter

Wednesday, May 16, 2018 7:09
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Dolphin Entertainment Inc (NASDAQ:DLPN) shares jumped after the media company reported a substantial revenue increase in its first quarter and signed several celebrity clients.

The content producer reported earnings of US$0.07 per share on revenue of US$5.8mln compared with US$0.10 on revenue of US$532,000 in the previous year’s first quarter.

READ: Shares of Dolphin Entertainment poised to climb after company swings to profit in 2017

The Florida-based company produces online digital content, including the Aim High series starring Twilight’s Jackson Rathbone as a student by day and secret agent by night.

The company acquired marketing and public relations firm 42West LLC last year in a US$28mln deal. The firm has signed big-name clients like Empire’s Taraji P. Henson, singer Camila Cabello and comedian Marc Maron.

“The organic growth of 42West is something we hope to highlight for many quarters and years to come.  Also, as we have noted before, we have a solid pipeline for acquisitions of companies and personnel to complement 42West in public relations and marketing for celebrities and entertainment content,” said CEO Bill O’Dowd.

Shares of the company were up more than 8% to US$3.19 in early Tuesday trading.

Story by ProactiveInvestors


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