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Destiny Media Technologies Inc. Announces Fiscal 2022 Second Quarter Results
April 13, 2022 6:00 AM EDT | Source: Destiny Media Technologies, Inc.
Vancouver, British Columbia--(Newsfile Corp. - April 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 second quarter ended February 28, 2022.
"Completing the transition of all administrative functions of Play MPE® to the online platform was a major accomplishment that was completed during the quarter," said Fred Vandenberg, President and CEO. "Following this transition, Play MPE® engineering staff can focus on developing additional revenue generating products and services within the space. During the quarter, we also continued to build out our design and development teams as we move forward with new product development."
"We continued to see growing user activity and brand awareness in Canada, Latin countries and South Africa showing increases in revenue in those territories."
Q2 2022 Financial Results
Highlights for Q2 2022 include (all figures are USD, and comparisons are to Q2 2021):
- Currency adjusted Play MPE® revenue up 1%
- USA major label revenue up 7.6%
- Canadian revenue grew by 64.5%
- Transition of all administration functions of Play MPE® to the web-based platform
During the quarter under a normal course issuer bid, the Company repurchased 112,800 shares for a total cost of $0.135M. Total repurchases under the normal course issuer bid from January 2021 to February 2022 was 328,385 shares for a total of $0.437M.
Fiscal 2022 Second Quarter Earnings Webinar
Destiny Media Technologies will hold a live webinar on Wednesday, April 13, 2022 at 2:00 p.m. Pacific Standard Time (5:00 p.m. Eastern Standard Time) to discuss financial results for its second quarter ended February 28, 2022.
The live webinar will include comments from President, Chief Executive Officer, Fred Vandenberg, and Director of Business Development, Allan Benedict.
Date: Wednesday, April 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 by clicking on the Webinar Registration Form
Attendees viewing the webinar can voluntarily submit questions during the live presentation. Attendees' 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 a traditional conference call.
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: +1 312 626 6799 or +1 253 215 8782
Webinar ID: 834 1401 6179
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 at https://investors.dsny.com/investors/financials/
CONDENSED CONSOLIDATED INTERIM BALANCE SHEETS
(Expressed in United States Dollars)
Unaudited
| As at, | ||||||
| February 28, | August 31, | |||||
| 2022 | 2021 | |||||
| $ | $ | |||||
| ASSETS | ||||||
| Current | ||||||
| Cash and cash equivalents | 2,433,506 | 2,752,662 | ||||
| Accounts receivable, net of allowance for | ||||||
| doubtful accounts of $30,895, [August 31, 2021 - $19,743] | 414,720 | 400,233 | ||||
| Other receivables | 28,181 | 53,172 | ||||
| Prepaid expenses | 83,959 | 103,463 | ||||
| Total current assets | 2,960,366 | 3,309,530 | ||||
| Deposits | 10,730 | 35,556 | ||||
| Property and equipment, net | 113,129 | 143,487 | ||||
| Intangible assets, net | 318,854 | 187,622 | ||||
| Right of use asset | - | 190,253 | ||||
| Total assets | 3,403,079 | 3,866,448 | ||||
| LIABILITIES AND STOCKHOLDERS' EQUITY | ||||||
| Current | ||||||
| Accounts payable | 72,342 | 202,722 | ||||
| Accrued liabilities | 379,638 | 309,839 | ||||
| Deferred revenue | - | 8,511 | ||||
| Current portion of operating lease liability | - | 226,978 | ||||
| Total current liabilities | 451,980 | 748,050 | ||||
| Total liabilities | 451,980 | 748,050 | ||||
| Contingencies | ||||||
| Stockholders' equity | ||||||
| Common stock, par value $0.001 | ||||||
| Authorized: 20,000,000 shares | ||||||
| Issued and outstanding: 10,122,271 shares | ||||||
| [August 31, 2021 - issued and outstanding 10,265,371 shares] | 10,122 | 10,266 | ||||
| Additional paid-in capital | 9,064,465 | 9,157,804 | ||||
| Accumulated deficit | (5,825,548 | ) | (5,788,539 | ) | ||
| Accumulated other comprehensive loss | (297,940 | ) | (261,133 | ) | ||
| Total stockholders' equity | 2,951,099 | 3,118,398 | ||||
| Total liabilities and stockholders' equity | 3,403,079 | 3,866,448 |
CONDENSED CONSOLIDATED INTERIM STATEMENTS OF 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, | |||||||||
| 2022 | 2021 | 2022 | 2021 | |||||||||
| $ | $ | $ | $ | |||||||||
| Service revenue | 896,420 | 930,699 | 2,030,571 | 2,054,676 | ||||||||
| Cost of revenue | ||||||||||||
| Hosting costs | 45,611 | 29,667 | 87,795 | 59,709 | ||||||||
| Internal engineering support | 13,812 | 7,296 | 22,212 | 13,623 | ||||||||
| Customer support | 78,266 | 41,343 | 125,869 | 77,195 | ||||||||
| Third Party and transactions costs | 13,622 | 13,593 | 32,998 | 31,685 | ||||||||
| 151,311 | 91,899 | 268,874 | 182,212 | |||||||||
| Gross Margin | 745,109 | 838,800 | 1,761,697 | 1,872,464 | ||||||||
| Operating expenses | ||||||||||||
| General and administrative | 314,941 | 164,395 | 465,566 | 323,943 | ||||||||
| Sales and marketing | 251,875 | 340,954 | 667,685 | 643,428 | ||||||||
| Product development | 367,311 | 337,392 | 625,734 | 635,480 | ||||||||
| Depreciation and amortization | 26,574 | 26,400 | 53,746 | 50,715 | ||||||||
| 960,701 | 869,141 | 1,812,731 | 1,653,566 | |||||||||
| Income (loss) from operations | (215,592 | ) | (30,341 | ) | (51,034 | ) | 218,898 | |||||
| Other income | ||||||||||||
| Interest income | 1,964 | 875 | 3,007 | 2,338 | ||||||||
| Gain on disposal of assets | 11,018 | - | 11,018 | - | ||||||||
| Net income (loss) | (202,610 | ) | (29,466 | ) | (37,009 | ) | 221,236 | |||||
| Net income (loss) per common share, | ||||||||||||
| basic and diluted | (0.02 | ) | (0.00 | ) | (0.00 | ) | 0.02 | |||||
| Weighted average common shares outstanding: | ||||||||||||
| Basic and diluted | 10,208,956 | 10,629,438 | 10,259,374 | 10,665,834 | ||||||||
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/120265