VANCOUVER, July 17, 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 third quarter ended May 31, 2017.
Highlights
Highlights during and subsequent to the end of the third quarter
include:
- Sixth consecutive Q over Q revenue growth
- Strongest cash position since August 31,
2014
- Net income grew to $166,223
- EBITDA grew to over $200,000
- Quarterly expenditures drop by 17%
Third Quarter Fiscal 2017 Results
Revenue for the quarter ended May 31,
2017 grew by 3% to $897,475.
The increase is the result of revenue growth in all
geographic areas.
Expenditures dropped by 17% to $734,689 and the net income grew to $166,223.
"We are excited to see our profit grow in advance of new
product developments" said Fred
Vandenberg, Chief Executive Officer and Chief Financial
Officer for Destiny Media Technologies. "We expect to increase
profitability through continued revenue increases and an
elimination of unproductive activities and costs."
Third Quarter Fiscal 2017 Earnings Conference Call
Destiny Media Technologies will host a conference call at
5:00 p.m. ET (2:00pm PT) on Monday, July
17, 2017, to further discuss its third 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 # 79714804. 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 ("Destiny") provides services that
enable content owners to securely display and distribute their
audio and video content digitally through the internet. Destiny
owns and operates two businesses, Play MPE® and Clipstream®. 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 for promotional purposes.
Clipstream (www.clipstream.com) is a video format that plays on any
modern smart phone, tablet, internet, TV, or computer.
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.
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CONDENSED
CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME
(LOSS)
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(Expressed in United
States dollars)
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Unaudited
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Three
Months
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Three
Months
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Nine
Months
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Nine
Months
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Ended
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Ended
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Ended
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Ended
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May
31,
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May 31,
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May
31,
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May 31,
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2017
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2016
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2017
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2016
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$
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$
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$
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$
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Revenue
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897,475
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875,502
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2,571,582
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2,487,120
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Operating
expenses
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General and
administrative
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137,382
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202,016
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526,159
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595,605
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Sales and
marketing
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232,483
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257,536
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735,895
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910,322
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Research and
development
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327,776
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362,920
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998,915
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1,013,682
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Depreciation and
amortization
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37,048
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60,746
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120,538
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163,771
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734,689
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883,218
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2,381,507
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2,683,380
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Income (loss) from
operations
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162,786
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(7,716)
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190,075
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(196,260)
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Other
income
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Interest
income
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3,437
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4,903
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12,071
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17,057
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Net income
(loss)
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166,223
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(2,813)
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202,146
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(179,203)
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Other
comprehensive income (loss)
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Foreign currency
translation adjustments
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(30,661)
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68,915
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(44,792)
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31,850
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Total
comprehensive income (loss)
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135,562
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66,102
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157,354
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(147,353)
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Net income (loss)
per common share,
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basic and
diluted
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0.00
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(0.00)
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0.00
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(0.00)
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Weighted average
common shares outstanding:
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Basic and
diluted
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55,013,874
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55,013,874
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55,013,874
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54,458,929
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Destiny Media
Technologies Inc.
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CONDENSED
CONSOLIDATED BALANCE SHEETS
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(Expressed in United
States dollars)
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Unaudited
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As at
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May
31,
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August 31,
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2017
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2016
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$
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$
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ASSETS
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Current
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Cash and cash
equivalents
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1,164,575
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662,743
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Accounts receivable,
net of allowance for
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doubtful accounts of
$1,958 [Aug 31, 2016 – $4,049]
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418,182
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628,135
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Other
receivables
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13,385
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15,051
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Current portion of
long term receivable
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90,091
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113,834
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Prepaid
expenses
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33,937
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61,525
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Deposits
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22,282
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—
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Total current
assets
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1,742,452
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1,481,288
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Deposits
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25,902
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22,978
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Long term
receivable
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—
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61,642
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Property and
equipment, net
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117,848
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174,951
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Intangible assets,
net
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88,425
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110,017
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Total
assets
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1,974,627
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1,850,876
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LIABILITIES AND
STOCKHOLDERS' EQUITY
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Current
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Accounts
payable
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105,600
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108,157
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Accrued
liabilities
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174,102
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190,077
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Deferred leasehold
inducement
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2,808
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28,962
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Deferred
revenue
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1,924
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23,563
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Obligation under
capital lease – current portion
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7,228
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5,240
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Total current
liabilities
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291,662
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355,999
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Obligation under
capital lease – long term portion
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—
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6,472
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Total
liabilities
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291,662
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362,471
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Stockholders'
equity
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Common stock, par
value $0.001
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Authorized:
100,000,000 shares
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Issued and
outstanding: 55,013,874 shares
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[Aug 31, 2016 –
issued and outstanding 55,013,874 shares]
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55,014
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55,014
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Additional paid-in
capital
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9,703,286
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9,666,080
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Accumulated
deficit
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(7,694,166)
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(7,896,312)
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Accumulated other
comprehensive (loss)
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(381,169)
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(336,377)
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Total
stockholders' equity
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1,682,965
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1,488,405
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Total liabilities
and stockholders' equity
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1,974,627
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1,850,876
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SOURCE Destiny Media Technologies, Inc.