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Destiny Media Technologies, Inc. Announces Second Quarter Fiscal Year 2018 Results

VANCOUVER, April 16, 2018 /PRNewswire/ - 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 second quarter ended February 28, 2018.

Highlights

Highlights for the quarter include:

  • Beta release of Play MPE Version 8,
  • Revenue growth of 4.2%,
  • 12% reduction in expenditures,
  • First positive EBITDA and net income in the Company's historically slow second quarter in five years.

Second Quarter Fiscal 2018 Results

Revenue for the quarter ended February 28, 2018 grew by 4.2% to $815,055 over the same quarter in the previous year.  This growth is primarily due to favorable exchange rates and the growth in US independent record labels. Combined with a 12% decrease in overall operating expenditures, to $749,390, the Company had positive income in its seasonally weakest quarter for the first time in the last five years.   

"We are developing critical product updates to Play MPE, including the beta launch of version 8 this quarter," said Fred Vandenberg, Chief Executive Officer for Destiny Media Technologies, "The great feedback we're seeing from the beta gives us confidence that these product updates, along with expected investments in a stronger business development and sales team, will allow us recapture lost customers, expand to new territories, and return to stronger revenue growth."

Destiny Media Technologies Inc.


CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND
COMPREHENSIVE INCOME (LOSS)

(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,


2018

2017

2018

2017


$

$

$

$

Revenue 

815,055

781,878

1,788,853

1,674,107






Operating expenses 





General and administrative 

160,218

203,922

304,052

375,424

Sales and marketing

259,408

269,144

531,494

533,205

Research and development

304,274

339,276

601,488

654,699

Depreciation and amortization

25,490

41,612

51,187

83,490


749,390

853,954

1,488,221

1,646,818

Income from operations

65,665

(72,076)

300,632

27,289

Other income





Interest income

1,704

3,871

4,029

8,634

Other income (expense)

7

-

(3,795)

-

Net income 

67,376

(68,205)

300,866

35,923






Other comprehensive income (loss)





Foreign currency translation adjustments

11,107

19,238

(41,009)

(14,131)






Total comprehensive income (loss)

78,483

(48,967)

259,857

21,792






Net income (loss) 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 BALANCE SHEETS

(Expressed in United States dollars)

Unaudited

As at,

February 28,

August 31,


2018

2017


$

$




ASSETS



Current



Cash and cash equivalents

1,623,131

1,342,956

Accounts receivable, net of allowance for




doubtful accounts of $5,324 [August 31, 2017 – $3,383] 

525,603

529,666

Other receivables

81,671

21,216

Current portion of long term receivable 

0

64,811

Prepaid expenses

52,625

54,507

Deposits

580

592

Total current assets

2,283,610

2,013,748

Deposits

27,360

27,923

Property and equipment, net

191,532

116,208

Intangible assets, net

57,149

86,824

Total assets

2,559,651

2,244,703




LIABILITIES AND STOCKHOLDERS' EQUITY



Current



Accounts payable

142,648

127,444

Accrued liabilities

173,602

192,433

Deferred leasehold inducement

52,149

2,090

Deferred revenue

7,329

23,685

Obligation under capital lease – current portion

2,992

6,246

Total current liabilities

378,720

351,898

Total liabilities

378,720

351,898




Stockholders' equity



Common stock, par value $0.001




Authorized: 100,000,000 shares




Issued and outstanding: 55,013,874 shares





[August 31, 2017 – issued and outstanding 55,013,874 shares]

55,014

55,014

Additional paid-in capital

9,740,482

9,712,213

Accumulated deficit

(7,306,665)

(7,607,531)

Accumulated other comprehensive (loss)

(307,900)

(266,891)

Total stockholders' equity 

2,180,931

1,892,805

Total liabilities and stockholders' equity

2,559,651

2,244,703

 

Second Quarter Fiscal 2018 Earnings Conference Call

Destiny Media Technologies will host a conference call at 5:00 p.m. ET (2:00pm PT) on Monday, April 16, 2018, to further discuss its first quarter fiscal year 2018 results. Investors and interested parties may participate in the call by dialing 416-764-8688 or 888-390-0546 and referring to conference ID # 75835004. A written transcript and archived stream will subsequently be made available on Destiny's corporate site at http://www.dsny.com.

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.

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, 2017, which is available on www.sedar.com or www.sec.gov.   

Cision View original content:http://www.prnewswire.com/news-releases/destiny-media-technologies-inc-announces-second-quarter-fiscal-year-2018-results-300630022.html

SOURCE Destiny Media Technologies, Inc.

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