Destiny Media Technologies, Inc. Announces First Quarter Fiscal Year 2019 Results
Vancouver, BC – January 14, 2019 – 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 fiscal 2019 first quarter ended November 30, 2018.
Highlights for the quarter include:
Renewed agreement with Universal Music with a 14% increase in monthly fees commencing following the quarter (January 1, 2019)
Play MPE® currency adjusted revenue growth of 4.1%
Strong balance sheet with continued increase in working capital position to $2.5M
First Quarter Fiscal 2019 Results
Play MPE® revenue for the quarter ended November 30, 2018 grew by 2.3% (4.1% currency adjusted) to $969,428. Ignoring these unfavorable currency fluctuations, Play MPE® revenue grew in every segment, driven by an increase in revenue of 6.3% (7.2% currency adjusted) in non-fixed fee arrangements. An increase in revenue associated with fixed fee contracts will commence in mid-second quarter.
“We saw very encouraging levels of interest from new customers this quarter which we are excited to see contribute directly to revenue in subsequent quarters,” said Fred Vandenberg, Chief Executive Officer for Destiny Media Technologies. “We are building momentum upon a new product release, additional business development staffing, and increased recurring revenue agreements to expand the market share for Play MPE.”
First Quarter Fiscal 2019 Earnings Conference Call
Destiny Media Technologies will host a conference call at 5:00 p.m. ET (2:00pm PT) on Monday, January 14, 2019, to further discuss its first quarter fiscal year 2019 results. Investors and interested parties may participate in the call by dialing 416-764-8688 or 888-390-0546 and referring to conference ID # 48556756. 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. 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 for the fiscal year ended August 31, 2018, which is available on www.sedar.com or www.sec.gov.
CEO, Destiny Media Technologies, Inc.
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