VANCOUVER, April 13, 2017  /CNW/ – Destiny Media Technologies (TSXV: DSY) (OTCQB: 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 its fiscal 2017 second quarter ended February 28, 2017.

Highlights

Highlights during and subsequent to the end of the second quarter include:

  • Quarterly revenue grew by 2% compared to the prior year
  • Fifth consecutive Q over Q revenue growth
  • Play MPE revenue growth 4% year over year

Second Quarter Fiscal 2017 Results

The increase in revenue is primarily the result of revenue growth in Europe driven by sales to independent record labels through the engagement of local resellers, and acquisition of recipient lists.

Expenditures increased by 1% to $853,954.  

Net loss for the second quarter declined by 10% to ($68,205), or ($0.00) per share, versus a net loss of ($75,383), or ($0.00) during the prior year. 

 “We are seeing positive results from our development into Play MPE,” said Steve Vestergaard, Chief Executive Officer for Destiny Media Technologies. “We continue to improve Play MPE technically and expand the product offering.”

Second Quarter Fiscal 2017 Earnings Conference Call

Destiny Media Technologies will host a conference call at 5:00 p.m. ET (2:00pm PT) on Thursday, April 13, 2017, to further discuss its second quarter fiscal year 2017 results. Investors and interested parties may participate in the call by dialing 416-764-8688 or 888-390-0546 and referring to conference ID # 07773604. A written transcript and archived stream will subsequently be made available on Destiny’s corporate site at http://www.dsny.com in the Company’s proprietary Clipstream® format.

About Destiny Media Technologies, Inc. 

Destiny Media Technologies (DSY.V) (DSNY) 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 a video format that plays on any modern smart phone, tablet, internet, TV, or computer. Play MPE® (www.plaympe.com) provides a standardized method to securely and cost effectively distribute pre-release music to radio stations and other music industry professionals, before it is ready for sale. 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 ending August 31, 2016, which is available on www.sedar.com or www.sec.gov.   

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND
COMPREHENSIVE INCOME
(Expressed in United States dollars)
Unaudited






Three MonthsThree MonthsSix MonthsSix Months

EndedEndedEndedEnded

February 28,February 29,February 28,February 29,

2017201620172016

$$$$
Revenue781,878763,8971,674,1071,611,618





Operating expenses



General and administrative209,871158,207388,777393,590
Sales and marketing256,006302,188503,412652,786
Research and development346,465331,722671,139650,762
Depreciation and amortization41,61253,19683,490103,025

853,954845,3131,646,8181,800,163
Income (loss) from operations(72,076)(81,416)27,289(188,545)
Other income



Interest income3,8716,0338,63412,155
Net income (loss)(68,205)(75,383)35,923(176,390)





Other comprehensive income (loss)



Foreign currency translation adjustments19,238(19,309)(14,131)(37,065)





Total comprehensive income (loss)(48,967)(94,692)21,792(213,455)





Net income (loss) per common share,




basic and diluted(0.00)(0.00)0.00(0.00)





Weighted average common shares outstanding:









Basic and diluted55,013,87455,013,87455,013,87454,458,929
Destiny Media Technologies Inc.







CONDENSED CONSOLIDATED BALANCE SHEETS
(Expressed in United States dollars)
Unaudited
As at


February 28,August 31,

20172016

$$



ASSETS

Current

Cash and cash equivalents939,390662,743
Accounts receivable, net of allowance for

doubtful accounts of $1,891 [Aug 31, 2016 – $4,049]516,773628,135
Other receivables31,76215,051
Current portion of long term receivable122,697113,834
Prepaid expenses30,15861,525
Deposits22,173
Total current assets1,662,9531,481,288
Deposits56022,978
Long term receivable61,642
Property and equipment, net137,074174,951
Intangible assets, net93,829110,017
Total assets1,894,4161,850,876



LIABILITIES AND STOCKHOLDERS’ EQUITY

Current

Accounts payable137,477108,157
Accrued liabilities191,608190,077
Deferred leasehold inducement11,46128,962
Deferred revenue10,06123,563
Obligation under capital lease – current portion5,4035,240
Total current liabilities356,010355,999
Obligation under capital lease – long term portion3,4056,472
Total liabilities359,415362,471



Stockholders’ equity

Common stock, par value $0.001


Authorized: 100,000,000 shares


Issued and outstanding: 55,013,874 shares



[Aug 31, 2016 – issued and outstanding 55,013,874 shares]55,01455,014



Additional paid-in capital9,690,8849,666,080
Accumulated deficit(7,860,389)(7,896,312)
Accumulated other comprehensive (loss)(350,508)(336,377)
Total stockholders’ equity1,535,0011,488,405
Total liabilities and stockholders’ equity1,894,4161,850,876

SOURCE Destiny Media Technologies, Inc.

For further information:

Fred Vandenberg,
CFO,
Destiny Media Technologies, Inc., 
604 609 7736 x236