Destiny Media Technologies, Inc. Announces Second Quarter Fiscal Year 2016 Results
VANCOUVER, April 14, 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 second quarter ended February 29, 2016.
Highlights
Highlights during the second quarter include:
- Quarterly revenue increase 3% (YOY)
- Quarterly expenditures drop by 25% (YOY)
- Quarterly loss shrinks by 79% (YOY)
- Migration of Play MPE® system to a cloud computing platform
Second Quarter Results
Play MPE® revenue grew in Europe, USA and Australia for an overall increase of 1.4% or 8.5% after factoring in an unfavorable reduction in the Euro relative to the US dollar. Clipstream began to see positive revenue increases.
Expenditures dropped by 25% due to a reduction in costs associated with restructuring, favorable exchange rates, and a reduction in director and officer compensation.
Net loss for the second quarter declined by 79% to ($75,383), or ($0.00) per share, versus a net loss of ($364,457), or ($0.01) during the prior year.
"During the quarter we began to see the positive results from restructuring that took place in the prior year with revenues increasing and expenses declining. While Clipstream® is obviously at a very early commercial stage, the company saw progress in revenue in its hosted solution, enterprise plan, and market research clients, showing a 328% increase compared to the prior year's quarter," said Steve Vestergaard, Chief Executive Officer for Destiny Media Technologies. "With the technology restructure completed in the quarter, the Company can move forward with product design enhancements to grow revenue."
Second Quarter Fiscal 2016 Earnings Conference Call
Destiny Media Technologies will host a conference call at 4:30 p.m. ET (1:30pm PT) on April 14th, 2016, to further discuss its second quarter fiscal 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 # 74540260. 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 provides services that enable content owners to securely display and distribute their audio and video content digitally through the internet. The Company's two major services are Clipstream® and Play MPE®. Clipstream (www.clipstream.com) is an automated high availability self-serve video hosting service built around a proprietary Javascript playback system. This approach, which is protected by two dozen pending and granted patents is much more secure and flexible than standard video approaches. Play MPE® (www.plaympe.com) provides a standardized method to securely and cost effectively distributes pre-release music to radio stations and other music industry professionals, before it is ready for sale. It is protected by granted security and watermark patents. More information can be found at www.dsny.com.
| CONSOLIDATED STATEMENTS OF COMPREHENSIVE (LOSS) |
||||
| (Expressed in United States dollars) |
||||
| Three Months |
Three Months |
Six Months |
Six Months |
|
| Ended |
Ended |
Ended |
Ended |
|
| February 29, |
February 28, |
February 29, |
February 28, |
|
| 2016 |
2015 |
2016 |
2015 |
|
| $ |
$ |
$ |
$ |
|
| Service revenue |
763,897 |
743,193 |
1,611,618 |
1,698,263 |
| Operating expenses |
||||
| General and administrative |
158,207 |
246,922 |
393,590 |
540,580 |
| Sales and marketing |
302,188 |
422,493 |
652,786 |
753,506 |
| Research and development |
331,722 |
411,282 |
650,762 |
775,251 |
| Depreciation and amortization |
53,196 |
38,998 |
103,025 |
74,783 |
| 845,313 |
1,119,695 |
1,800,163 |
2,144,120 |
|
| Loss from operations |
(81,416) |
(376,502) |
(188,545) |
(445,857) |
| Other income (expenses) |
||||
| Interest income |
6,033 |
12,045 |
12,155 |
25,091 |
| Net loss |
(75,383) |
(364,457) |
(176,390) |
(420,766) |
| Foreign currency translation adjustments |
(19,309) |
(164,827) |
(37,065) |
(265,787) |
| Total comprehensive loss |
(94,692) |
(529,284) |
(213,455) |
(686,553) |
| Net loss per common share, basic and diluted |
(0.00) |
(0.01) |
(0.00) |
(0.01) |
| CONSOLIDATED BALANCE SHEETS |
|||
| As at |
(Expressed in United States dollars) |
||
| February 29, |
August 31, |
||
| 2016 |
2015 |
||
| $ |
$ |
||
| ASSETS |
|||
| Current |
|||
| Cash and cash equivalents |
673,008 |
387,316 |
|
| Accounts receivable, net of allowance for |
|||
| doubtful accounts of $7,018 [2015 – $6,129] |
430,141 |
399,148 |
|
| Other receivables |
35,671 |
15,471 |
|
| Current portion of long term receivable |
102,830 |
98,180 |
|
| Prepaid expenses |
37,092 |
36,042 |
|
| Total current assets |
1,278,742 |
936,157 |
|
| Deposits |
22,241 |
32,222 |
|
| Long term receivable |
113,830 |
167,350 |
|
| Property and equipment, net |
403,126 |
401,461 |
|
| Total assets |
1,817,939 |
1,537,190 |
|
| LIABILITIES AND STOCKHOLDERS' EQUITY |
|||
| Current |
|||
| Accounts payable |
167,075 |
139,879 |
|
| Accrued liabilities |
176,748 |
189,672 |
|
| Deferred leasehold inducement |
44,852 |
63,217 |
|
| Deferred revenue |
5,179 |
24,712 |
|
| Obligation under capital lease – current portion |
4,867 |
5,205 |
|
| Total current liabilities |
398,721 |
422,685 |
|
| Obligation under capital lease – long term portion |
9,075 |
12,071 |
|
| Total liabilities |
407,796 |
434,756 |
|
| Commitments and contingencies |
|||
| 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 |
9,641,276 |
9,122,132 |
|
| Accumulated deficit |
(7,884,451) |
(7,708,061) |
|
| Accumulated other comprehensive loss |
(401,696) |
(364,631) |
|
| Total stockholders' equity |
1,410,143 |
1,102,434 |
|
| Total liabilities and stockholders' equity |
1,817,939 |
1,537,190 |
|
SOURCE Destiny Media Technologies, Inc.
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