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Destiny Media Technologies Inc. Announces Fiscal 2022 Second Quarter Results

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Vancouver, British Columbia--(Newsfile Corp. - April 13, 2022) - 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, today announced financial results for its fiscal 2022 second quarter ended February 28, 2022.

"Completing the transition of all administrative functions of Play MPE® to the online platform was a major accomplishment that was completed during the quarter," said Fred Vandenberg, President and CEO. "Following this transition, Play MPE® engineering staff can focus on developing additional revenue generating products and services within the space. During the quarter, we also continued to build out our design and development teams as we move forward with new product development."

"We continued to see growing user activity and brand awareness in Canada, Latin countries and South Africa showing increases in revenue in those territories."

Q2 2022 Financial Results

Highlights for Q2 2022 include (all figures are USD, and comparisons are to Q2 2021):

  • Currency adjusted Play MPE® revenue up 1%

  • USA major label revenue up 7.6%

  • Canadian revenue grew by 64.5%

  • Transition of all administration functions of Play MPE® to the web-based platform

During the quarter under a normal course issuer bid, the Company repurchased 112,800 shares for a total cost of $0.135M. Total repurchases under the normal course issuer bid from January 2021 to February 2022 was 328,385 shares for a total of $0.437M.

Fiscal 2022 Second Quarter Earnings Webinar

Destiny Media Technologies will hold a live webinar on Wednesday, April 13, 2022 at 2:00 p.m. Pacific Standard Time (5:00 p.m. Eastern Standard Time) to discuss financial results for its second quarter ended February 28, 2022.

The live webinar will include comments from President, Chief Executive Officer, Fred Vandenberg, and Director of Business Development, Allan Benedict.

Date: Wednesday, April 13, 2022
Time: 2:00 p.m. Pacific Standard Time (5:00 p.m. Eastern Standard Time)

Attendees are encouraged to register prior to the scheduled time at the following:

https://investors.dsny.com/investors/financials/

or by clicking on the Webinar Registration Form

Attendees viewing the webinar can voluntarily submit questions during the live presentation. Attendees' cameras will remain off throughout the presentation. Attendees' microphones will remain off unless the attendee voluntarily selects to engage in verbal questions similar to the format available on a traditional conference call.

The webinar format will provide the Company an opportunity to present visual information.

For those without internet access, the webinar can be accessed via the following dial in details:

Direct dial in: +1 312 626 6799 or +1 253 215 8782

Webinar ID: 834 1401 6179

Attendees participating via dial in will not have access to the webinar video stream, and will not have access to question and answer functions.

A recording of the webinar will be available after the event at https://investors.dsny.com/investors/financials/

CONDENSED CONSOLIDATED INTERIM BALANCE SHEETS

(Expressed in United States Dollars)
Unaudited

As at,


 



 


 


February 28,



August 31,


 


2022



2021


 


$



$

 

 


 



 


ASSETS


 



 


Current


 



 


Cash and cash equivalents


2,433,506



2,752,662


Accounts receivable, net of allowance for


 



 


doubtful accounts of $30,895, [August 31, 2021 - $19,743]


414,720



400,233


Other receivables


28,181



53,172


Prepaid expenses


83,959



103,463

 

Total current assets


2,960,366



3,309,530


Deposits


10,730



35,556


Property and equipment, net


113,129



143,487


Intangible assets, net


318,854



187,622


Right of use asset


-



190,253

 

Total assets


3,403,079



3,866,448

 

 


 



 


LIABILITIES AND STOCKHOLDERS' EQUITY


 



 


Current


 



 


Accounts payable


72,342



202,722


Accrued liabilities


379,638



309,839


Deferred revenue


-



8,511


Current portion of operating lease liability


-



226,978

 

Total current liabilities


451,980



748,050

 

Total liabilities


451,980



748,050

 

 


 

 


 

 

Contingencies


 



 


 


 

 


 

 

Stockholders' equity


 



 


Common stock, par value $0.001


 



 


Authorized: 20,000,000 shares


 



 


Issued and outstanding: 10,122,271 shares


 



 


[August 31, 2021 - issued and outstanding 10,265,371 shares]


10,122



10,266


Additional paid-in capital


9,064,465



9,157,804


Accumulated deficit


(5,825,548

)


(5,788,539

)

Accumulated other comprehensive loss


(297,940

)


(261,133

)

Total stockholders' equity


2,951,099



3,118,398

 

Total liabilities and stockholders' equity


3,403,079



3,866,448

 

 

CONDENSED CONSOLIDATED INTERIM STATEMENTS OF INCOME (LOSS)

(Expressed in United States dollars)
Unaudited

 


Three Months



Three Months



Six Months



Six Months


 


Ended



Ended



Ended



Ended


 


February 28,



February 28,



February 28,



February 28,


 


2022



2021



2022



2021


 


$



$



$



$

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Service revenue


896,420



930,699



2,030,571



2,054,676

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cost of revenue


 



 



 



 


Hosting costs


45,611



29,667



87,795



59,709


Internal engineering support


13,812



7,296



22,212



13,623


Customer support


78,266



41,343



125,869



77,195


Third Party and transactions costs


13,622



13,593



32,998



31,685

 

 


151,311



91,899



268,874



182,212

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Gross Margin


745,109



838,800



1,761,697



1,872,464

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Operating expenses


 



 



 



 


General and administrative


314,941



164,395



465,566



323,943


Sales and marketing


251,875



340,954



667,685



643,428


Product development


367,311



337,392



625,734



635,480


Depreciation and amortization


26,574



26,400



53,746



50,715

 

 


960,701



869,141



1,812,731



1,653,566

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Income (loss) from operations


(215,592

)


(30,341

)


(51,034

)


218,898


 

 

 

 

 

 

 

 

 

 

 

 

 

Other income


 



 



 



 


Interest income


1,964



875



3,007



2,338


Gain on disposal of assets


11,018



-



11,018



-

 

Net income (loss)


(202,610

)


(29,466

)


(37,009

)


221,236

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net income (loss) per common share,


 



 



 



 


basic and diluted


(0.02

)


(0.00

)


(0.00

)


0.02

 

 



 



 



 


Weighted average common shares outstanding:



 



 



 


Basic and diluted


10,208,956



10,629,438



10,259,374



10,665,834

 

 

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. More information can be found at www.dsny.com.

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, 2021, which is available on www.sedar.com or www.sec.gov.

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

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/120265