Destiny Media Technologies Inc. Announces Fiscal Year 2023 Results

November 28, 2023 9:30 AM EST | Source: Destiny Media Technologies, Inc.

Vancouver, British Columbia--(Newsfile Corp. - November 28, 2023) - 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 year ended August 31, 2023.

"We are immensely proud of the strides we've made under the leadership of Ro Fernandez (Director of Product Management) and Sergei Berenson (Director of Engineering). This year we beta launched a brand new technology which we call "MTR™" or "Meter". MTR is a brand new service designed to meet the needs of record labels and artists and is a complementary new business to the Company's core Play MPE® platform," said Fred Vandenberg, President and CEO. "As well, we have made significant progress on aspects in the Play MPE® platform that should accelerate revenue growth and target market acquisition."

Fiscal 2023 Financial Highlights
(all figures are USD, and comparisons are to 2022):

  • Currency adjusted Play MPE® revenue up 1.9%
  • Capital investments in new software capabilities of $0.7M
  • 6.1% growth in revenue in the second half of the fiscal year
  • Net income up 125%

Fiscal 2023 Operational Highlights

  • Strategic New Product Launch: Following two years of research and development, the Company beta launched a highly anticipated new digital tracking tool in Q4. Under trademark application, MTR™ ("Music Tracking Radar" or "Meter") is initially expected to fill an existing need of Play MPE® customers, but will be marketed broadly.
  • New Product Development leadership: Rocio Fernandez appointed Director of Product Development near the end of Q2 2023.
  • Customer Satisfaction: NPS scores for Caster grew from a "great" score of 62 to an "excellent" score of 74, while CSAT score remained excellent at 98.7%.

During the year, under a normal course issuer bid, the Company repurchased 25,651 shares for a total cost of $0.03 million.

Fiscal Year 2023 Earnings Webinar

Destiny Media Technologies will hold a live webinar on Tuesday, November 28, 2023 at 2:00 p.m. Pacific Standard Time (5:00 p.m. Eastern Standard Time) to discuss financial results for its fiscal year ended August 31, 2023. The live webinar will include comments from President, Chief Executive Officer, Fred Vandenberg, and Director of Business Development and Marketing, Allan Benedict.

Date: Tuesday, November 28, 2023
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: +1 312 626 6799 or +1 253 215 8782
Webinar ID: 828 0170 1130

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/.

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




For the years ended December 31,



2023

2022






Service revenue
$4,034,384$4,023,910
 


 
 
Cost of revenue

 
 
Hosting costs

114,881
178,567
Internal engineering support

49,353
61,793
Customer support

279,667
350,161
Third-party and transactions costs

71,215

66,278
 


515,116

656,799
Gross margin

3,519,268
3,367,111
 


87.2%
83.7%
Operating expenses

 
 
General and administrative

769,613
980,381
Sales and marketing

872,679
1,011,199
Product development

1,337,445

1,099,618
Depreciation and amortization

238,355

142,662
 


3,218,092

3,233,860
Income from operations

301,176
133,251
 


 
 
Other income

 
 
Interest and other income

36,498
9,153
Gain on disposal of assets

-

11,018
Net income before income tax
$337,674$153,422
Current income tax expense

(2,576)
(4,348)
Net income
$335,098$149,074
Foreign currency translation adjustments

(98,541)
(115,085)
Total comprehensive income
$236,557$33,989
 


 
 
Net income per common share

 
 
Basic and diluted
$0.03
$0.01
 


 
 
Weighted average common shares outstanding:

 
 
Basic and diluted

10,119,454

10,169,426

 



August 31,
2023

August 31,
2022
ASSETS



Cash and cash equivalents$2,002,769$2,095,928
Accounts receivable, net of allowance for doubtful accounts of $41,331 (2022 - $39,518)
432,501
483,774
Other receivables
58,519
29,600
Prepaid expenses
72,014
83,242
Deposits
32,214
33,305
Total current assets
2,598,017

2,725,849
 

 
 
Property and equipment, net
642,207
311,792
Intangible assets, net
645,474

529,717
Total assets$3,885,698
$3,567,358
 

 
 
LIABILITIES AND STOCKHOLDERS' EQUITY
 
 
Current
 
 
Accounts payable$110,203$116,290
Accrued liabilities
267,144
319,738
Deferred revenue
34,710

21,043
Total current liabilities
412,057

457,071
Total liabilities
412,057

457,071
 

 
 
Commitments and contingencies
-
-
 

 
 
Stockholders' equity
 
 
Common stock, par value $0.001, authorized 20,000,000 shares.
Issued and outstanding - 10,096,610 shares (2022 - 10,122,261 shares)
10,096
10,122
Additional paid-in capital
9,242,671
9,115,848
Accumulated deficit
(5,304,367)
(5,639,465)
Accumulated other comprehensive loss
(474,759)
(376,218)
Total stockholders' equity
3,473,641

3,110,287
Total liabilities and stockholders' equity$3,885,698
$3,567,358

 

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/188875

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