Destiny Media Technologies Inc. Announces Second Quarter Fiscal Year 2019 Results
Vancouver, BC – April 15, 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 second quarter ended February 28, 2019.
Highlights for the quarter include:
Play MPE® currency adjusted revenue growth of 11.8%
Play MPE® Revenue growth seen in all major territories through a currency adjusted increase in non-fixed fee income of 16.3%
Integration with Nielsen’s BDSradio expands Play MPE® network
Second Quarter Fiscal 2019 Results
Play MPE® currency adjusted revenue for the quarter ended February 28, 2019 grew by 11.8% over the comparable period in fiscal 2018. This increase in revenue includes an increase of 8.0% in fixed fee revenue and an increase in non-fixed fee revenue of 16.3%. In both cases, the increases were realized in the latter 2 months of the quarter. Foreign currency fluctuations negatively affected reported revenues by 3.9%, resulting in a net 7.9% increase to $879,364.
“During the latter half of Q2 we began to see the financial returns of our reinvestment in Play MPE and our increased investment in sales and marketing staffing.” said Fred Vandenberg, Chief Executive Officer for Destiny Media Technologies. “We are very encouraged by the progress we see so far and look forward to the continued building of momentum through our targeted efforts. We are continuing to add to product development and business development resources”
For more information, please see our AGM address here.
Second 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, April 15, 2019, to further discuss its second 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 # 59948008. 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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