Vancouver, British Columbia--(Newsfile Corp. - November 27, 2018) - 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 fiscal 2018 year.
Highlights
Highlights for the year include:
- Release of Play MPE® V8 representing a significant improvement in our distribution software.
- Increased staffing in business development and marketing.
- 127.3% increase in net income.
Fiscal 2018 Results
Revenue for the year grew by 4.7% to $3,606,471 over the previous year. Combined with a 6.7% decrease in overall operating expenditures, to $2,957,065, the Company's net income increased by 127.3%.
"While we are pleased with our financial results, the accomplishments in 2018 are significant and will have longer lasting improvements that have not yet impacted our operating results," said Fred Vandenberg, Chief Executive Officer for Destiny Media Technologies. "Our improved software and additional business development staff is resulting in new revenue and the recovery of previous customers and is indicative of an acceleration of revenue going forward."
Fiscal 2018 Earnings Conference Call
Destiny Media Technologies will host a conference call at 5:00 p.m. ET (2:00pm PT) on Tuesday, November 27, 2018, to further discuss its fiscal year 2018 results. Investors and interested parties may participate in the call by dialing 416-764-8688 or 888-390-0546 and referring to conference ID # 89392288. 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. 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, 2018, which will be available on www.sedar.com or www.sec.gov.
CONSOLIDATED STATEMENTS OF OPERATIONS
AND COMPREHENSIVE INCOME
(Expressed in United States dollars)
| Year | Year | |
| ended | ended | |
| August 31, | August 31, | |
| 2018 | 2017 | |
| $ | $ | |
| Revenue | 3,606,471 | 3,445,014 |
| Operating expenses | ||
| General and administrative | 840,402 | 903,835 |
| Sales and marketing | 888,204 | 881,990 |
| Research and development | 1,122,590 | 1,231,370 |
| Depreciation and amortization | 105,869 | 153,385 |
| 2,957,065 | 3,170,580 | |
| Income from operations | 649,406 | 274,434 |
| Other income | ||
| Interest income | 10,597 | 14,314 |
| Other income (expense) | (3,733) | 33 |
| Net income | 656,270 | 288,781 |
| Other comprehensive income (loss) | ||
| Foreign currency translation adjustments | (86,751) | 69,486 |
| Total comprehensive income (loss) | 569,519 | 358,267 |
| Net income (loss) per common share, basic and diluted | 0.01 | 0.01 |
| Weighted average common shares outstanding: | ||
| Basic and diluted | 55,013,874 | 55,013,874 |
CONSOLIDATED BALANCE SHEETS
(Expressed in United States dollars)
| As at August 31, | ||
| 2018 | 2017 | |
| $ | $ | |
| ASSETS | ||
| Current | ||
| Cash and cash equivalents | 1,097,434 | 1,342,956 |
| Short-term investments | 1,151,952 | - |
| Accounts receivable, net of allowance for | ||
| doubtful accounts of $6,031 [2017 – $3,383] | 403,801 | 529,666 |
| Other receivables | 15,902 | 21,216 |
| Current portion of long term receivable | - | 64,811 |
| Prepaid expenses | 57,252 | 54,507 |
| Deposits | - | 592 |
| Total current assets | 2,726,341 | 2,013,748 |
| Deposits | 34,336 | 27,923 |
| Property and equipment, net | 160,273 | 116,208 |
| Intangible assets, net | 41,472 | 86,824 |
| Total assets | 2,962,422 | 2,244,703 |
| LIABILITIES AND STOCKHOLDERS’ EQUITY | ||
| Current | ||
| Accounts payable | 141,273 | 127,444 |
| Accrued liabilities | 226,876 | 192,433 |
| Deferred leasehold inducement | 51,848 | 2,090 |
| Deferred revenue | 23,286 | 23,685 |
| Obligation under capital lease | 2,363 | 6,246 |
| Total current liabilities | 445,646 | 351,898 |
| Total liabilities | 445,646 | 351,898 |
| Stockholders’ equity | ||
| Common stock, par value $0.001 | ||
| Authorized: 100,000,000 shares | ||
| Issued and outstanding: 55,013,874 shares | ||
| [August 31, 2017 – issued and outstanding 55,013,874 shares] | 55,014 | 55,014 |
| Additional paid-in capital | 9,766,665 | 9,712,213 |
| Accumulated deficit | (6,951,261) | (7,607,531) |
| Accumulated other comprehensive (loss) | (353,642) | (266,891) |
| Total stockholders’ equity | 2,516,776 | 1,892,805 |
| Total liabilities and stockholders’ equity | 2,962,422 | 2,244,703 |
Contact:
Fred Vandenberg
CEO, Destiny Media Technologies, Inc.
604 609 7736 x236