VANCOUVER, April 13, 2017 /CNW/ - 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 second quarter ended February
28, 2017.
Highlights
Highlights during and subsequent to the end of the second
quarter include:
- Quarterly revenue grew by 2% compared to the prior year
- Fifth consecutive Q over Q revenue growth
- Play MPE revenue growth 4% year over year
Second Quarter Fiscal 2017 Results
The increase in revenue is primarily the result of revenue
growth in Europe driven by sales
to independent record labels through the engagement of local
resellers, and acquisition of recipient lists.
Expenditures increased by 1% to $853,954.
Net loss for the second quarter declined by 10% to ($68,205), or ($0.00) per share, versus a net loss of
($75,383), or ($0.00) during the prior year.
"We are seeing positive results from our development into
Play MPE," said Steve Vestergaard,
Chief Executive Officer for Destiny Media Technologies. "We
continue to improve Play MPE technically and expand the product
offering."
Second Quarter Fiscal 2017 Earnings Conference Call
Destiny Media Technologies will host a conference call at
5:00 p.m. ET (2:00pm PT) on Thursday,
April 13, 2017, to further discuss its second 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 # 07773604. 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 (DSY.V) (DSNY) provides services that
enable content owners to securely display and distribute their
audio and video content digitally through the internet. The
Company's two major services are Clipstream® and Play
MPE®. Clipstream® (www.clipstream.com) is a
video format that plays on any modern smart phone, tablet,
internet, TV, or computer. 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, before it is ready for sale. More
information can be found at www.dsny.com.
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.
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Destiny Media
Technologies Inc.
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CONDENSED
CONSOLIDATED STATEMENTS OF OPERATIONS AND
COMPREHENSIVE INCOME
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(Expressed in United
States dollars)
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Unaudited
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Three
Months
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Three
Months
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Six
Months
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Six Months
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Ended
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Ended
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Ended
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Ended
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February
28,
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February
29,
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February
28,
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February
29,
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2017
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2016
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2017
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2016
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$
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$
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$
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$
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Revenue
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781,878
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763,897
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1,674,107
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1,611,618
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Operating
expenses
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General and
administrative
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209,871
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158,207
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388,777
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393,590
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Sales and
marketing
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256,006
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302,188
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503,412
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652,786
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Research and
development
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346,465
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331,722
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671,139
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650,762
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Depreciation and
amortization
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41,612
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53,196
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83,490
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103,025
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853,954
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845,313
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1,646,818
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1,800,163
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Income (loss) from
operations
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(72,076)
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(81,416)
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27,289
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(188,545)
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Other
income
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Interest
income
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3,871
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6,033
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8,634
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12,155
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Net income
(loss)
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(68,205)
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(75,383)
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35,923
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(176,390)
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Other
comprehensive income (loss)
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Foreign currency
translation adjustments
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19,238
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(19,309)
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(14,131)
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(37,065)
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Total
comprehensive income (loss)
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(48,967)
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(94,692)
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21,792
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(213,455)
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Net income (loss)
per common share,
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basic and
diluted
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(0.00)
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(0.00)
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0.00
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(0.00)
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Weighted average
common shares outstanding:
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Basic and
diluted
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55,013,874
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55,013,874
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55,013,874
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54,458,929
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Destiny Media
Technologies Inc.
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CONDENSED
CONSOLIDATED BALANCE SHEETS
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(Expressed in United
States dollars)
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Unaudited
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As at
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February
28,
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August 31,
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2017
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2016
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$
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$
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ASSETS
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Current
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Cash and cash
equivalents
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939,390
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662,743
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Accounts receivable,
net of allowance for
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doubtful accounts of
$1,891 [Aug 31, 2016 – $4,049]
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516,773
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628,135
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Other
receivables
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31,762
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15,051
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Current portion of
long term receivable
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122,697
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113,834
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Prepaid
expenses
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30,158
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61,525
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Deposits
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22,173
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—
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Total current
assets
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1,662,953
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1,481,288
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Deposits
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560
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22,978
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Long term
receivable
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—
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61,642
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Property and
equipment, net
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137,074
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174,951
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Intangible assets,
net
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93,829
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110,017
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Total
assets
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1,894,416
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1,850,876
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LIABILITIES AND
STOCKHOLDERS' EQUITY
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Current
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Accounts
payable
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137,477
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108,157
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Accrued
liabilities
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191,608
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190,077
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Deferred leasehold
inducement
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11,461
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28,962
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Deferred
revenue
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10,061
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23,563
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Obligation under
capital lease – current portion
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5,403
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5,240
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Total current
liabilities
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356,010
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355,999
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Obligation under
capital lease – long term portion
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3,405
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6,472
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Total
liabilities
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359,415
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362,471
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Stockholders'
equity
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Common stock, par
value $0.001
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Authorized:
100,000,000 shares
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Issued and
outstanding: 55,013,874 shares
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[Aug 31, 2016 –
issued and outstanding 55,013,874 shares]
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55,014
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55,014
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Additional paid-in
capital
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9,690,884
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9,666,080
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Accumulated
deficit
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(7,860,389)
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(7,896,312)
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Accumulated other
comprehensive (loss)
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(350,508)
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(336,377)
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Total
stockholders' equity
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1,535,001
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1,488,405
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Total liabilities
and stockholders' equity
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1,894,416
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1,850,876
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SOURCE Destiny Media Technologies, Inc.