Dolphin Entertainment (NASDAQ: DLPN) shares spiked about 30% Thursday after the company reported financial results for the full year ended December 31, 2017. Dolphin Entertainment is an independent producer of feature films and digital content, and parent company of 42West, a public relations and marketing services firm.
The company reported revenues of $22.4 million, up from $9.4 million as compared to the prior year, operating loss of $1.1 million compared to an operating loss of $17.7 million in the prior year, net income of $6.9 million, compared to a net loss of $37.2 million in the prior year.
Dolphin's CEO, Bill O'Dowd, commented, "We had a very strong 2017. Revenue grew significantly, to $22.4 million, a 238% increase from the prior year. A substantial part of that total growth continues to be attributable to our March 2017acquisition of 42West."
Mr. O'Dowd continued, "In 2018 we will continue to drive top and bottom line growth. In our content marketing division, we are already off to a good start having signed many new projects and clients this year. Furthermore, we continue to see opportunities to complement our organic growth by pursuing accretive acquisitions of companies or personnel in the highly-fragmented content marketing space. In terms of producing content, we are focused on moving at least one film into production, thereby generating additional revenues for that business unit and providing optionality in 2019. Collectively, the accomplishments of last year, including our uplisting to NASDAQ, have Dolphin well positioned to maximize shareholder value in 2018 and beyond."