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

July 15, 2019 4:05 PM EDT | Source: Destiny Media Technologies, Inc.

Vancouver, British Columbia--(Newsfile Corp. - July 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 third quarter ended May 31, 2019.

Highlights

Highlights for the quarter include:

  • Play MPE® currency adjusted revenue growth of 10.2 % from all major territories;
  • Release of new iOS and Android Play MPE® recipient player mobile apps;
  • New Director of Product Management and expanded staffing with objective to expand Play MPE ® solutions.

Third Quarter Fiscal 2019 Results

Play MPE® currency adjusted revenue for the quarter ended May 31, 2019 grew by 10.2 % over the comparable period in 2018. The revenue growth was seen in key target regions and customers where we have been focusing our business development efforts to realize expanded usage and market penetration. Foreign currency fluctuations negatively affected our Play MPE ® revenues by 4.3 %, resulting in a net 5.9 % increase in reported Play MPE ® revenue.

"During Q3 we have been successful at growing revenue and trials within new territories." said Fred Vandenberg, Chief Executive Officer for Destiny Media Technologies. "We are having very productive engagement with our core customer targets which we think will lead to greater expansion over the short and medium term through strategic product enhancements."

For more information, please see our AGM address here.

Third 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, July 15, 2019, to further discuss its third 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 # 63977559. A written transcript and archived stream will subsequently be made available on Destiny's corporate site at http://www.dsny.com.

CONDENSED CONSOLIDATED INTERIM STATEMENTS OF
OPERATIONS AND COMPREHENSIVE INCOME
(Expressed in United States dollars)
Unaudited


Three monthsThree monthsSix monthsSix months

endedendedendedended

May 31,May 31,May 31, May 31,

2019201820192018

$$$$
Revenue 970,435921,6052,833,8182,710,458



 



Operating expenses



General and administrative 189,352236,353587,288648,215
Sales and marketing328,102210,587877,485652,682
Research and development240,283264,704828,059847,782
Depreciation and amortization26,76427,98867,09979,175

784,501739,6322,359,9312,227,854
Income from operations 185,934 181,973 473,887 482,604
Other income



Interest income 8,233 1,656 21,154 5,657
Other income (expense) 1,545 - 1,580 (3,767)
Net income 195,712 183,629 496,621 484,494
 



Other comprehensive income (loss)



Foreign currency translation adjustments (80,709) (29,076) (100,562) (70,085)
         
Total comprehensive income 115,003 154,553 396,059 414,409





Net income per common share,



     basic and diluted0.00 0.00 0.010.01



Weighted average common shares outstanding:


     Basic and diluted55,013,87455,013,87455,013,87455,013,874

 

CONDENSED CONSOLIDATED INTERIM BALANCE SHEETS
(Expressed in United States dollars)
Unaudited

As at,May 31,August 31,

20192018

$$

 

ASSETS

Current

Cash and cash equivalents1,231,0791,097,434
Short-term investments1,500,9011,151,952
Accounts receivable, net of allowance for

     doubtful accounts of $9,537 [August 31, 2018 - $6,031] 350,272403,801
Other receivables14,83215,902
Prepaid expenses113,74057,252
Total current assets3,210,8242,726,341
Deposits33,12134,336
Property and equipment, net196,701160,273
Intangible assets, net26,95341,472
Total assets3,467,5992,962,422
 

LIABILITIES AND STOCKHOLDERS' EQUITY

Current

Accounts payable208,690141,273
Accrued liabilities261,786226,876
Deferred leasehold inducement47,88251,848
Deferred revenue1,93623,286
Obligation under capital lease - 2,363
Total current liabilities520,294445,646
Total liabilities520,294445,646
 

Stockholders' equity

Common stock, par value $0.001

     Authorized: 100,000,000 shares

     Issued and outstanding: 55,013,874 shares

          [August 31, 2018 - issued and outstanding 55,013,874 shares]55,01455,014
Additional paid-in capital9,801,1359,766,665
Accumulated deficit (6,454,640) (6,951,261)
Accumulated other comprehensive (loss) (454,204) (353,642)
Total stockholders' equity 2,947,3052,516,776
Total liabilities and stockholders' equity3,467,5992,962,422

 

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/46265

info