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

newsfilecorp

Vancouver, British Columbia–(Newsfile Corp. – July 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 third quarter ended May 31, 2019.

Highlights

Highlights for the quarter include:

  • Play MPE® currency adjusted revenue growth of 10.2 % from all major territories;
  • Release of new iOS and Android Play MPE® recipient player mobile apps;
  • New Director of Product Management and expanded staffing with objective to expand Play MPE ® solutions.

Third Quarter Fiscal 2019 Results

Play MPE® currency adjusted revenue for the quarter ended May 31, 2019 grew by 10.2 % over the comparable period in 2018. The revenue growth was seen in key target regions and customers where we have been focusing our business development efforts to realize expanded usage and market penetration. Foreign currency fluctuations negatively affected our Play MPE ® revenues by 4.3 %, resulting in a net 5.9 % increase in reported Play MPE ® revenue.

“During Q3 we have been successful at growing revenue and trials within new territories.” said Fred Vandenberg, Chief Executive Officer for Destiny Media Technologies. “We are having very productive engagement with our core customer targets which we think will lead to greater expansion over the short and medium term through strategic product enhancements.”

For more information, please see our AGM address here.

Third 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, July 15, 2019, to further discuss its third 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 # 63977559. A written transcript and archived stream will subsequently be made available on Destiny’s corporate site at http://www.dsny.com.

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
May 31, May 31, May 31, May 31,
2019 2018 2019 2018
$ $ $ $
Revenue 970,435 921,605 2,833,818 2,710,458
Operating expenses
General and administrative 189,352 236,353 587,288 648,215
Sales and marketing 328,102 210,587 877,485 652,682
Research and development 240,283 264,704 828,059 847,782
Depreciation and amortization 26,764 27,988 67,099 79,175
784,501 739,632 2,359,931 2,227,854
Income from operations 185,934 181,973 473,887 482,604
Other income
Interest income 8,233 1,656 21,154 5,657
Other income (expense) 1,545 1,580 (3,767)
Net income 195,712 183,629 496,621 484,494
Other comprehensive income (loss)
Foreign currency translation adjustments (80,709) (29,076) (100,562) (70,085)
Total comprehensive income 115,003 154,553 396,059 414,409
Net income per common share,
basic and diluted 0.00 0.00 0.01 0.01
Weighted average common shares outstanding:
Basic and diluted 55,013,874 55,013,874 55,013,874 55,013,874

CONDENSED CONSOLIDATED INTERIM BALANCE SHEETS
(Expressed in United States dollars)
Unaudited

As at, May 31, August 31,
2019 2018
$ $
ASSETS
Current
Cash and cash equivalents 1,231,079 1,097,434
Short-term investments 1,500,901 1,151,952
Accounts receivable, net of allowance for
doubtful accounts of $9,537 [August 31, 2018 – $6,031] 350,272 403,801
Other receivables 14,832 15,902
Prepaid expenses 113,740 57,252
Total current assets 3,210,824 2,726,341
Deposits 33,121 34,336
Property and equipment, net 196,701 160,273
Intangible assets, net 26,953 41,472
Total assets 3,467,599 2,962,422
LIABILITIES AND STOCKHOLDERS’ EQUITY
Current
Accounts payable 208,690 141,273
Accrued liabilities 261,786 226,876
Deferred leasehold inducement 47,882 51,848
Deferred revenue 1,936 23,286
Obligation under capital lease 2,363
Total current liabilities 520,294 445,646
Total liabilities 520,294 445,646
Stockholders’ equity
Common stock, par value $0.001
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 9,801,135 9,766,665
Accumulated deficit (6,454,640) (6,951,261)
Accumulated other comprehensive (loss) (454,204) (353,642)
Total stockholders’ equity 2,947,305 2,516,776
Total liabilities and stockholders’ equity 3,467,599 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/46265