Destiny Media Technologies Inc. Announces Second Quarter Fiscal Year 2019 Results

Vancouver, British Columbia--(Newsfile Corp. - April 15, 2019) - 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 2019 second quarter ended February 28, 2019.

Highlights

Highlights for the quarter include:

• Play MPE® currency adjusted revenue growth of 11.8%

• Play MPE® Revenue growth seen in all major territories through a currency adjusted increase in non-fixed fee income of 16.3%

• Integration with Nielsen's BDSradio expands Play MPE® network

Second Quarter Fiscal 2019 Results

Play MPE® currency adjusted revenue for the quarter ended February 28, 2019 grew by 11.8% over the comparable period in fiscal 2018. This increase in revenue includes an increase of 8.0% in fixed fee revenue and an increase in non-fixed fee revenue of 16.3%. In both cases, the increases were realized in the latter 2 months of the quarter. Foreign currency fluctuations negatively affected reported revenues by 3.9%, resulting in a net 7.9% increase to $879,364.

"During the latter half of Q2 we began to see the financial returns of our reinvestment in Play MPE and our increased investment in sales and marketing staffing." said Fred Vandenberg, Chief Executive Officer for Destiny Media Technologies. "We are very encouraged by the progress we see so far and look forward to the continued building of momentum through our targeted efforts. We are continuing to add to product development and business development resources."

For more information, please see our AGM address here.

Second Quarter Fiscal 2019 Earnings Conference Call

Destiny Media Technologies will host a conference call at 5:00 p.m. ET (2:00pm PT) on Monday, April 15, 2019, to further discuss its second quarter fiscal year 2019 results. Investors and interested parties may participate in the call by dialing 416-764-8688 or 888-390-0546 and referring to conference ID # 59948008. A written transcript and archived stream will subsequently be made available on Destiny's corporate site at http://www.dsny.com.

Destiny Media Technologies Inc.

CONDENSED CONSOLIDATED INTERIM STATEMENTS OF 

OPERATIONS AND COMPREHENSIVE INCOME 

(Expressed in United States dollars) 

Unaudited

	Three Months	Three Months	Six Months	Six Months
	Ended	Ended	Ended	Ended
	February 28,	February 28,	February 28,	February 28,
	2019	2018	2019	2018
	$	$	$	$
Revenue [note 9]	879,364	815,055	1,863,383	1,788,853
Operating expenses
General and administrative	215,666	233,279	397,936	411,860
Sales and marketing	280,026	211,982	549,383	442,096
Research and development	289,764	278,639	587,776	583,078
Depreciation and Amortization	19,711	25,490	40,335	51,187
	805,167	749,390	1,575,430	1,488,221
Income from operations	74,197	65,665	287,953	300,632
Other income
Interest income	6,522	1,704	12,921	4,029
Other income (expense)	—	7	35	(3,795
Net income	80,719	67,376	300,909	300,866
Other comprehensive income (loss)
Foreign currency translation adjustments	29,232	11,107	(19,853	(41,009
Total comprehensive income	109,951	78,483	281,056	259,857
Net income per common share, basic and diluted	0.00	0.00	0.01	0.00
Weighted average common shares outstanding:
Basic and diluted	55,013,874	55,013,874	55,013,874	55,013,874

 

Destiny Media Technologies Inc.

CONDENSED CONSOLIDATED INTERIM BALANCE SHEETS 

(Expressed in United States Dollars) 

Unaudited
 

	February 28,	August 31,
	2019	2018
	$	$
ASSETS
Current
Cash and cash equivalents	1,458,931	1,097,434
Short-term investments [note 3]	1,154,643	1,151,952
Accounts receivable, net of allowance for    doubtful accounts of $9,566 [August 31, 2018 – $6,031] [note 9]	369,001	403,801
Other receivables	12,161	15,902
Prepaid expenses	57,250	57,252
Total current assets	3,051,986	2,726,341
Deposits	34,040	34,336
Property and equipment, net [note 4]	192,874	160,273
Intangible assets, net [note 4]	31,131	41,472
Total assets	3,310,031	2,962,422
LIABILITIES AND STOCKHOLDERS’ EQUITY
Current
Accounts payable	189,983	141,273
Accrued liabilities	238,142	226,876
Deferred leasehold inducement	49,941	51,848
Deferred revenue	10,026	23,286
Obligation under capital lease	—	2,363
Total liabilities	488,092	445,646
Commitments and contingencies [notes 6 and 7]
Stockholders’ equity
Common stock, par value $0.001 [note 5]       Authorized: 100,000,000 shares       Issued and outstanding: 55,013,874 shares       [August 31, 2018 – issued and outstanding 55,013,874 shares]	55,014	55,014
Additional paid-in capital [note 5]	9,790,772	9,766,665
Accumulated deficit	(6,650,352	(6,951,261
Accumulated other comprehensive loss	(373, 495	(353,642
Total stockholders’ equity	2,821,939	2,516,776
Total liabilities and stockholders’ equity	3,310,031	2,962,422

 

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, 2018, which is 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/44070