Destiny Media Technologies, Inc. Announces Second Quarter Fiscal Year 2015 Results
Vancouver, BC – April 14, 2015 – Destiny Media Technologies (TSXV: DSY) (OTCQX: 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 the second quarter ended February 28, 2015.
Highlights during and subsequent to the end of the second quarter include :
•Dale Borland named Chief Operating Officer
•Launched the newest Clipstream® cloud video service and pricing plans
•Granted new patents for both Clipstream® and Play MPE® technologies
•Added local reseller for Play MPE® in Australia
Second Quarter Results
Revenue for the quarter ended February 28, 2015 was $743,193, a decrease of 8.3 percent compared to the second quarter of 2014. The decrease in revenue was due entirely to the impact of a decline in value of the Euro relative to the US Dollar. Eliminating the negative impact of foreign exchange rates, Play MPE® revenue for the second quarter would have shown a 3% increase and total revenue would have shown a modest increase.
Net loss for the second quarter declined to ($364,457), or ($0.01) per share, versus a net loss of ($420,766), or ($0.01) during the prior year. The decrease in net loss came in spite of increased sales and marketing expenses in anticipation of the commercial launch of the Company’s Clipstream® product, increased rent and expenses associated with the Company moving its corporate office.
“Our team has put forth significant effort in the last several quarters to lay a strong foundation for both of our businesses and we are now well-prepared to resume top-line growth during 2015,” said Steve Vestergaard, Chief Executive Officer for Destiny Media Technologies. “We have completed technology improvements, extensive testing and implemented a predictable and reliable cadence across the board for our products. We have also implemented a proactive marketing plan for the Play MPE® business and expect to grow our business with both major and independent labels, as well as drive increased recipient usage, and introduce new value added services, such as the blog service we recently introduced. Overall, we have many new initiatives in place on both sides of the business and are excited about our growth prospects for the remainder of 2015 and going forward.”
Second Quarter Fiscal 2015 Earnings Conference Call
Destiny Media Technologies will host a conference call at 5:00 p.m. ET (2:00pm PT) on April 14th, 2015, to further discuss its second quarter fiscal 2015 results. Investors and interested parties may participate in the call by dialing 416-764-8688 or 888-390-0546 and referring to conference ID # 74540260. 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. With Clipstream, there is no player to configure or install, videos never go obsolete, and there are up to 90% cost savings from caching. 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.
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, 2014, which is available on www.sedar.com or www.sec.gov.
CFO, Destiny Media Technologies, Inc.
604 609 7736 x236
Three Part Advisors