Destiny Media Technologies, Inc. Announces Second Quarter Fiscal Year 2017 Results

VANCOUVER, April 13, 2017  /CNW/ - Destiny Media Technologies (TSXV: DSY) (OTCQB: DSNY), the makers of Play MPE®, a system for the secure distribution of pre-release music to radio and the developer of Clipstream®, a cross-platform player-less video streaming format, today announced its financial results for its fiscal 2017 second quarter ended February 28, 2017.

Highlights

Highlights during and subsequent to the end of the second quarter include:

  • Quarterly revenue grew by 2% compared to the prior year
  • Fifth consecutive Q over Q revenue growth
  • Play MPE revenue growth 4% year over year

Second Quarter Fiscal 2017 Results

The increase in revenue is primarily the result of revenue growth in Europe driven by sales to independent record labels through the engagement of local resellers, and acquisition of recipient lists.

Expenditures increased by 1% to $853,954.  

Net loss for the second quarter declined by 10% to ($68,205), or ($0.00) per share, versus a net loss of ($75,383), or ($0.00) during the prior year. 

 "We are seeing positive results from our development into Play MPE," said Steve Vestergaard, Chief Executive Officer for Destiny Media Technologies. "We continue to improve Play MPE technically and expand the product offering."

Second Quarter Fiscal 2017 Earnings Conference Call

Destiny Media Technologies will host a conference call at 5:00 p.m. ET (2:00pm PT) on Thursday, April 13, 2017, to further discuss its second quarter fiscal year 2017 results. Investors and interested parties may participate in the call by dialing 416-764-8688 or 888-390-0546 and referring to conference ID # 07773604. A written transcript and archived stream will subsequently be made available on Destiny's corporate site at http://www.dsny.com in the Company's proprietary Clipstream® format.

About Destiny Media Technologies, Inc. 

Destiny Media Technologies (DSY.V) (DSNY) provides services that enable content owners to securely display and distribute their audio and video content digitally through the internet. The Company's two major services are Clipstream® and Play MPE®. Clipstream® (www.clipstream.com) is a video format that plays on any modern smart phone, tablet, internet, TV, or computer. Play MPE® (www.plaympe.com) provides a standardized method to securely and cost effectively distribute pre-release music to radio stations and other music industry professionals, before it is ready for sale. 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 ending August 31, 2016, which is available on www.sedar.com or www.sec.gov.   

Destiny Media Technologies Inc.















CONDENSED CONSOLIDATED 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 29,

February 28, 

February 29,


2017

2016

2017

2016


$

$

$

$

Revenue 

781,878

763,897

1,674,107

1,611,618






Operating expenses 





General and administrative 

209,871

158,207

388,777

393,590

Sales and marketing

256,006

302,188

503,412

652,786

Research and development

346,465

331,722

671,139

650,762

Depreciation and amortization

41,612

53,196

83,490

103,025


853,954

845,313

1,646,818

1,800,163

Income (loss) from operations

(72,076)

(81,416)

27,289

(188,545)

Other income





Interest income

3,871

6,033

8,634

12,155

Net income (loss)

(68,205)

(75,383)

35,923

(176,390)






Other comprehensive income (loss)





Foreign currency translation adjustments

19,238

(19,309)

(14,131)

(37,065)






Total comprehensive income (loss)

(48,967)

(94,692)

21,792

(213,455)






Net income (loss) per common share, 






basic and diluted

(0.00)

(0.00)

0.00

(0.00)






Weighted average common shares outstanding:











Basic and diluted

55,013,874

55,013,874

55,013,874

54,458,929

 

Destiny Media Technologies Inc.









CONDENSED CONSOLIDATED BALANCE SHEETS

(Expressed in United States dollars)

Unaudited

As at




February 28,

August 31,


2017

2016


$

$




ASSETS



Current



Cash and cash equivalents

939,390

662,743

Accounts receivable, net of allowance for



doubtful accounts of $1,891 [Aug 31, 2016 – $4,049] 

516,773

628,135

Other receivables

31,762

15,051

Current portion of long term receivable 

122,697

113,834

Prepaid expenses

30,158

61,525

Deposits

22,173

Total current assets

1,662,953

1,481,288

Deposits

560

22,978

Long term receivable 

61,642

Property and equipment, net

137,074

174,951

Intangible assets, net

93,829

110,017

Total assets

1,894,416

1,850,876




LIABILITIES AND STOCKHOLDERS' EQUITY



Current



Accounts payable

137,477

108,157

Accrued liabilities

191,608

190,077

Deferred leasehold inducement

11,461

28,962

Deferred revenue

10,061

23,563

Obligation under capital lease – current portion

5,403

5,240

Total current liabilities

356,010

355,999

Obligation under capital lease – long term portion 

3,405

6,472

Total liabilities

359,415

362,471




Stockholders' equity



Common stock, par value $0.001




Authorized: 100,000,000 shares




Issued and outstanding: 55,013,874 shares





[Aug 31, 2016 – issued and outstanding 55,013,874 shares]

55,014

55,014




Additional paid-in capital

9,690,884

9,666,080

Accumulated deficit

(7,860,389)

(7,896,312)

Accumulated other comprehensive (loss)

(350,508)

(336,377)

Total stockholders' equity 

1,535,001

1,488,405

Total liabilities and stockholders' equity

1,894,416

1,850,876

SOURCE Destiny Media Technologies, Inc.

For further information: Fred Vandenberg, CFO, Destiny Media Technologies, Inc., 604 609 7736 x236

RELATED LINKS
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