Destiny Media Technologies, Inc. Announces Fourth Quarter and Fiscal Year 2016 Results
VANCOUVER, Nov. 29, 2016 /PRNewswire/ - Destiny Media Technologies (TSXV: DSY) (OTCQX: 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 the fourth quarter ended August 31, 2016.
Fourth Quarter Highlights
Fourth quarter revenue increased four percent over the prior year quarter to $850,693.
Revenue from the Play MPE segment increased three percent versus last year, driven by increases in all geographic segments. Net loss for the fourth quarter was ($9,048), or ($0.00) per share, reducing the loss over the prior year by 92%.
Fiscal 2016 Results
Total revenue grew slightly over the prior year while operating expenditures dropped by 14% resulting in an 88% reduction to the net loss for the year.
"Expanded business development efforts in Play MPE® with the addition of resellers and recipient lists in Scandinavia, and increased major label account management activities, helped Play MPE® revenue rebound from an early year decline to growth in each of the final three quarters of the year," said Steve Vestergaard, Chief Executive Officer for Destiny Media Technologies. "We expect to launch our proprietary web encoder for Play MPE® in fiscal 2017 which will facilitate greater business development activities while gaining access to more customers."
Fourth Quarter Fiscal 2016 Earnings Conference Call
Destiny Media Technologies will host a conference call at 5:00 p.m. ET (2:00pm PT) on Tuesday, November 29, 2016, to further discuss its fourth quarter and fiscal year 2016 results. Investors and interested parties may participate in the call by dialing 416-764-8688 or 888-390-0546 and referring to conference ID # 05294037. A written transcript and archived stream will subsequently be made available on Destiny's corporate site at http://www.dsny.com
| CONSOLIDATED STATEMENTS OF COMPREHENSIVE (LOSS) |
|||
| (Expressed in United States dollars) |
|||
| Year Ended |
Year Ended |
||
| August 31, |
August 31, |
||
| 2016 |
2015 |
||
| $ |
$ |
||
| Service Revenue |
3,337,813 |
3,323,537 |
|
| Operating expenses |
|||
| General and administrative |
802,433 |
1,119,468 |
|
| Sales and marketing |
1,260,384 |
1,441,833 |
|
| Research and development |
1,292,996 |
1,376,386 |
|
| Depreciation and amortization |
191,383 |
182,863 |
|
| 3,547,196 |
4,120,550 |
||
| Loss from operations |
(209,383) |
(797,013) |
|
| Other income (expenses) |
|||
| Interest income |
21,132 |
42,787 |
|
| Other income (expense) |
- |
(420) |
|
| Loss before provision for income taxes |
(188,251) |
(754,646) |
|
| Income tax expense - deferred |
- |
(842,000) |
|
| Net loss |
(188,251) |
(1,596,646) |
|
| Foreign currency translation adjustments |
28,254 |
(364,374) |
|
| Total comprehensive loss |
(159,997) |
(1,961,020) |
|
| Net loss per common share, |
|||
| basic and diluted |
(0.00) |
(0.03) |
|
| Weighted average common shares outstanding: |
|||
| Basic |
54,737,918 |
52,993,874 |
|
| Diluted |
54,737,918 |
52,993,874 |
|
| CONSOLIDATED BALANCE SHEETS |
||||
| (Expressed in United States dollars) |
||||
| As at |
||||
| August 31, |
August 31, |
|||
| 2016 |
2015 |
|||
| $ |
$ |
|||
| ASSETS |
||||
| Current |
||||
| Cash and cash equivalents |
662,743 |
387,316 |
||
| Accounts receivable, net of allowance for |
||||
| doubtful accounts of $4,049 [2015 – $6,058] |
628,135 |
399,148 |
||
| Other receivables |
15,051 |
15,471 |
||
| Current portion of long term receivable |
113,834 |
98,180 |
||
| Prepaid expenses |
61,525 |
36,042 |
||
| Total current assets |
1,481,288 |
936,157 |
||
| Deposits |
22,978 |
32,222 |
||
| Long term receivable |
61,642 |
167,350 |
||
| Property and equipment, net |
284,968 |
401,461 |
||
| Total assets |
1,850,876 |
1,537,190 |
||
| LIABILITIES AND STOCKHOLDERS' EQUITY |
||||
| Current |
||||
| Accounts payable |
108,157 |
139,879 |
||
| Accrued liabilities |
190,077 |
189,672 |
||
| Deferred leasehold inducement |
28,962 |
63,217 |
||
| Deferred revenue |
23,563 |
24,712 |
||
| Obligation under capital lease – current portion |
5,240 |
5,205 |
||
| Total current liabilities |
355,999 |
422,685 |
||
| Obligation under capital lease – long term portion |
6,472 |
12,071 |
||
| Total liabilities |
362,471 |
434,756 |
||
| Stockholders' equity |
||||
| Common stock, par value $0.001 |
||||
| Authorized: 100,000,000 shares |
||||
| Issued and outstanding: 55,013,874 shares |
||||
| [2015 – issued and outstanding 52,993,874 shares] |
55,014 |
52,994 |
||
| Additional paid-in capital |
9,666,080 |
9,122,132 |
||
| Accumulated deficit |
(7,896,312) |
(7,708,061) |
||
| Accumulated other comprehensive (loss) |
(336,377) |
(364,631) |
||
| Total stockholders' equity |
1,488,405 |
1,102,434 |
||
| Total liabilities and stockholders' equity |
1,850,876 |
1,537,190 |
||
SOURCE Destiny Media Technologies, Inc.
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