Destiny Media Technologies, Inc. Announces Third Quarter Fiscal Year 2017 Results
VANCOUVER, July 17, 2017 /PRNewswire/ - 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 third quarter ended May 31, 2017.
Highlights
Highlights during and subsequent to the end of the third quarter include:
- Sixth consecutive Q over Q revenue growth
- Strongest cash position since August 31, 2014
- Net income grew to $166,223
- EBITDA grew to over $200,000
- Quarterly expenditures drop by 17%
Third Quarter Fiscal 2017 Results
Revenue for the quarter ended May 31, 2017 grew by 3% to $897,475. The increase is the result of revenue growth in all geographic areas.
Expenditures dropped by 17% to $734,689 and the net income grew to $166,223.
"We are excited to see our profit grow in advance of new product developments" said Fred Vandenberg, Chief Executive Officer and Chief Financial Officer for Destiny Media Technologies. "We expect to increase profitability through continued revenue increases and an elimination of unproductive activities and costs."
Third Quarter Fiscal 2017 Earnings Conference Call
Destiny Media Technologies will host a conference call at 5:00 p.m. ET (2:00pm PT) on Monday, July 17, 2017, to further discuss its third 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 # 79714804. 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 ("Destiny") provides services that enable content owners to securely display and distribute their audio and video content digitally through the internet. Destiny owns and operates two businesses, Play MPE® and Clipstream®. 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 for promotional purposes. Clipstream (www.clipstream.com) is a video format that plays on any modern smart phone, tablet, internet, TV, or computer.
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.
| Destiny Media Technologies Inc. |
|||||
| CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (LOSS) |
|||||
| (Expressed in United States dollars) |
|||||
| Unaudited |
|||||
| Three Months |
Three Months |
Nine Months |
Nine Months |
||
| Ended |
Ended |
Ended |
Ended |
||
| May 31, |
May 31, |
May 31, |
May 31, |
||
| 2017 |
2016 |
2017 |
2016 |
||
| $ |
$ |
$ |
$ |
||
| Revenue |
897,475 |
875,502 |
2,571,582 |
2,487,120 |
|
| Operating expenses |
|||||
| General and administrative |
137,382 |
202,016 |
526,159 |
595,605 |
|
| Sales and marketing |
232,483 |
257,536 |
735,895 |
910,322 |
|
| Research and development |
327,776 |
362,920 |
998,915 |
1,013,682 |
|
| Depreciation and amortization |
37,048 |
60,746 |
120,538 |
163,771 |
|
| 734,689 |
883,218 |
2,381,507 |
2,683,380 |
||
| Income (loss) from operations |
162,786 |
(7,716) |
190,075 |
(196,260) |
|
| Other income |
|||||
| Interest income |
3,437 |
4,903 |
12,071 |
17,057 |
|
| Net income (loss) |
166,223 |
(2,813) |
202,146 |
(179,203) |
|
| Other comprehensive income (loss) |
|||||
| Foreign currency translation adjustments |
(30,661) |
68,915 |
(44,792) |
31,850 |
|
| Total comprehensive income (loss) |
135,562 |
66,102 |
157,354 |
(147,353) |
|
| Net income (loss) per common share, |
|||||
| basic and diluted |
0.00 |
(0.00) |
0.00 |
(0.00) |
|
| Weighted average common shares outstanding: |
|||||
| Basic and diluted |
55,013,874 |
55,013,874 |
55,013,874 |
54,458,929 |
|
| Destiny Media Technologies Inc. |
|||
| CONDENSED CONSOLIDATED BALANCE SHEETS |
|||
| (Expressed in United States dollars) |
|||
| Unaudited |
|||
| As at |
|||
| May 31, |
August 31, |
||
| 2017 |
2016 |
||
| $ |
$ |
||
| ASSETS |
|||
| Current |
|||
| Cash and cash equivalents |
1,164,575 |
662,743 |
|
| Accounts receivable, net of allowance for |
|||
| doubtful accounts of $1,958 [Aug 31, 2016 – $4,049] |
418,182 |
628,135 |
|
| Other receivables |
13,385 |
15,051 |
|
| Current portion of long term receivable |
90,091 |
113,834 |
|
| Prepaid expenses |
33,937 |
61,525 |
|
| Deposits |
22,282 |
— |
|
| Total current assets |
1,742,452 |
1,481,288 |
|
| Deposits |
25,902 |
22,978 |
|
| Long term receivable |
— |
61,642 |
|
| Property and equipment, net |
117,848 |
174,951 |
|
| Intangible assets, net |
88,425 |
110,017 |
|
| Total assets |
1,974,627 |
1,850,876 |
|
| LIABILITIES AND STOCKHOLDERS' EQUITY |
|||
| Current |
|||
| Accounts payable |
105,600 |
108,157 |
|
| Accrued liabilities |
174,102 |
190,077 |
|
| Deferred leasehold inducement |
2,808 |
28,962 |
|
| Deferred revenue |
1,924 |
23,563 |
|
| Obligation under capital lease – current portion |
7,228 |
5,240 |
|
| Total current liabilities |
291,662 |
355,999 |
|
| Obligation under capital lease – long term portion |
— |
6,472 |
|
| Total liabilities |
291,662 |
362,471 |
|
| Stockholders' equity |
|||
| Common stock, par value $0.001 |
|||
| Authorized: 100,000,000 shares |
|||
| Issued and outstanding: 55,013,874 shares |
|||
| [Aug 31, 2016 – issued and outstanding 55,013,874 shares] |
55,014 |
55,014 |
|
| Additional paid-in capital |
9,703,286 |
9,666,080 |
|
| Accumulated deficit |
(7,694,166) |
(7,896,312) |
|
| Accumulated other comprehensive (loss) |
(381,169) |
(336,377) |
|
| Total stockholders' equity |
1,682,965 |
1,488,405 |
|
| Total liabilities and stockholders' equity |
1,974,627 |
1,850,876 |
|
SOURCE Destiny Media Technologies, Inc.
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