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Destiny Media Technologies Inc. Announces Fiscal 2022 Third Quarter Results

·6 min read

Vancouver, British Columbia--(Newsfile Corp. - July 12, 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 third quarter ended May 31, 2022.

"During our third quarter, we continued to grow our product development capacity as we address specific opportunities that we identified in order to expand addressable markets and market conversion," said Fred Vandenberg, President and CEO. "We continue to see growing user activity and revenue in our developing markets with many positive signs for future growth."

Q3 2022 Financial Results

Highlights for Q3 2022 include (all figures are USD, and comparisons are to Q3 2021):

  • Currency adjusted Play MPE® revenue down 2.3%

  • Currency adjusted European revenue grew by 5.5%

  • USA revenue up 1.1%

  • Capitalized software development costs of $0.18 million

Nine Months Ended May 31, 2022 Financial Results

Highlights for the nine months ended May 31, 2022 include (all figures are USD, and comparisons are to the nine months ended May 31, 2021):

  • Currency adjusted Play MPE® revenue up 0.3%

  • Currency adjusted Canadian revenue grew by 27.6%

  • Currency adjusted European revenue grew by 3.5%

  • USA revenue up 2.1%

  • Capitalized software development costs of $0.33 million

During the nine months ended May 31, 2022, under a normal course issuer bid, the Company repurchased 143,100 shares for a total cost of $0.18 million.

Fiscal 2022 Third Quarter Earnings Webinar

Destiny Media Technologies will hold a live webinar on Tuesday, July 12, 2022 at 2:00 p.m. Pacific Standard Time (5:00 p.m. Eastern Standard Time) to discuss financial results for its third quarter ended May 31, 2022. The live webinar will include comments from President and Chief Executive Officer, Fred Vandenberg, and Director of Business Development, Allan Benedict.

Date: Tuesday, July 12, 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. Attendee 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 traditional conference call format.

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:
823 7596 4271

Attendees participating via dial in will not have access 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 on https://investors.dsny.com/investors/financials/

DESTINY MEDIA TECHNOLOGIES, INC.


Condensed Consolidated Balance Sheets





 



 



May 31,
2022

 


August 31, 2021

 

ASSETS







Cash and cash equivalents

$

1,953,454


$

2,752,662


Accounts receivable, net of allowance for doubtful accounts of $24,844 (August 31, 2021 - $19,743)


800,847



400,233


Other receivables


23,278



53,172


Prepaid expenses


54,937



103,463


Deposits


45,269

 


-

 

Total current assets


2,877,785



3,309,530





 



 

Deposits


-



35,556


Property and equipment, net


359,490



143,487


Intangible assets, net


254,489



187,622


Right-of-use assets


-



190,253


Total assets

$

3,491,764

 

$

3,866,448

 



 



 


LIABILITIES AND STOCKHOLDERS' EQUITY


 



 


Current


 



 


Accounts payable

$

116,158


$

202,722


Accrued liabilities


301,394



309,839


Deferred revenue


25,523



8,511


Current portion of operating lease liability


-

 


226,978

 

Total current liabilities


443,075

 


748,050

 

Total liabilities


443,075

 


748,050

 



 



 


Contingencies


-



-




 



 


Stockholders' equity


 



 


Common stock, par value $0.001, authorized 20,000,000 shares.
Issued and outstanding - 10,122,261 shares
(August 31, 2021 - 10,265,361 shares)


10,122



10,266


Additional paid-in capital


9,137,129



9,157,804


Accumulated deficit


(5,828,790

)


(5,788,539

)

Accumulated other comprehensive loss


(269,772

)


(261,133

)

Total stockholders' equity


3,048,689

 


3,118,398

 

Total liabilities and stockholders' equity

$

3,491,764


$

3,866,448

 

 

DESTINY MEDIA TECHNOLOGIES, INC.


Condensed Consolidated Statements of Comprehensive Income (Loss)


(Unaudited)

















Three Months Ended May 31,



Nine Months Ended May 31,




2022

 


2021

 


2022

 


2021

 














Service revenue

$

999,282


$

1,083,987


$

3,029,853


$

3,138,663




 



 



 



 


Cost of revenue


 



 



 



 


Hosting costs


50,604



32,582



138,399



92,291


Internal engineering support


21,497



7,375



43,709



20,998


Customer support


121,816



41,794



247,685



118,989


Third-party and transactions costs


15,688

 


16,053

 


48,686

 


47,738

 



209,605

 


97,804

 


478,479

 


280,016

 



 



 



 



 


Gross margin


789,677



986,183



2,551,374



2,858,647







 



 



 


Operating expenses


 



 



 



 


General and administrative


318,995



202,878



800,173



526,822


Sales and marketing


113,172



361,411



772,163



1,004,839


Product development


326,125



326,450



944,941



961,930


Depreciation and amortization


36,313



26,673

 


90,059

 


77,388

 



794,605

 


917,412



2,607,336

 


2,570,979

 



 



 



 



 


Income (loss) from operations


(4,928

)


68,771



(55,962

)


287,668







 



 



 


Other income


 



 



 



 


Interest and other income


1,686



823



4,693



3,162


Gain on disposal of assets


-

 


-

 


11,018

 


-

 

Net income (loss)

$

(3,242

)

$

69,594


$

(40,251

)

$

290,830




 



 



 



 


Foreign currency translation adjustments


28,168



149,774



(8,639

)


211,897





 



 



 



 

Total comprehensive income (loss)

$

24,926


$

219,368


$

(48,890

)

$

502,727




 



 



 



 


Net income (loss) per common share



 



 



 


Basic

$

(0.00

)

$

0.01


$

(0.00

)

$

0.03


Diluted

$

(0.00

)

$

0.01

 

$

(0.00

)

$

0.03

 



 



 



 



 


Weighted average common shares outstanding:



 



 



 


Basic


10,122,261



10,426,961



10,185,320



10,428,809


Diluted


10,122,261

 


10,531,708

 


10,185,320

 


10,543,442

 


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/130611