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

Vancouver, British Columbia--(Newsfile Corp. - April 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 second quarter ended February 28, 2019.

Highlights

Highlights for the quarter include:

Second Quarter Fiscal 2019 Results

Play MPE® currency adjusted revenue for the quarter ended February 28, 2019 grew by 11.8% over the comparable period in fiscal 2018. This increase in revenue includes an increase of 8.0% in fixed fee revenue and an increase in non-fixed fee revenue of 16.3%. In both cases, the increases were realized in the latter 2 months of the quarter. Foreign currency fluctuations negatively affected reported revenues by 3.9%, resulting in a net 7.9% increase to $879,364.

"During the latter half of Q2 we began to see the financial returns of our reinvestment in Play MPE and our increased investment in sales and marketing staffing." said Fred Vandenberg, Chief Executive Officer for Destiny Media Technologies. "We are very encouraged by the progress we see so far and look forward to the continued building of momentum through our targeted efforts. We are continuing to add to product development and business development resources."

For more information, please see our AGM address here.

Second 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, April 15, 2019, to further discuss its second 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 # 59948008. A written transcript and archived stream will subsequently be made available on Destiny's corporate site at http://www.dsny.com.

Destiny Media Technologies Inc.

CONDENSED CONSOLIDATED INTERIM STATEMENTS OF 
OPERATIONS AND COMPREHENSIVE INCOME 
(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,
  2019 2018 2019 2018
  $ $ $ $
         
Revenue [note 9] 879,364 815,055 1,863,383 1,788,853
         
Operating expenses        
General and administrative 215,666 233,279 397,936 411,860
Sales and marketing 280,026 211,982 549,383 442,096
Research and development 289,764 278,639 587,776 583,078
Depreciation and Amortization 19,711 25,490 40,335 51,187
  805,167 749,390 1,575,430 1,488,221
Income from operations 74,197 65,665 287,953 300,632
Other income        
Interest income 6,522 1,704 12,921 4,029
Other income (expense) 7 35 (3,795
Net income 80,719 67,376 300,909 300,866
         
Other comprehensive income (loss)        
Foreign currency translation adjustments 29,232 11,107 (19,853 (41,009
         
Total comprehensive income 109,951 78,483 281,056 259,857
         
Net income per common share, basic and diluted 0.00 0.00 0.01 0.00
         
Weighted average common shares outstanding:        
Basic and diluted 55,013,874 55,013,874 55,013,874 55,013,874

 

Destiny Media Technologies Inc.

CONDENSED CONSOLIDATED INTERIM BALANCE SHEETS 
(Expressed in United States Dollars) 
Unaudited
 
  February 28, August 31,
  2019 2018
  $ $
     
ASSETS    
Current    
Cash and cash equivalents 1,458,931 1,097,434
Short-term investments [note 3] 1,154,643 1,151,952
Accounts receivable, net of allowance for
   doubtful accounts of $9,566 [August 31, 2018 – $6,031] [note 9]
369,001 403,801
Other receivables 12,161 15,902
Prepaid expenses 57,250 57,252
Total current assets 3,051,986 2,726,341
Deposits 34,040 34,336
Property and equipment, net [note 4] 192,874 160,273
Intangible assets, net [note 4] 31,131 41,472
Total assets 3,310,031 2,962,422
     
LIABILITIES AND STOCKHOLDERS’ EQUITY    
Current    
Accounts payable 189,983 141,273
Accrued liabilities 238,142 226,876
Deferred leasehold inducement 49,941 51,848
Deferred revenue 10,026 23,286
Obligation under capital lease 2,363
Total liabilities 488,092 445,646
     
Commitments and contingencies [notes 6 and 7]    
Stockholders’ equity    
Common stock, par value $0.001 [note 5]
     
Authorized: 100,000,000 shares
      Issued and outstanding: 55,013,874 shares
      [August 31, 2018 – issued and outstanding 55,013,874 shares]
55,014 55,014
Additional paid-in capital [note 5] 9,790,772 9,766,665
Accumulated deficit (6,650,352 (6,951,261
Accumulated other comprehensive loss (373, 495 (353,642
Total stockholders’ equity 2,821,939 2,516,776
Total liabilities and stockholders’ equity 3,310,031 2,962,422

 

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/44070