Destiny Media Technologies Inc. Announces Fiscal 2022 First Quarter Results

Vancouver, British Columbia--(Newsfile Corp. - January 13, 2022) - 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 2022 first quarter ended November 30, 2021.

Fred Vandenberg, President and CEO said, "Play MPE® experienced overall modest revenue growth in the first quarter of 2022. Independent record label revenue continued to show strong results where the Company established new highs in total independent label and independent record label revenue in Europe, Australia, Canada and the US."

Highlights

Highlights for Q1 2022 include (all figures are USD, and comparisons are to Q1 2021):

  • 65% increase in USA major label revenue;
  • Highest recorded global quarterly independent record label revenue;
  • Exclusive multi-year major label agreement in South Africa.

During the quarter under a normal course issuer bid, the Company repurchased 30,300 shares for a total cost of $0.044M. Total repurchases under the normal course issuer bid to November 30, 2021 of 215,585 shares for a total of $304,570.

Fiscal 2022 First Quarter Earnings Webinar

Destiny Media Technologies will hold a live webinar on Thursday, January 13 at 2:00 p.m. Pacific Standard Time (5:00 p.m. Eastern Standard Time) to discuss its 2022 first quarter results.

This webinar replaces the Company's traditional conference call format.

The live webinar will include comments from President, Chief Executive Officer, Fred Vandenberg, and Director of Business Development, Glenn Mattern.

Date: Thursday, January 13, 2022
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 directly on the REGISTRATION FORM by clicking here.

Attendees viewing the webinar can voluntarily submit verbal 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 questions similar to the format available on traditional conference call format.

The webinar format will provide the Company an opportunity to present visual information and provide attendees an opportunity for written questions.

For those without internet access, the webinar can be accessed via the following dial in details:

Direct dial in: +1 312 626 6799 or +1 253 215 8782

Webinar ID: 841 5143 2269

Attendees participating via dial in will not have access 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/

CONSOLIDATED BALANCE SHEETS

As at,
(Expressed in United States dollars)
      
  November 30,

August 31,
 
2021

2021
 
$

$
ASSETS
 

 
Current



 
Cash and cash equivalents
2,536,426

2,752,662
Short-term investments
-

-
Accounts receivable, net of allowance for



 
doubtful accounts of $23,718, [August 31, 2021 - $19,743] 564,677

400,233
Other receivables
60,168

53,172
Prepaid expenses
107,253

103,463
Total current assets
3,268,524

3,309,530
Deposits
35,077

35,556
Property and equipment, net
130,863

143,487
Intangible assets, net
247,448

187,622
Right of use asset
131,384

190,253
Total assets
3,813,296

3,866,448
       
LIABILITIES AND STOCKHOLDERS' EQUITY
 

 
Current



 
Accounts payable 101,749

202,722
Accrued liabilities
322,331

309,839
Deferred revenue
3,944

8,511
Current portion of operating lease liability
158,301

226,978
Total current liabilities
586,325

748,050
Operating lease liability, net of current portion
-

-
Total liabilities
586,325

748,050
       
Commitments and contingencies
 

 
Stockholders' equity
 

 
Common stock, par value $0.001
 

 
Authorized: 20,000,000 shares
 

 
Issued and outstanding: 10,235,061 shares



 
[August 31, 2021 - issued and outstanding 10,265,361 shares] 10,235

10,266
Additional paid-in capital
9,139,575

9,157,804
Accumulated deficit
(5,622,938)
(5,788,539)
Accumulated other comprehensive loss
(299,901)
(261,133)
Total stockholders' equity
3,226,971

3,118,398
Total liabilities and stockholders' equity
3,813,296

3,866,448

 

CONSOLIDATED STATEMENTS OF INCOME
(Expressed in United States dollars)
Unaudited

Three months ended November 30,
 

 
 
2021

2020
 
$

$
Service revenue
1,134,151

1,123,977
Cost of revenue



 
Hosting costs 42,184

30,042
Internal engineering support
8,400

6,327
Customer support
47,603

35,852
Third party and transaction costs
19,376

18,092
 
117,563

90,313
Gross Margin
1,016,588

1,033,664
Operating expenses



 
General and administrative 150,624

159,549
Sales and marketing
415,810

302,474
Product development
258,424

298,088
Depreciation and amortization
27,172

24,315
 
852,030

784,426
Income from operations
164,558

249,238
Other income



 
Interest income 1,043

1,464
Net income
165,601

250,702
Net income per common share, basic and diluted
0.02

0.02
Weighted average common shares outstanding:
 

 
Basic
10,257,964

10,450,656
Diluted
10,337,338

10,450,656

 

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

Three months ended November 30,
 

 
 
2021

2020
 
$

$
Net income
165,601

250,702
Foreign currency translation adjustments
(38,768)
28,042
Total comprehensive income
126,833

278,744

 

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, 2021, 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/109968

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