Destiny Media Technologies Inc. Announces Third Quarter Fiscal Year 2019 Results
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 third quarter ended May 31, 2019.
Highlights for the quarter include:
Play MPE® currency adjusted revenue growth of 10.2 % from all major territories;
Release of new iOS and Android Play MPE® recipient player mobile apps;
New Director of Product Management and expanded staffing with objective to expand Play MPE ® solutions.
Third Quarter Fiscal 2019 Results
Play MPE® currency adjusted revenue for the quarter ended May 31, 2019 grew by 10.2 % over the comparable period in 2018. The revenue growth was seen in key target regions and customers where we have been focusing our business development efforts to realize expanded usage and market penetration. Foreign currency fluctuations negatively affected our Play MPE ® revenues by 4.3 %, resulting in a net 5.9 % increase in reported Play MPE ® revenue.
“During Q3 we have been successful at growing revenue and trials within new territories.” said Fred Vandenberg, Chief Executive Officer for Destiny Media Technologies. “We are having very productive engagement with our core customer targets which we think will lead to greater expansion over the short and medium term through strategic product enhancements.”
For more information, please see our AGM address here.
Third 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, July 15, 2019, to further discuss its third 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 # 63977559. 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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The above financial statement table has been corrected to re-label the column headings for the Nine Months periods ended May 31, 2019 and 2018 appearing in the original press release as Six Months ended May 31, 2019 and 2018. Corrected information is presented herein.