VANCOUVER, July 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, today announced financial results for its third quarter
ended May 31, 2018.
Highlights
Highlights for the quarter include:
- Significant advancements in product development, resulting in
commercial release of Play MPE® Version 8 subsequent to the end of
the quarter;
- Increasing customer engagement and spending on business
development;
- A 10% increase in reported net income and 5th
consecutive quarter of positive net income led to the highest cash
balance in company history.
Third Quarter Fiscal 2018 Results
Revenue for the quarter ended May 31,
2018 grew by 2.7% to $921,605
over the same quarter in the previous year. This growth is
primarily due to favorable exchange rates and the growth in US
independent record labels. The company increased spending on Play
MPE® marketing and business development during the quarter. The
company also had a non-recurring increase in professional fees and
a recurring decrease in general and administrative salaries and
wages.
"We made significant progress on Play MPE version 8 leading to
its release on July 9, 2018," said
Fred Vandenberg, Chief Executive
Officer for Destiny Media Technologies. "Our improving
financial results and cash position, in advance of the release of
Version 8 of Play MPE, are encouraging, and we are excited to see
this growth continue as version 8 is adopted by our customers."
Third Quarter Fiscal 2018 Earnings Conference Call
Destiny Media Technologies will host a conference call at
5:00 p.m. ET (2:00pm PT) on Monday, July
16, 2018, to further discuss its third 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 # 66068557. 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
|
Nine
months
|
Nine
months
|
|
ended
|
ended
|
ended
|
ended
|
|
May
31,
|
May 31,
|
May
31,
|
May 31,
|
|
2018
|
2017
|
2018
|
2017
|
|
$
|
$
|
$
|
$
|
Revenue
|
921,605
|
897,475
|
2,710,458
|
2,571,582
|
|
|
|
|
|
Operating
expenses
|
|
|
|
|
General and
administrative
|
183,942
|
139,105
|
497,767
|
519,053
|
Sales and
marketing
|
237,205
|
237,326
|
758,927
|
766,007
|
Research and
development
|
290,497
|
321,210
|
891,985
|
975,909
|
Depreciation and
amortization
|
27,988
|
37,048
|
79,175
|
120,538
|
|
739,632
|
734,689
|
2,227,854
|
2,381,507
|
Income from
operations
|
181,973
|
162,786
|
482,604
|
190,075
|
Other
income
|
|
|
|
|
Interest
income
|
1,656
|
3,437
|
5,657
|
12,071
|
Other income
(expense)
|
-
|
-
|
(3,767)
|
-
|
Net
income
|
183,629
|
166,223
|
484,494
|
202,146
|
|
|
|
|
|
Other
comprehensive income (loss)
|
|
|
|
|
Foreign currency
translation adjustments
|
(29,076)
|
(30,661)
|
(70,085)
|
(44,792)
|
|
|
|
|
|
Total
comprehensive income (loss)
|
154,553
|
135,562
|
414,409
|
157,354
|
|
|
|
|
|
Net income (loss)
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 BALANCE SHEETS
|
(Expressed in United
States dollars)
|
Unaudited
|
As at,
|
May
31,
|
August 31,
|
|
2018
|
2017
|
|
$
|
$
|
|
|
|
ASSETS
|
|
|
Current
|
|
|
Cash and cash
equivalents
|
2,051,330
|
1,342,956
|
Accounts receivable,
net of allowance for
|
|
|
|
doubtful accounts of
$6,171 [August 31, 2017 – $3,383]
|
314,656
|
529,666
|
Other
receivables
|
58,453
|
21,216
|
Current portion of
long term receivable
|
0
|
64,811
|
Prepaid
expenses
|
52,452
|
54,507
|
Deposits
|
573
|
592
|
Total current
assets
|
2,477,464
|
2,013,748
|
Deposits
|
34,618
|
27,923
|
Property and
equipment, net
|
175,886
|
116,208
|
Intangible assets,
net
|
50,897
|
86,824
|
Total
assets
|
2,738,865
|
2,244,703
|
|
|
|
LIABILITIES AND
STOCKHOLDERS' EQUITY
|
|
|
Current
|
|
|
Accounts
payable
|
166,934
|
127,444
|
Accrued
liabilities
|
165,427
|
192,433
|
Deferred leasehold
inducement
|
52,476
|
2,090
|
Deferred
revenue
|
1,978
|
23,685
|
Obligation under
capital lease – current portion
|
2,956
|
6,246
|
Total current
liabilities
|
389,771
|
351,898
|
Total
liabilities
|
389,771
|
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
|
9,754,093
|
9,712,213
|
Accumulated
deficit
|
(7,123,037)
|
(7,607,531)
|
Accumulated other
comprehensive (loss)
|
(336,976)
|
(266,891)
|
Total
stockholders' equity
|
2,349,094
|
1,892,805
|
Total liabilities
and stockholders' equity
|
2,738,865
|
2,244,703
|
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SOURCE Destiny Media Technologies, Inc.