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Destiny Media Technologies, Inc. Announces Third Quarter Fiscal Year 2017 Results

VANCOUVER, July 17, 2017 /PRNewswire/ - Destiny Media Technologies (TSXV: DSY) (OTCQB: DSNY), the makers of Play MPE®, a system for the secure distribution of pre-release music to radio and the developer of Clipstream®, a cross-platform player-less video streaming format, today announced its financial results for its fiscal 2017 third quarter ended May 31, 2017.

Highlights

Highlights during and subsequent to the end of the third quarter include:

  • Sixth consecutive Q over Q revenue growth
  • Strongest cash position since August 31, 2014
  • Net income grew to $166,223
  • EBITDA grew to over $200,000
  • Quarterly expenditures drop by 17%

Third Quarter Fiscal 2017 Results

Revenue for the quarter ended May 31, 2017 grew by 3% to $897,475.  The increase is the result of revenue growth in all geographic areas.

Expenditures dropped by 17% to $734,689 and the net income grew to $166,223.   

 "We are excited to see our profit grow in advance of new product developments" said Fred Vandenberg, Chief Executive Officer and Chief Financial Officer for Destiny Media Technologies. "We expect to increase profitability through continued revenue increases and an elimination of unproductive activities and costs."

Third Quarter Fiscal 2017 Earnings Conference Call

Destiny Media Technologies will host a conference call at 5:00 p.m. ET (2:00pm PT) on Monday, July 17, 2017, to further discuss its third quarter fiscal year 2017 results. Investors and interested parties may participate in the call by dialing 416-764-8688 or 888-390-0546 and referring to conference ID # 79714804. A written transcript and archived stream will subsequently be made available on Destiny's corporate site at http://www.dsny.com in the Company's proprietary Clipstream® format.

About Destiny Media Technologies, Inc. 

Destiny Media Technologies ("Destiny") provides services that enable content owners to securely display and distribute their audio and video content digitally through the internet. Destiny owns and operates two businesses, Play MPE® and Clipstream®. Play MPE (www.plaympe.com) provides a standardized method to securely and cost effectively distribute pre-release music to radio stations and other music industry professionals for promotional purposes. Clipstream (www.clipstream.com) is a video format that plays on any modern smart phone, tablet, internet, TV, or computer.

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 ending August 31, 2016, which is available on www.sedar.com or www.sec.gov.   

Destiny Media Technologies Inc.















CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (LOSS)

(Expressed in United States dollars)

Unaudited







Three Months

Three Months

Nine Months

Nine Months


Ended

Ended

Ended

Ended


May 31,

May 31,

May 31,

May 31,


2017

2016

2017

2016


$

$

$

$

Revenue 

897,475

875,502

2,571,582

2,487,120






Operating expenses 





General and administrative 

137,382

202,016

526,159

595,605

Sales and marketing

232,483

257,536

735,895

910,322

Research and development

327,776

362,920

998,915

1,013,682

Depreciation and amortization

37,048

60,746

120,538

163,771


734,689

883,218

2,381,507

2,683,380

Income (loss) from operations

162,786

(7,716)

190,075

(196,260)

Other income





Interest income

3,437

4,903

12,071

17,057

Net income (loss)

166,223

(2,813)

202,146

(179,203)






Other comprehensive income (loss)





Foreign currency translation adjustments

(30,661)

68,915

(44,792)

31,850






Total comprehensive income (loss)

135,562

66,102

157,354

(147,353)






Net income (loss) per common share, 





basic and diluted

0.00

(0.00)

0.00

(0.00)











Weighted average common shares outstanding:











Basic and diluted

55,013,874

55,013,874

55,013,874

54,458,929

 

 

Destiny Media Technologies Inc.









CONDENSED CONSOLIDATED BALANCE SHEETS

(Expressed in United States dollars)

Unaudited

As at




May 31,

August 31,


2017

2016


$

$




ASSETS



Current



Cash and cash equivalents

1,164,575

662,743

Accounts receivable, net of allowance for



doubtful accounts of $1,958 [Aug 31, 2016 – $4,049] 

418,182

628,135

Other receivables

13,385

15,051

Current portion of long term receivable 

90,091

113,834

Prepaid expenses

33,937

61,525

Deposits

22,282

Total current assets

1,742,452

1,481,288

Deposits

25,902

22,978

Long term receivable 

61,642

Property and equipment, net

117,848

174,951

Intangible assets, net

88,425

110,017

Total assets

1,974,627

1,850,876




LIABILITIES AND STOCKHOLDERS' EQUITY



Current



Accounts payable

105,600

108,157

Accrued liabilities

174,102

190,077

Deferred leasehold inducement

2,808

28,962

Deferred revenue

1,924

23,563

Obligation under capital lease – current portion

7,228

5,240

Total current liabilities

291,662

355,999

Obligation under capital lease – long term portion 

6,472

Total liabilities

291,662

362,471




Stockholders' equity



Common stock, par value $0.001




Authorized: 100,000,000 shares




Issued and outstanding: 55,013,874 shares




[Aug 31, 2016 – issued and outstanding 55,013,874 shares]

55,014

55,014

Additional paid-in capital

9,703,286

9,666,080

Accumulated deficit

(7,694,166)

(7,896,312)

Accumulated other comprehensive (loss)

(381,169)

(336,377)

Total stockholders' equity 

1,682,965

1,488,405

Total liabilities and stockholders' equity

1,974,627

1,850,876

 

SOURCE Destiny Media Technologies, Inc.

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