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Destiny Media Technologies Inc. Announces Fiscal Year 2022 Results

Vancouver, British Columbia--(Newsfile Corp. - November 14, 2022) - Destiny Media Technologies (TSXV: DSY) (OTCQB: DSNY), the makers of Play MPE®, a cloud-based SaaS solution for digital asset management in the music industry, today announced financial results for its fiscal year ended August 31, 2022.

"The launch of Play MPE®'s browser based global distribution components was a major accomplishment for fiscal 2022," said Fred Vandenberg, President and CEO. "With this launch, we moved resources in the latter half of the year to advance new products and new functionality designed to accelerate revenue growth."

"While a devaluation of the Euro resulted in a small revenue decline for the year, we expect our increased investments in product and business development to impact 2023," continued Fred Vandenberg.

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Fiscal 2022 Highlights

  • FX adjusted revenue increased by 1%; unadjusted revenue declined by 3%;

  • Renewal of Universal Music Group agreement with 10% increase in annual fees;

  • Warner Music Group revenue grew by 48% in the USA; 30% worldwide;

  • Latin market development continues with a 64% increase in active users; signing of first pilot agreement.

  • Launched Play MPE®'s global distribution infrastructure in browser platform; development staffing moving to new product development.

During the year under a normal course issuer bid, the Company repurchased and cancelled 143,100 shares for a total cost of $0.179M.

Fiscal 2022 Earnings Webinar

Destiny Media Technologies will hold a live webinar on Tuesday, November 15 at 2:00 p.m. Pacific Standard Time (5:00 p.m. Eastern Standard Time) to discuss financial results for its fiscal year ended August 31, 2022. The Company plans to release financial results for the year before market open on November 14, 2022.

The live webinar will include comments from President, Chief Executive Officer, Fred Vandenberg, and Director of Business Development, Allan Benedict.

Date: Tuesday, November 15, 2022
Time: 2:00 p.m. Pacific Standard Time (5:00 p.m. Eastern Standard Time)
Attendees are encouraged to register prior to the scheduled time at the following:

https://investors.dsny.com/investors/financials/

or directly on the REGISTRATION FORM by clicking here.

Attendees viewing the webinar can voluntarily submit verbal questions during the live presentation. Attendee cameras will remain off throughout the presentation. Attendees' microphones will remain off unless the attendee voluntarily selects to engage in questions similar to the format available on traditional conference call format.

The webinar format will provide the Company an opportunity to present visual information and provide attendees an opportunity for written questions.

For those without internet access, the webinar can be accessed via the following dial in details:

Direct dial in: +1 312 626 6799 or +1 253 215 8782

Webinar ID: 860 4865 3403

Attendees participating via dial in will not have access the webinar video stream, and will not have access to question and answer functions.

A recording of the webinar will be available after the event on https://investors.dsny.com/investors/financials/

Destiny Media Technologies Inc.

CONSOLIDATED BALANCE SHEETS

As at August 31, (Expressed in United States dollars)



2022



2021



$



$



 



 

ASSETS


 



 

Current


 



 

Cash and cash equivalents


2,095,928



2,752,662

Accounts receivable, net of allowance for doubtful accounts of $39,518 [2021 - $19,743]


483,774



400,233

Other receivables


29,600



53,172

Prepaid expenses


83,242



103,463

Deposits


33,305



 

Total current assets


2,725,849



3,309,530

Deposits


 



35,556

Property and equipment, net


311,792



143,487

Intangible assets, net


529,717



187,622

Right of use assets


 



190,253

Total assets


3,567,358



3,866,448



 



 

LIABILITIES AND STOCKHOLDERS' EQUITY


 



 

Current


 



 

Accounts payable


116,290



202,722

Accrued liabilities


319,738



309,839

Deferred revenue


21,043



8,511

Operating lease liability


 



226,978

Total current liabilities


457,071



748,050

Operating lease liability, net of current portion


-



-

Total liabilities


457,071



748,050

Commitments and contingencies


 



 

Stockholders' equity


 



 

Common stock, par value $0.001 authorized: 20,000,000 shares Issued and outstanding: 10,122,261 shares [2021 - issued and outstanding 10,265,361 shares]


10,122



10,266

Additional paid-in capital


9,115,848



9,157,804

Accumulated deficit


(5,639,465)



(5,788,539)

Accumulated other comprehensive loss


(376,218)



(261,133)

Total stockholders' equity


3,110,287



3,118,398

Total liabilities and stockholders' equity


3,567,358



3,866,448

 

Destiny Media Technologies Inc.

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

Years ended August 31, (Expressed in United States dollars)



2022



2021



Q4 2022



Q4 2021



$



$



$



$

Service revenue


4,023,910



4,172,473



994,057



1,033,810



 



 



 



 

Cost of revenue


 



 



 



 

Hosting costs


178,567



131,325



40,168



39,034

Internal engineering support


61,793



29,723



18,084



8,725

Customer support


350,161



168,428



102,476



49,439

Third party and transaction costs


66,278



64,449



17,592



16,711



656,799



393,925



178,320



113,909

Gross Margin


3,367,111



3,778,548



815,737



919,901



84%



91%



82%



89%

Operating expenses


 



 



 



 

General and administrative


980,381



666,485



180,208



139,663

Sales and marketing


1,011,199



1,433,232



239,036



428,394

Product development


1,099,618



1,194,976



154,677



233,046

Depreciation and amortization


142,662



105,357



52,603



27,969



3,233,860



3,400,050



626,524



829,072

Income from operations


133,251



378,498



189,213



90,829

Other income


 



 



 



 

Interest income


9,153



4,031



4,460



869

Gain on disposal of assets


11,018



-



0



-

Income before provision for income taxes


153,422



382,529



193,673



91,698

Income tax expense - deferred


(4,348)



-



-



-

Net income


149,074



382,529



193,673



91,698

Foreign currency translation adjustments


(115,085)



84,323



(106,446)



(127,573)

Total comprehensive income


33,989



466,852



44,542



(35,875)

Net income per common share, basic and diluted


0.01



0.04



0.01



0.01

 

About Destiny Media Technologies Inc.

Destiny Media Technologies ("Destiny") provides software as service (SaaS) solutions to businesses in the music industry solving critical problems in distribution and promotion. The core service, Play MPE® (www.plaympe.com), provides promotional music marketing to engaged networks of decision makers in radio, film, TV, and beyond. More information can be found at www.dsny.com.

Forward-Looking Statements

This release contains forward-looking statements that reflect current views with respect to future events and operating performance. Any such statements are subject to risks and uncertainties that could cause actual results to differ materially from those projected in these forward-looking statements. Destiny Media Technologies is not obligated to update these statements in the future. For more information on the Company's risks and uncertainties relating to those forward-looking statements, please refer to the Risk Factors section in our Annual Form 10-K for the fiscal year ended August 31, 2022, which will be available on www.sedar.com or www.sec.gov.

Contact:
Fred Vandenberg
CEO, Destiny Media Technologies, Inc.
604 609 7736 x236

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/144088