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Vancouver, British Columbia–(Newsfile Corp. – November 23, 2021) – 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 year ended August 31, 2021

Highlights

Fred Vandenberg, President and CEO said, “Fiscal 2021 grew by 9.1% to $4.172 million. We continue to experience strong growth in our independent label revenue for a total annual increase of 23.1% for the year.

“The Company continued to make investments into business development staffing and the Play MPE® platform that are designed to accelerate new market acquisition and revenue growth. The Company is also nearing the transition of all administration functions of Play MPE® to the web-based platform.”

“We continued to see significant progress in new markets with expanded use in Canada and Central and South America. As well, Play MPE® completed a trial with Warner Music South Africa leading to a multi-year exclusive agreement that became effective after year-end,” said Fred Vandenberg, Chief Executive Officer for Destiny Media Technologies.

Q4 2021 Financial Results

Highlights for Q4 2021 include (all figures are USD, and comparisons are to Q4 2020):

  • Successful trial with Warner Music South Africa completed;
  • Web-based Contacts and Release Scheduling of Play MPE® released;
  • Q4 revenue up 0.2% to $1.034M;

Fiscal 2021 Results

Highlights for fiscal 2021 include (all figures are USD, and comparisons are to fiscal 2020):

  • Revenue growth of 9.1% to $4.172M.
  • Independent label revenues up by 23.1%;
  • Canadian distributions up more than 500%;
  • Latin active recipients up 130%;
  • USA Urban, Rhythmic and Top 40 releases up 28%.

During the year under a normal course issuer bid, the Company repurchased 185,285 shares for a total cost of $0.260M.

On November 2, 2021, the Company granted 40,000 stock options to each of its directors and 40,000 stock options to CEO and president Fred Vandenberg. All options are exercisable at $1.50.

Fiscal 2021 Earnings Webinar

Destiny Media Technologies will hold a live webinar on Tuesday, November 23 at 2:00 p.m. Pacific Standard Time (5:00 p.m. Eastern Standard Time) to discuss financial results for its fiscal year ended August 31, 2021. The Company plans to release financial results for the year before market open on November 23, 2021.

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: Tuesday, November 23, 2021
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: 879 3173 3657

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.

CONSOLIDATED BALANCE SHEETS

As at August 31, (Expressed in United States dollars)

  2021 2020
  $ $
ASSETS    
Current    
Cash and cash equivalents 2,752,662 1,841,340
Short-term investments 781,490
Accounts receivable, net of allowance for    
doubtful accounts of $19,743 [2020 – $23,412] 400,233 426,832
Other receivables 53,172 26,083
Prepaid expenses 103,463 78,562
Total current assets 3,309,530 3,154,307
Deposits 35,556 34,316
Property and equipment, net 143,487 194,277
Intangible assets, net 187,622 22,952
Right of use assets 190,253 403,961
Total assets 3,866,448 3,809,813
     
LIABILITIES AND STOCKHOLDERS’ EQUITY    
Current    
Accounts payable 202,722 119,399
Accrued liabilities 309,839 353,235
Deferred revenue 8,511 19,638
Operating lease liability 226,978 238,261
Total current liabilities 748,050 730,533
Operating lease liability, net of current portion 219,063
Total liabilities 748,050 949,596
     
Commitments and contingencies    
             
Stockholders’ equity    
Common stock, par value $0.001    
Authorized: 20,000,000 shares    
Issued and outstanding: 10,265,361 shares    
[2020 – issued and outstanding 10,450,646 shares] 10,266 10,451
Additional paid-in capital 9,157,804 9,366,290
Accumulated deficit (5,788,539 ) (6,171,068 )
Accumulated other comprehensive loss (261,133 ) (345,456 )
Total stockholders’ equity 3,118,398 2,860,217
Total liabilities and stockholders’ equity 3,866,448 3,809,813

 

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

Years ended August 31, (Expressed in United States dollars)

  2021 2020 Q4 2021 Q4 2020
  $ $ $ $
Service revenue 4,172,473 3,824,565 1,033,810 1,032,107  
         
Cost of revenue        
Hosting costs 131,325 106,804 39,034 33,443
Internal engineering support 29,723 24,303 8,725 5,025
Customer support 168,428 137,720 49,439 28,475
Third party and transaction costs 64,449 49,806 16,711 10,304
  393,925 318,633 113,909 77,247  
         
Gross Margin 3,778,548 3,505,932 919,901 954,860
  91% 92% 89% 93%
Operating expenses        
General and administrative 666,485 798,120 139,663 89,453
Sales and marketing 1,433,232 1,084,364 428,394 297,518
Product development 1,194,976 1,343,084 233,046 379,734
Depreciation and amortization 105,357 135,385 27,969 34,641
  3,400,050 3,360,953 829,072 801,346  
Income from operations 378,498 144,979 90,829 153,514
Other income        
Interest income 4,031 24,415 869 4,672
Other income (expense) 21 2  
Income before provision for income taxes 382,529 169,415 91,698 158,188
Income tax expense – deferred  
Net income 382,529 169,415 91,698 158,188
Foreign currency translation adjustments 84,323 46,403 (127,573 ) 66,617
Total comprehensive income 466,852 215,818 (35,875 ) 224,805  
Net income per common share, basic and diluted 0.04 0.02 0.01 0.02  

 

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 will be 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/104733

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