Destiny Media Technologies, Inc. Announces First Quarter Fiscal Year 2018 Results
Vancouver, BC – January 16, 2018 – 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, and Clipstream®, the world's first script powered video platform, today announced financial results for its fiscal 2018 first quarter ended November 30, 2017.
Highlights for the quarter include:
- Revenue growth of 9.1% (5.6% adjusted for foreign currency adjustments)
- Highest quarterly net income and EBITDA in over 5 years
- Strong balance sheet with increased cash position to $1.75M
First Quarter Fiscal 2018 Results
Revenue for the quarter ended November 30, 2017 grew by 9.1% (5.6% currency adjusted) to $973,798. This growth is primarily due to the growth in independent labels in the US. This, combined with a 7% decrease in overall operating expenditures to $738,831, resulted in the Company’s highest reported net income in any single quarter since fiscal year 2012.
“These results reflect our first full quarter since our management transition,“ said Fred Vandenberg, Chief Executive Officer for Destiny Media Technologies, “As we expected, providing some care to our core Play MPE customers led to modest increases in usage, as shown by the growth in independent label revenue. Most importantly we are now one team focused on re-engaging with our Play MPE customers and getting version 8 released. This software update adds highly anticipated features, including Mac compatibility and easier to use release publishing tools. It will allow us to engage with existing, former and potential customers in a sales conversation with renewed enthusiasm that was not possible over the previous seven years.”
First Quarter Fiscal 2018 Earnings Conference Call
Destiny Media Technologies will host a conference call at 5:00 p.m. ET (2:00pm PT) on Tuesday, January 16, 2018, to further discuss its first 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 # 09715412. 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.
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.
CEO, Destiny Media Technologies, Inc.
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