Dolphin Entertainment, Inc. (NASDAQ:DLPN) shares are up Wednesday after the company announced better-than-expected financial results for the first quarter.

The Details: During Tuesday's after-market session, Dolphin Entertainment announced first-quarter earnings that included $15.24 million in revenue, representing a 54% year-over-year increase.

The company reported a loss of two cents per share, which was up from a loss of 23 cents per share in the prior year's quarter.

Operating expenses for the first quarter were $15.1 million. Dolphin Entertainment said it had $7.5 million in cash and cash equivalents as of March 31.

"By concentrating on organic expansion among our top-tier marketing entities and launching complementary Ventures at a steady pace, we believe we are strategically positioned for sustained growth in both revenue generation and Adjusted Operating Income, the crucial financial metric against which we gauge our performance," said Bill O'Dowd, CEO of Dolphin Entertainment.

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Dolphin Entertainment noted that it will launch Staple Gin, a recipe-driven spirit created by Rachael Ray, this week. Shipments are set to begin on Wednesday.

In addition, the company said its "Blue Angels" documentary, produced under its multi-year partnership with IMAX, will debut in IMAX theaters on Friday and on Amazon Prime on May 23.

Finally, Dolphin Entertainment noted that it's in the final stages of selecting an operating partner for Mastercard Midnight Theatre. The company said it expects to make an announcement regarding the selection later this month.

DLPN Price Action: According to Benzinga Pro, Dolphin shares were up 7.56% at $1.21 at the time of writing.

Image: 2616931 from Pixabay.