Vancouver, British Columbia–(Newsfile Corp. – January 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 first quarter ended November 30, 2021.
Fred Vandenberg, President and CEO said, “Play MPE® experienced overall modest revenue growth in the first quarter of 2022. Independent record label revenue continued to show strong results where the Company established new highs in total independent label and independent record label revenue in Europe, Australia, Canada and the US.”
Highlights
Highlights for Q1 2022 include (all figures are USD, and comparisons are to Q1 2021):
- 65% increase in USA major label revenue;
- Highest recorded global quarterly independent record label revenue;
- Exclusive multi-year major label agreement in South Africa.
During the quarter under a normal course issuer bid, the Company repurchased 30,300 shares for a total cost of $0.044M. Total repurchases under the normal course issuer bid to November 30, 2021 of 215,585 shares for a total of $304,570.
Fiscal 2022 First Quarter Earnings Webinar
Destiny Media Technologies will hold a live webinar on Thursday, January 13 at 2:00 p.m. Pacific Standard Time (5:00 p.m. Eastern Standard Time) to discuss its 2022 first quarter results.
This webinar replaces the Company’s traditional conference call format.
The live webinar will include comments from President, Chief Executive Officer, Fred Vandenberg, and Director of Business Development, Glenn Mattern.
Date: Thursday, January 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 directly on the REGISTRATION FORM by clicking here.
Attendees viewing the webinar can voluntarily submit verbal 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 questions similar to the format available on traditional conference call format.
The webinar format will provide the Company an opportunity to present visual information and provide attendees an opportunity for written questions.
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: 841 5143 2269
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/
CONSOLIDATED BALANCE SHEETS
| As at, | (Expressed in United States dollars) | |||||
| November 30, | August 31, | |||||
| 2021 | 2021 | |||||
| $ | $ | |||||
| ASSETS | ||||||
| Current | ||||||
| Cash and cash equivalents | 2,536,426 | 2,752,662 | ||||
| Short-term investments | – | – | ||||
| Accounts receivable, net of allowance for | ||||||
| doubtful accounts of $23,718, [August 31, 2021 – $19,743] | 564,677 | 400,233 | ||||
| Other receivables | 60,168 | 53,172 | ||||
| Prepaid expenses | 107,253 | 103,463 | ||||
| Total current assets | 3,268,524 | 3,309,530 | ||||
| Deposits | 35,077 | 35,556 | ||||
| Property and equipment, net | 130,863 | 143,487 | ||||
| Intangible assets, net | 247,448 | 187,622 | ||||
| Right of use asset | 131,384 | 190,253 | ||||
| Total assets | 3,813,296 | 3,866,448 | ||||
| LIABILITIES AND STOCKHOLDERS’ EQUITY | ||||||
| Current | ||||||
| Accounts payable | 101,749 | 202,722 | ||||
| Accrued liabilities | 322,331 | 309,839 | ||||
| Deferred revenue | 3,944 | 8,511 | ||||
| Current portion of operating lease liability | 158,301 | 226,978 | ||||
| Total current liabilities | 586,325 | 748,050 | ||||
| Operating lease liability, net of current portion | – | – | ||||
| Total liabilities | 586,325 | 748,050 | ||||
| Commitments and contingencies | ||||||
| Stockholders’ equity | ||||||
| Common stock, par value $0.001 | ||||||
| Authorized: 20,000,000 shares | ||||||
| Issued and outstanding: 10,235,061 shares | ||||||
| [August 31, 2021 – issued and outstanding 10,265,361 shares] | 10,235 | 10,266 | ||||
| Additional paid-in capital | 9,139,575 | 9,157,804 | ||||
| Accumulated deficit | (5,622,938 | ) | (5,788,539 | ) | ||
| Accumulated other comprehensive loss | (299,901 | ) | (261,133 | ) | ||
| Total stockholders’ equity | 3,226,971 | 3,118,398 | ||||
| Total liabilities and stockholders’ equity | 3,813,296 | 3,866,448 | ||||
CONSOLIDATED STATEMENTS OF INCOME
(Expressed in United States dollars)
Unaudited
| Three months ended November 30, | ||||||
| 2021 | 2020 | |||||
| $ | $ | |||||
| Service revenue | 1,134,151 | 1,123,977 | ||||
| Cost of revenue | ||||||
| Hosting costs | 42,184 | 30,042 | ||||
| Internal engineering support | 8,400 | 6,327 | ||||
| Customer support | 47,603 | 35,852 | ||||
| Third party and transaction costs | 19,376 | 18,092 | ||||
| 117,563 | 90,313 | |||||
| Gross Margin | 1,016,588 | 1,033,664 | ||||
| Operating expenses | ||||||
| General and administrative | 150,624 | 159,549 | ||||
| Sales and marketing | 415,810 | 302,474 | ||||
| Product development | 258,424 | 298,088 | ||||
| Depreciation and amortization | 27,172 | 24,315 | ||||
| 852,030 | 784,426 | |||||
| Income from operations | 164,558 | 249,238 | ||||
| Other income | ||||||
| Interest income | 1,043 | 1,464 | ||||
| Net income | 165,601 | 250,702 | ||||
| Net income per common share, basic and diluted | 0.02 | 0.02 | ||||
| Weighted average common shares outstanding: | ||||||
| Basic | 10,257,964 | 10,450,656 | ||||
| Diluted | 10,337,338 | 10,450,656 |
CONDENSED CONSOLIDATED INTERIM STATEMENTS OF COMPREHENSIVE INCOME (LOSS)
(Expressed in United States dollars)
Unaudited
| Three months ended November 30, | ||||||
| 2021 | 2020 | |||||
| $ | $ | |||||
| Net income | 165,601 | 250,702 | ||||
| Foreign currency translation adjustments | (38,768 | ) | 28,042 | |||
| Total comprehensive income | 126,833 | 278,744 |
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/109968
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