Destiny Media Technologies, Inc. Announces Fiscal Year 2017 Results
VANCOUVER, Nov. 29, 2017 /PRNewswire/ - Destiny Media Technologies (TSXV: DSY) (OTCQB: DSNY), the makers of Play MPE®, a cloud-based SaaS solution for promotional music marketing, and Clipstream®, the world's first script powered video platform, today announced its financial results for the fiscal 2017 year ended August 31, 2017.
Highlights
Highlights for the year include:
- Two new independent board members with significant share positions
- Change in management and strategic direction
- Renewed financial strength through doubling of cash position to $1.3M
- Return to profitability from 3% revenue growth and 11% expenditure reduction
- EBITDA reaching $447,231
Fiscal 2017 Results
Revenue for the year ended August 31, 2017 grew in all geographic territories for a total increase of approximately 3% to $3,445,014. This, combined with an 11% decrease in overall expenditures (to $3,170,580), resulted in eliminating last year's net loss growing to net income of $288,781.
"Changes to our board of directors and management in fiscal 2017 have empowered our team to execute on sales and product developments grounded in a rational business plan for 2018," said Fred Vandenberg, Chief Executive Officer for Destiny Media Technologies. "We are excited to focus on delivering improvements to our existing SaaS based business and optimistic for a return to accelerated revenue and income growth."
Fiscal 2017 Earnings Conference Call
Destiny Media Technologies will host a conference call at 5:00 p.m. ET (2:00pm PT) on Wednesday, November 29, 2017, to further discuss its 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 # 82627929. 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 ending August 31, 2017, which is available on www.sedar.com or www.sec.gov.
| Destiny Media Technologies Inc. |
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| CONSOLIDATED STATEMENTS OF OPERATIONS |
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| (Expressed in United States dollars) |
|||
| 2017 |
2016 |
||
| $ |
$ |
||
| Revenue |
3,445,014 |
3,337,813 |
|
| Operating expenses |
|||
| General and administrative |
730,494 |
802,433 |
|
| Sales and marketing |
981,959 |
1,260,384 |
|
| Research and development |
1,304,742 |
1,292,996 |
|
| Depreciation and amortization |
153,385 |
191,383 |
|
| 3,170,580 |
3,547,196 |
||
| Income (loss) from operations |
274,434 |
(209,383) |
|
| Other income |
|||
| Interest income |
14,314 |
21,132 |
|
| Other income |
33 |
- |
|
| Net income (loss) |
288,781 |
(188,251) |
|
| Other comprehensive income (loss) |
|||
| Foreign currency translation adjustments |
69,486 |
28,254 |
|
| Total comprehensive income (loss) |
358,267 |
(159,997) |
|
| Net income (loss) per common share, |
|||
| basic and diluted |
0.01 |
(0.00) |
|
| Weighted average common shares outstanding: |
|||
| Basic and diluted |
55,013,874 |
54,737,918 |
|
| Destiny Media Technologies Inc. |
|||||
| CONSOLIDATED BALANCE SHEETS |
|||||
| (Expressed in United States dollars) |
|||||
| As at August 31, |
|||||
| 2017 |
2016 |
||||
| $ |
$ |
||||
| ASSETS |
|||||
| Current |
|||||
| Cash and cash equivalents |
1,342,956 |
662,743 |
|||
| Accounts receivable, net of allowance for |
|||||
| doubtful accounts of $3,383 [2016 – $4,049] |
529,666 |
628,135 |
|||
| Other receivables |
21,216 |
15,051 |
|||
| Current portion of long term receivable |
64,811 |
113,834 |
|||
| Prepaid expenses |
54,507 |
61,525 |
|||
| Deposits |
592 |
— |
|||
| Total current assets |
2,013,748 |
1,481,288 |
|||
| Deposits |
27,923 |
22,978 |
|||
| Long term receivable |
— |
61,642 |
|||
| Property and equipment, net |
116,208 |
174,951 |
|||
| Intangible assets, net |
86,824 |
110,017 |
|||
| Total assets |
2,244,703 |
1,850,876 |
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| LIABILITIES AND STOCKHOLDERS' EQUITY |
|||||
| Current |
|||||
| Accounts payable |
127,444 |
108,157 |
|||
| Accrued liabilities |
192,433 |
190,077 |
|||
| Deferred leasehold inducement |
2,090 |
28,962 |
|||
| Deferred revenue |
23,685 |
23,563 |
|||
| Obligation under capital lease – current portion |
6,246 |
5,240 |
|||
| Total current liabilities |
351,898 |
355,999 |
|||
| Obligation under capital lease – long term portion |
— |
6,472 |
|||
| Total liabilities |
351,898 |
362,471 |
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| Stockholders' equity |
|||||
| Common stock, par value $0.001 |
|||||
| Authorized: 100,000,000 shares |
|||||
| Issued and outstanding: 55,013,874 shares |
|||||
| [2016 – issued and outstanding 55,013,874 shares] |
55,014 |
55,014 |
|||
| Additional paid-in capital |
9,712,213 |
9,666,080 |
|||
| Accumulated deficit |
(7,607,531) |
(7,896,312) |
|||
| Accumulated other comprehensive (loss) |
(266,891) |
(336,377) |
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| Total stockholders' equity |
1,892,805 |
1,488,405 |
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| Total liabilities and stockholders' equity |
2,244,703 |
1,850,876 |
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SOURCE Destiny Media Technologies, Inc.
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