Destiny Media Technologies, Inc. Announces Third Quarter Fiscal Year 2015 Results
Highlights during and subsequent to the end of the third quarter include :
- Newest Clipstream® release featuring video encoding in the cloud
- Expanded Commercial License to Shazam for Fingerprinting and Meta Data
Third Quarter Results
Revenue for the quarter ended May 31, 2015 was $803,409 a decrease of 14.8 percent compared to the third quarter of 2014. The decrease in revenue was due primarily to the impact of a decline in value of the Euro relative to the US Dollar. Eliminating the negative impact of foreign exchange rates, total revenue for the third quarter would have been $918,833.
Net loss for the third quarter was ($218,429), or ($0.00) per share, versus net income of $80,100, or $0.00 during the prior year. The loss was primarily due to increased development and sales and marketing expenses in anticipation of the commercial launch of the Company’s Clipstream® product, and increased rent. “We are excited about the progress made the last few quarters on both sides of the business,” said Steve Vestergaard, Chief Executive Officer for Destiny Media Technologies. “We continued to implement our proactive marketing plan for Play MPE®, further broadening our footprint by adding new re-selling partners and increasing exposure to our targeted customer base, as evidenced by the recent syndication of our music charts in Billboard Magazine. We made continued progress towards the commercialization of Clipstream®, including converting to a cloud-based encoder that allows users to upload videos from any device instantly and have their queued videos encoded at high speed with server class cloud machines. This was a highly sought after change that we feel will help to accelerate customer adoption and revenue growth for Destiny.”
Third Quarter Fiscal 2015 Earnings Conference Call
Destiny Media Technologies will host a conference call at 5:00 p.m. ET (2:00pm PT) on July 15, 2015, to further discuss its third 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 # 84247775. 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.
Fred Vandenberg CFO, Destiny Media Technologies, Inc. 604 609 7736 x236
Three Part Advisors Jeff Elliott 972-423-7070 Dave Mossberg 817-310-0051