Destiny Media Technologies Inc. Announces Fiscal 2022 Second Quarter Results

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