Destiny Media Technologies, Inc. Announces First Quarter Fiscal Year 2018 Results

VANCOUVER, Jan. 16, 2018 /CNW/ - 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, and Clipstream®, the world's first script powered video platform, today announced financial results for its fiscal 2018 first quarter ended November 30, 2017.

Highlights

Highlights for the quarter include:

• Revenue growth of 9.1% (5.6% adjusted for foreign currency adjustments)
• Highest quarterly net income and EBITDA in over 5 years
• Strong balance sheet with increased cash position to $1.75M

First Quarter Fiscal 2018 Results

Revenue for the quarter ended November 30, 2017 grew by 9.1% (5.6% currency adjusted) to $973,798.  This growth is primarily due to the growth in independent labels in the US. This, combined with a 7% decrease in overall operating expenditures to $738,831, resulted in the Company's highest reported net income in any single quarter since fiscal year 2012.   

"These results reflect our first full quarter since our management transition," said Fred Vandenberg, Chief Executive Officer for Destiny Media Technologies, "As we expected, providing some care to our core Play MPE customers led to modest increases in usage, as shown by the growth in independent label revenue.   Most importantly we are now one team focused on re-engaging with our Play MPE customers and getting version 8 released.  This software update adds highly anticipated features, including Mac compatibility and easier to use release publishing tools.  It will allow us to engage with existing, former and potential customers in a sales conversation with renewed enthusiasm that was not possible over the previous seven years."

First Quarter Fiscal 2018 Earnings Conference Call

Destiny Media Technologies will host a conference call at 5:00 p.m. ET (2:00pm PT) on Tuesday, January 16, 2018, to further discuss its first quarter fiscal year 2018 results. Investors and interested parties may participate in the call by dialing 416-764-8688 or 888-390-0546 and referring to conference ID # 09715412. 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.

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 for the fiscal year ended August 31, 2017, 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
		ended	ended
		November 30,	November 30,
		2017	2016
		$	$
Revenue		973,798	892,229
Operating expenses
General and administrative		150,935	178,906
Sales and marketing		259,129	247,406
Research and development		303,070	324,674
Depreciation and amortization		25,697	41,878
		738,831	792,864
Income from operations		234,967	99,365
Other income
Interest income		2,325	4,763
Other income (expense)		(3,802)	-
Net income		233,490	104,128
Other comprehensive income (loss)
Foreign currency translation adjustments		(52,116)	(33,369)
Total comprehensive income (loss)		181,374	70,759
Net income (loss) per common share,  basic and diluted		(0.00)	(0.00)
Weighted average common shares outstanding:
	Basic and diluted	55,013,874	55,013,874

Destiny Media Technologies Inc.
CONDENSED CONSOLIDATED BALANCE SHEETS
(Expressed in United States dollars)
Unaudited
As at,		November 30,	August 31,
		2017	2017
		$	$
ASSETS
Current
Cash and cash equivalents		1,752,591	1,342,956
Accounts receivable, net of allowance for
	doubtful accounts of $3,292 [August 31, 2017 – $3,383]	389,451	529,666
Other receivables		28,538	21,216
Current portion of long term receivable		31,333	64,811
Prepaid expenses		44,782	54,507
Deposits		576	592
Total current assets		2,247,271	2,013,748
Deposits		27,169	27,923
Property and equipment, net		171,491	116,208
Intangible assets, net		69,456	86,824
Total assets		2,515,387	2,244,703
LIABILITIES AND STOCKHOLDERS' EQUITY
Current
Accounts payable		236,225	127,444
Accrued liabilities		167,446	192,433
Deferred leasehold inducement		5,084	2,090
Deferred revenue		15,040	23,685
Obligation under capital lease – current portion		4,023	6,246
Total current liabilities		427,818	351,898
Total liabilities		427,818	351,898
Stockholders' equity
Common stock, par value $0.001
	Authorized: 100,000,000 shares
	Issued and outstanding: 55,013,874 shares
	[August 31, 2017 – issued and outstanding 55,013,874 shares]	55,014	55,014
Additional paid-in capital		9,725,603	9,712,213
Accumulated deficit		(7,374,041)	(7,607,531)
Accumulated other comprehensive (loss)		(319,007)	(266,891)
Total stockholders' equity		2,087,569	1,892,805
Total liabilities and stockholders' equity		2,515,387	2,244,703

SOURCE Destiny Media Technologies, Inc.

Fred Vandenberg, CEO, Destiny Media Technologies, Inc., 604 609 7736 x236

Related Links

www.dsny.com