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.

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