Destiny Media Technologies, Inc. Announces Third Quarter Fiscal Year 2017 Results

Vancouver, BC – July 17, 2017 – 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.   

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,
2017 2016 2017 2016
$ $ $ $
Revenue 897,475 875,502 2,571,582 2,487,120
Operating expenses
General and administrative 137,382 202,016 526,159 595,605
Sales and marketing 232,483 257,536 735,895 910,322
Research and development 327,776 362,920 998,915 1,013,682
Depreciation and amortization 37,048 60,746 120,538 163,771
734,689 883,218 2,381,507 2,683,380
Income (loss) from operations 162,786 (7,716) 190,075 (196,260)
Other income
Interest income 3,437 4,903 12,071 17,057
Net income (loss) 166,223 (2,813) 202,146 (179,203)
Other comprehensive income (loss)
Foreign currency translation adjustments (30,661) 68,915 (44,792) 31,850
Total comprehensive income (loss) 135,562 66,102 157,354 (147,353)
Net income (loss) per common share,
basic and diluted 0.00 (0.00) 0.00 (0.00)
Weighted average common shares outstanding:
Basic and diluted 55,013,874 55,013,874 55,013,874 54,458,929
CONDENSED CONSOLIDATED BALANCE SHEETS
(Expressed in United States dollars)
Unaudited
As at
May 31, August 31,
2017 2016
$ $
ASSETS
Current
Cash and cash equivalents 1,164,575 662,743
Accounts receivable, net of allowance for
doubtful accounts of $1,958 [Aug 31, 2016 – $4,049] 418,182 628,135
Other receivables 13,385 15,051
Current portion of long term receivable 90,091 113,834
Prepaid expenses 33,937 61,525
Deposits 22,282
Total current assets 1,742,452 1,481,288
Deposits 25,902 22,978
Long term receivable 61,642
Property and equipment, net 117,848 174,951
Intangible assets, net 88,425 110,017
Total assets 1,974,627 1,850,876
LIABILITIES AND STOCKHOLDERS’ EQUITY
Current
Accounts payable 105,600 108,157
Accrued liabilities 174,102 190,077
Deferred leasehold inducement 2,808 28,962
Deferred revenue 1,924 23,563
Obligation under capital lease – current portion 7,228 5,240
Total current liabilities 291,662 355,999
Obligation under capital lease – long term portion 6,472
Total liabilities 291,662 362,471
Stockholders’ equity
Common stock, par value $0.001
Authorized: 100,000,000 shares
Issued and outstanding: 55,013,874 shares
[Aug 31, 2016 – issued and outstanding 55,013,874 shares] 55,014 55,014
Additional paid-in capital 9,703,286 9,666,080
Accumulated deficit (7,694,166) (7,896,312)
Accumulated other comprehensive (loss) (381,169) (336,377)
Total stockholders’ equity 1,682,965 1,488,405
Total liabilities and stockholders’ equity 1,974,627 1,850,876

 

Contacts:

Fred Vandenberg
CEO, Destiny Media Technologies, Inc.
604 609 7736 x236

Rick Ramsay