VANCOUVER, Jan. 16, 2018 /CNW/ - 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, and Clipstream®, the world's first script powered video
platform, today announced financial results for its fiscal 2018
first quarter ended November 30,
2017.
Highlights
Highlights for the quarter include:
- Revenue growth of 9.1% (5.6% adjusted for foreign currency
adjustments)
- Highest quarterly net income and EBITDA in over 5 years
- Strong balance sheet with increased cash position to
$1.75M
First Quarter Fiscal 2018 Results
Revenue for the quarter ended November
30, 2017 grew by 9.1% (5.6% currency adjusted) to
$973,798. This growth is
primarily due to the growth in independent labels in the US. This,
combined with a 7% decrease in overall operating expenditures to
$738,831, resulted in the Company's
highest reported net income in any single quarter since fiscal year
2012.
"These results reflect our first full quarter since our
management transition," said Fred
Vandenberg, Chief Executive Officer for Destiny Media
Technologies, "As we expected, providing some care to our core Play
MPE customers led to modest increases in usage, as shown by the
growth in independent label revenue. Most importantly
we are now one team focused on re-engaging with our Play MPE
customers and getting version 8 released. This software
update adds highly anticipated features, including Mac
compatibility and easier to use release publishing tools. It
will allow us to engage with existing, former and potential
customers in a sales conversation with renewed enthusiasm that was
not possible over the previous seven years."
First Quarter Fiscal 2018 Earnings Conference Call
Destiny Media Technologies will host a conference call at
5:00 p.m. ET (2:00pm PT) on Tuesday,
January 16, 2018, to further discuss its first quarter
fiscal year 2018 results. Investors and interested parties may
participate in the call by dialing 416-764-8688 or 888-390-0546 and
referring to conference ID # 09715412. A written transcript and
archived stream will subsequently be made available on Destiny's
corporate site at http://www.dsny.com.
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.
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, 2017,
which is available on www.sedar.com or www.sec.gov.
Destiny Media
Technologies Inc.
|
|
CONDENSED
CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME
(LOSS)
|
(Expressed in United
States dollars)
|
Unaudited
|
|
|
|
|
Three
months
|
Three
months
|
|
ended
|
ended
|
|
November
30,
|
November
30,
|
|
2017
|
2016
|
|
$
|
$
|
Revenue
|
973,798
|
892,229
|
|
|
|
Operating
expenses
|
|
|
General and
administrative
|
150,935
|
178,906
|
Sales and
marketing
|
259,129
|
247,406
|
Research and
development
|
303,070
|
324,674
|
Depreciation and
amortization
|
25,697
|
41,878
|
|
738,831
|
792,864
|
Income from
operations
|
234,967
|
99,365
|
Other
income
|
|
|
Interest
income
|
2,325
|
4,763
|
Other income
(expense)
|
(3,802)
|
-
|
Net
income
|
233,490
|
104,128
|
|
|
|
Other
comprehensive income (loss)
|
|
|
Foreign currency
translation adjustments
|
(52,116)
|
(33,369)
|
|
|
|
Total
comprehensive income (loss)
|
181,374
|
70,759
|
|
|
|
Net income (loss)
per common share,
basic and diluted
|
(0.00)
|
(0.00)
|
|
|
|
Weighted average
common shares outstanding:
|
|
|
|
|
|
|
Basic and
diluted
|
55,013,874
|
55,013,874
|
Destiny Media
Technologies Inc.
|
|
|
|
|
|
CONDENSED
CONSOLIDATED BALANCE SHEETS
|
(Expressed in United
States dollars)
|
Unaudited
|
As at,
|
November
30,
|
August 31,
|
|
2017
|
2017
|
|
$
|
$
|
|
|
|
ASSETS
|
|
|
Current
|
|
|
Cash and cash
equivalents
|
1,752,591
|
1,342,956
|
Accounts receivable,
net of allowance for
|
|
|
|
doubtful accounts of
$3,292 [August 31, 2017 – $3,383]
|
389,451
|
529,666
|
Other
receivables
|
28,538
|
21,216
|
Current portion of
long term receivable
|
31,333
|
64,811
|
Prepaid
expenses
|
44,782
|
54,507
|
Deposits
|
576
|
592
|
Total current
assets
|
2,247,271
|
2,013,748
|
Deposits
|
27,169
|
27,923
|
Property and
equipment, net
|
171,491
|
116,208
|
Intangible assets,
net
|
69,456
|
86,824
|
Total
assets
|
2,515,387
|
2,244,703
|
|
|
|
LIABILITIES AND
STOCKHOLDERS' EQUITY
|
|
|
Current
|
|
|
Accounts
payable
|
236,225
|
127,444
|
Accrued
liabilities
|
167,446
|
192,433
|
Deferred leasehold
inducement
|
5,084
|
2,090
|
Deferred
revenue
|
15,040
|
23,685
|
Obligation under
capital lease – current portion
|
4,023
|
6,246
|
Total current
liabilities
|
427,818
|
351,898
|
Total
liabilities
|
427,818
|
351,898
|
|
|
|
Stockholders'
equity
|
|
|
Common stock, par
value $0.001
|
|
|
|
Authorized:
100,000,000 shares
|
|
|
|
Issued and
outstanding: 55,013,874 shares
|
|
|
|
[August 31, 2017 –
issued and outstanding 55,013,874 shares]
|
55,014
|
55,014
|
Additional paid-in
capital
|
9,725,603
|
9,712,213
|
Accumulated
deficit
|
(7,374,041)
|
(7,607,531)
|
Accumulated other
comprehensive (loss)
|
(319,007)
|
(266,891)
|
Total
stockholders' equity
|
2,087,569
|
1,892,805
|
Total liabilities
and stockholders' equity
|
2,515,387
|
2,244,703
|
SOURCE Destiny Media Technologies, Inc.