VANCOUVER, Nov. 29, 2017
/CNW/ - Destiny Media Technologies (TSXV: DSY) (OTCQB: DSNY), the
makers of Play MPE®, a cloud-based SaaS solution for promotional
music marketing, and Clipstream®, the world's first script powered
video platform, today announced its financial results for the
fiscal 2017 year ended August 31,
2017.
Highlights
Highlights for the year include:
- Two new independent board members with significant share
positions
- Change in management and strategic direction
- Renewed financial strength through doubling of cash position to
$1.3M
- Return to profitability from 3% revenue growth and 11%
expenditure reduction
- EBITDA reaching $447,231
Fiscal 2017 Results
Revenue for the year ended August 31,
2017 grew in all geographic territories for a total increase
of approximately 3% to $3,445,014.
This, combined with an 11% decrease in overall expenditures (to
$3,170,580), resulted in eliminating
last year's net loss growing to net income of $288,781.
"Changes to our board of directors and management in fiscal 2017
have empowered our team to execute on sales and product
developments grounded in a rational business plan for 2018," said
Fred Vandenberg, Chief Executive
Officer for Destiny Media Technologies. "We are excited to
focus on delivering improvements to our existing SaaS based
business and optimistic for a return to accelerated revenue and
income growth."
Fiscal 2017 Earnings Conference Call
Destiny Media Technologies will host a conference call at
5:00 p.m. ET (2:00pm PT) on Wednesday,
November 29, 2017, to further discuss its 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 # 82627929. 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 ("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.
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, 2017, which is available
on www.sedar.com or www.sec.gov.
Destiny Media
Technologies Inc.
|
|
CONSOLIDATED
STATEMENTS OF OPERATIONS
AND COMPREHENSIVE INCOME (LOSS)
|
(Expressed in United
States dollars)
|
|
|
|
|
|
2017
|
2016
|
|
$
|
$
|
Revenue
|
3,445,014
|
3,337,813
|
|
|
|
Operating
expenses
|
|
|
General and
administrative
|
730,494
|
802,433
|
Sales and
marketing
|
981,959
|
1,260,384
|
Research and
development
|
1,304,742
|
1,292,996
|
Depreciation and
amortization
|
153,385
|
191,383
|
|
3,170,580
|
3,547,196
|
Income (loss) from
operations
|
274,434
|
(209,383)
|
Other
income
|
|
|
Interest
income
|
14,314
|
21,132
|
Other
income
|
33
|
-
|
Net income
(loss)
|
288,781
|
(188,251)
|
|
|
|
Other
comprehensive income (loss)
|
|
|
Foreign currency
translation adjustments
|
69,486
|
28,254
|
|
|
|
Total
comprehensive income (loss)
|
358,267
|
(159,997)
|
|
|
|
Net income (loss)
per common share,
|
|
|
|
basic and
diluted
|
0.01
|
(0.00)
|
|
|
|
Weighted average
common shares outstanding:
|
|
|
|
|
|
Basic and
diluted
|
55,013,874
|
54,737,918
|
Destiny Media
Technologies Inc.
|
|
CONSOLIDATED
BALANCE SHEETS
|
(Expressed in United
States dollars)
|
|
As at August
31,
|
|
|
|
2017
|
2016
|
|
$
|
$
|
|
|
|
ASSETS
|
|
|
Current
|
|
|
Cash and cash
equivalents
|
1,342,956
|
662,743
|
Accounts receivable,
net of allowance for
|
|
|
|
doubtful accounts of
$3,383 [2016 – $4,049]
|
529,666
|
628,135
|
Other
receivables
|
21,216
|
15,051
|
Current portion of
long term receivable
|
64,811
|
113,834
|
Prepaid
expenses
|
54,507
|
61,525
|
Deposits
|
592
|
—
|
Total current
assets
|
2,013,748
|
1,481,288
|
Deposits
|
27,923
|
22,978
|
Long term
receivable
|
—
|
61,642
|
Property and
equipment, net
|
116,208
|
174,951
|
Intangible assets,
net
|
86,824
|
110,017
|
Total
assets
|
2,244,703
|
1,850,876
|
|
|
|
LIABILITIES AND
STOCKHOLDERS' EQUITY
|
|
|
Current
|
|
|
Accounts
payable
|
127,444
|
108,157
|
Accrued
liabilities
|
192,433
|
190,077
|
Deferred leasehold
inducement
|
2,090
|
28,962
|
Deferred
revenue
|
23,685
|
23,563
|
Obligation under
capital lease – current portion
|
6,246
|
5,240
|
Total current
liabilities
|
351,898
|
355,999
|
Obligation under
capital lease – long term portion
|
—
|
6,472
|
Total
liabilities
|
351,898
|
362,471
|
|
|
|
Stockholders'
equity
|
|
|
Common stock, par
value $0.001
|
|
|
|
Authorized:
100,000,000 shares
|
|
|
|
Issued and
outstanding: 55,013,874 shares
|
|
|
|
|
|
[2016 – issued and
outstanding 55,013,874 shares]
|
55,014
|
55,014
|
Additional paid-in
capital
|
9,712,213
|
9,666,080
|
Accumulated
deficit
|
(7,607,531)
|
(7,896,312)
|
Accumulated other
comprehensive (loss)
|
(266,891)
|
(336,377)
|
Total
stockholders' equity
|
1,892,805
|
1,488,405
|
Total liabilities
and stockholders' equity
|
2,244,703
|
1,850,876
|
SOURCE Destiny Media Technologies, Inc.