Destiny Media Technologies Inc. Announces Second Quarter Fiscal Year 2021 Results
Vancouver, British Columbia--(Newsfile Corp. - April 14, 2021) - Destiny Media Technologies (TSXV: DSY) (OTCQB: DSNY) (the "Company") or ("Destiny"), 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 2021 second quarter ended February 28, 2021.
Highlights for Q2 2021
(all figures are USD, and comparisons are to Q2 2020):
- Play MPE® revenue grew by 15.6% (11.2% currency adjusted);
- Independent label revenue up 29.7% (29.6% currency adjusted);
- Cash reserves as at February 28, 2021 of $3.012M ($0.29/share).
- Sends activity up 34.9%;
"Continued independent record label growth has been the driver of our overall Play MPE® revenue increase," said Fred Vandenberg, President and CEO. "This independent growth is propelled by a combination of factors including establishment of new markets, greater global market distributions, developed marketing processes, and improved business development staffing."
The stock repurchase program that commenced in January 2021, resulted in market purchases to April 12, 2021 of 65,085 shares for a total cost of USD $73,617.
Fiscal 2021 Second Quarter Earnings Conference Call
Destiny Media Technologies will host a conference call at 5:00 p.m. ET (2:00pm PT) on Wednesday, April 14, 2021, to further discuss its 2021 second quarter results. Investors and interested parties may participate in the call by dialing 1-416-764-8688 or 1-888-390-0546 and referring to conference ID # 59112630. A written transcript and archived stream will subsequently be made available on Destiny's corporate site at https://investors.dsny.com/investors/financials/.
Destiny Media Technologies Inc.
CONSOLIDATED BALANCE SHEETS
|February 28,||August 31,|
|Cash and cash equivalents||3,011,715||1,841,340|
| Accounts receivable, net of allowance for |
doubtful accounts of $19,537, [August 31, 2020 – $23,412]
|Total current assets||3,478,454||3,154,307|
|Property and equipment, net||169,809||194,277|
|Intangible assets, net||15,736||22,952|
|Right of use asset||301,228||403,961|
|LIABILITIES AND STOCKHOLDERS’ EQUITY|
|Current portion of operating lease liability||235,659||238,261|
|Total current liabilities||761,687||730,533|
|Operating lease liability, net of current portion||114,170||219,063|
|Common stock, par value $0.001|
|Authorized: 20,000,000 shares|
|Issued and outstanding: 10,409,361 shares|
|[August 31, 2020 – issued and outstanding 10,450,646 shares]||10,409||10,451|
|Additional paid-in capital||9,347,311||9,366,290|
|Accumulated other comprehensive loss||(283,333||)||(345,456||)|
|Total stockholders’ equity||3,124,555||2,860,217|
|Total liabilities and stockholders’ equity||4,000,412||3,809,813|
Destiny Media Technologies Inc.
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
|Three Months||Three Months||Six Months||Six Months|
|February 28,||February 29,||February 28,||February 29,|
|$||$ ||$||$ |
|Cost of revenue|
|Internal engineering support||7,296||6,516||13,623||13,363|
|Third Party and transactions costs||13,593||10,414||31,685||22,861|
|General and administrative||164,395||216,094||323,943||435,597|
|Sales and marketing||340,954||362,400||643,428||646,156|
|Depreciation and amortization||26,400||35,478||50,715||67,550|
|Income (loss) from operations||(30,341||)||(164,115||)||218,898||(58,846||)|
|Net income (loss)||(29,466||)||(155,331||)||221,236||(43,673||)|
|Other comprehensive income (loss)|
|Foreign currency translation adjustments||34,081||(15,108||)||62,123||(13,556||)|
|Total comprehensive income (loss)||4,615||(170,439||)||283,359||(57,229||)|
|Net income (loss) per common share,|
|basic and diluted||(0.00||)||(0.01||)||0.02||(0.00||)|
|Weighted average common shares outstanding:|
|Basic and diluted||10,442,752||10,629,438||10,446,726||10,665,834|
Q2 Fiscal Year 2021 Financial Summary
|Q2 Fiscal Year 2021 Financial Summary|
|(millions of U.S. dollars)||Three Months Ended||Six Months Ended|
|February 28, 2021||February 29, 2020||% Change||February 28, 2021||February 29, 2020||% Change|
|Gross Margin $||0.839||0.738||13.7%||1.872||1.698||10.2%|
|Gross Margin %||90.1%||91.4%||(1.5%)||91.1%||91.7%||(0.6%)|
|Cash Operating Costs||0.831||0.873||(4.8%)||1.579||1.685||(6.3%)|
|Earnings Per Share||0.00||(0.01||)||100.0%||0.02||0.00||-|
|CASH||As at February 28, 2021||August 31, 2020 |
|Cash Operating Income||0.294||0.037||694.6%|
|Working Capital Changes||0.098||(0.170||)||157.6%|
|Cash Provided By (Used In) Operating Activities||0.392||(0.133||)||(394.7%)|
|Cash Provided By (Used In) Investing Activities||0.787||(0.797||)||(198.7%)|
|Cash (Used In) Financing Activities||(0.045||)||(0.533||)||(91.6%)|
|Cash and cash equivalents||3.012||1.841||63.6%|
|Total Cash Reserves||3.012||2.622||14.9%|
About Destiny Media Technologies Inc.
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.
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, 2020, which will be available on www.sedar.com or www.sec.gov.
CEO, Destiny Media Technologies, Inc.
604 609 7736 x236
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