Destiny Media Technologies, Inc. Announces Third Quarter Fiscal Year 2017 Results

VANCOUVER, July 17, 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 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.

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

Related Links

www.dsny.com