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Destiny Media Technologies Inc. Announces Fiscal 2024 First Quarter Results
January 16, 2024 9:15 AM EST | Source: Destiny Media Technologies, Inc.
Vancouver, British Columbia--(Newsfile Corp. - January 16, 2024) - Destiny Media Technologies Inc. (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 2024 first quarter ended November 30, 2023.
"We are pleased to observe that strategic investments in Play MPE® are beginning to yield palpable results," said Fred Vandenberg, President and CEO. "Our ongoing commitment to invest in the platform and marketing functions is aimed at further accelerating revenue growth."
Financial Highlights
Highlights for Q1 2024 include (all figures are in USD dollars, and comparisons are to Q1 2023):
Play MPE® sets a new benchmark with its highest quarterly revenue to date
Currency adjusted revenue grew by 10.6% (13.1% unadjusted)
Independent record label revenue up 19.5% globally
Adjusted EBITDA $0.3 million
During the first quarter of the fiscal 2024, under a normal course issuer bid, the Company repurchased 172,000 shares for a total cost of $0.2 million.
Fiscal 2024 First Quarter Earnings Webinar
Destiny Media Technologies will hold a live webinar on Tuesday, January 16, 2024 at 2:00 p.m. Pacific Standard Time (5:00 p.m. Eastern Standard Time) to discuss financial results for its fiscal 2024 first quarter ended November 30, 2023. The live webinar will include comments from President and CEO, Fred Vandenberg, and Director of Business Development, Allan Benedict.
Date: Tuesday, January 16, 2024
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 by clicking on the Webinar Registration Form.
Attendees viewing the webinar can voluntarily submit 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 verbal questions similar to the format available on traditional conference call format.
The webinar format will provide the Company an opportunity to present visual information.
For those without internet access, the webinar can be accessed via the following dial in details:
Direct dial in US: +1 346 248 7799 or +1 360 209 5623 or More International numbers
Webinar ID: 883 9889 5640
Attendees participating via dial in will not have access to 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/.
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, 2023, which is available on www.sedar.com or www.sec.gov.
Contact:
Fred Vandenberg
CEO, Destiny Media Technologies, Inc.
604 609 7736 x236
DESTINY MEDIA TECHNOLOGIES, INC.
Condensed Consolidated Statements of Comprehensive Income
(Unaudited)
| For the three months ended November 30, | ||||||
| 2023 | 2022 | |||||
| | ||||||
| Service revenue | $ | 1,154,802 | $ | 1,020,737 | ||
| | ||||||
| Cost of revenue | ||||||
| Hosting costs | 28,273 | 27,959 | ||||
| Internal engineering support | 17,070 | 12,570 | ||||
| Customer support | 96,728 | 71,228 | ||||
| Third-party and transactions costs | 21,347 | 17,690 | ||||
| | 163,418 | 129,447 | ||||
| Gross margin | 991,384 | 891,290 | ||||
| | 85.8% | 87.3% | ||||
| Operating expenses | ||||||
| General and administrative | 147,892 | 163,061 | ||||
| Sales and marketing | 215,857 | 174,226 | ||||
| Product development | 308,547 | 263,426 | ||||
| Depreciation and amortization | 81,098 | 36,379 | ||||
| | 753,394 | 637,092 | ||||
| Income from operations | 237,990 | 254,198 | ||||
| | ||||||
| Other income | ||||||
| Interest and other income | 11,526 | 7,668 | ||||
| Net income before income tax | $ | 249,516 | $ | 261,866 | ||
| Current income tax expense | - | (3,600 | ) | |||
| Net income | $ | 249,516 | $ | 258,266 | ||
| Foreign currency translation adjustments | (12,692 | ) | (92,484 | ) | ||
| Total comprehensive income | $ | 236,824 | $ | 165,782 | ||
| | ||||||
| Net income per common share | ||||||
| Basic and diluted | $ | 0.02 | $ | 0.03 | ||
| | ||||||
| Weighted average common shares outstanding: | ||||||
| Basic | 10,010,534 | 10,122,261 | ||||
| Diluted | 10,286,534 | 10,122,261 | ||||
DESTINY MEDIA TECHNOLOGIES, INC.
Condensed Consolidated Balance Sheets
| November 30, 2023 | August 31, 2023 | |||||
| (unaudited) | ||||||
| ASSETS | ||||||
| Cash and cash equivalents | $ | 1,832,365 | $ | 2,002,769 | ||
| Accounts receivable, net of allowance for doubtful accounts of $41,814 (August 31, 2023 - $41,331) | 622,768 | 432,501 | ||||
| Other receivables | 56,334 | 58,519 | ||||
| Prepaid expenses | 51,116 | 72,014 | ||||
| Deposits | 32,135 | 32,214 | ||||
| Total current assets | 2,594,718 | 2,598,017 | ||||
| | ||||||
| Property and equipment, net | 586,439 | 642,207 | ||||
| Intangible assets, net | 796,485 | 645,474 | ||||
| Total assets | $ | 3,977,642 | $ | 3,885,698 | ||
| | ||||||
| LIABILITIES AND STOCKHOLDERS' EQUITY | ||||||
| Current | ||||||
| Accounts payable | $ | 92,660 | $ | 110,203 | ||
| Accrued liabilities | 304,043 | 267,144 | ||||
| Deferred revenue | 27,447 | 34,710 | ||||
| Total current liabilities | 424,150 | 412,057 | ||||
| Total liabilities | 424,150 | 412,057 | ||||
| | ||||||
| Commitments and contingencies | - | - | ||||
| | ||||||
| Stockholders' equity | ||||||
| Common stock, par value $0.001, authorized 20,000,000 shares. Issued and outstanding - 9,924,610 shares (August 31, 2023 - 10,096,610 shares) | 9,924 | 10,096 | ||||
| Additional paid-in capital | 9,085,870 | 9,242,671 | ||||
| Accumulated deficit | (5,054,851 | ) | (5,304,367 | ) | ||
| Accumulated other comprehensive loss | (487,451 | ) | (474,759 | ) | ||
| Total stockholders' equity | 3,553,492 | 3,473,641 | ||||
| Total liabilities and stockholders' equity | $ | 3,977,642 | $ | 3,885,698 |
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/194318