Destiny Media Technologies Inc. Announces Fiscal 2022 Third Quarter Results

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Vancouver, British Columbia--(Newsfile Corp. - July 12, 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 third quarter ended May 31, 2022.

"During our third quarter, we continued to grow our product development capacity as we address specific opportunities that we identified in order to expand addressable markets and market conversion," said Fred Vandenberg, President and CEO. "We continue to see growing user activity and revenue in our developing markets with many positive signs for future growth."

Q3 2022 Financial Results

Highlights for Q3 2022 include (all figures are USD, and comparisons are to Q3 2021):

Currency adjusted Play MPE® revenue down 2.3%
Currency adjusted European revenue grew by 5.5%
USA revenue up 1.1%
Capitalized software development costs of $0.18 million

Nine Months Ended May 31, 2022 Financial Results

Highlights for the nine months ended May 31, 2022 include (all figures are USD, and comparisons are to the nine months ended May 31, 2021):

Currency adjusted Play MPE® revenue up 0.3%
Currency adjusted Canadian revenue grew by 27.6%
Currency adjusted European revenue grew by 3.5%
USA revenue up 2.1%
Capitalized software development costs of $0.33 million

During the nine months ended May 31, 2022, under a normal course issuer bid, the Company repurchased 143,100 shares for a total cost of $0.18 million.

Fiscal 2022 Third Quarter Earnings Webinar

Destiny Media Technologies will hold a live webinar on Tuesday, July 12, 2022 at 2:00 p.m. Pacific Standard Time (5:00 p.m. Eastern Standard Time) to discuss financial results for its third quarter ended May 31, 2022. The live webinar will include comments from President and Chief Executive Officer, Fred Vandenberg, and Director of Business Development, Allan Benedict.

Date: Tuesday, July 12, 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 by clicking on the Webinar Registration Form.

Attendees viewing the webinar can voluntarily submit 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 verbal questions similar to the format available on traditional conference call format.

The webinar format will provide the Company an opportunity to present visual information.

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: 823 7596 4271

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.
Condensed Consolidated Balance Sheets

		May 31, 2022			August 31, 2021
ASSETS
Cash and cash equivalents	$	1,953,454		$	2,752,662
Accounts receivable, net of allowance for doubtful accounts of $24,844 (August 31, 2021 - $19,743)		800,847			400,233
Other receivables		23,278			53,172
Prepaid expenses		54,937			103,463
Deposits		45,269			-
Total current assets		2,877,785			3,309,530

Deposits		-			35,556
Property and equipment, net		359,490			143,487
Intangible assets, net		254,489			187,622
Right-of-use assets		-			190,253
Total assets	$	3,491,764		$	3,866,448

LIABILITIES AND STOCKHOLDERS' EQUITY
Current
Accounts payable	$	116,158		$	202,722
Accrued liabilities		301,394			309,839
Deferred revenue		25,523			8,511
Current portion of operating lease liability		-			226,978
Total current liabilities		443,075			748,050
Total liabilities		443,075			748,050

Contingencies		-			-

Stockholders' equity
Common stock, par value $0.001, authorized 20,000,000 shares. Issued and outstanding - 10,122,261 shares (August 31, 2021 - 10,265,361 shares)		10,122			10,266
Additional paid-in capital		9,137,129			9,157,804
Accumulated deficit		(5,828,790	)		(5,788,539	)
Accumulated other comprehensive loss		(269,772	)		(261,133	)
Total stockholders' equity		3,048,689			3,118,398
Total liabilities and stockholders' equity	$	3,491,764		$	3,866,448

DESTINY MEDIA TECHNOLOGIES, INC.
Condensed Consolidated Statements of Comprehensive Income (Loss)
(Unaudited)

		Three Months Ended May 31,					Nine Months Ended May 31,
		2022			2021		2022			2021

Service revenue	$	999,282		$	1,083,987	$	3,029,853		$	3,138,663

Cost of revenue
Hosting costs		50,604			32,582		138,399			92,291
Internal engineering support		21,497			7,375		43,709			20,998
Customer support		121,816			41,794		247,685			118,989
Third-party and transactions costs		15,688			16,053		48,686			47,738
		209,605			97,804		478,479			280,016

Gross margin		789,677			986,183		2,551,374			2,858,647

Operating expenses
General and administrative		318,995			202,878		800,173			526,822
Sales and marketing		113,172			361,411		772,163			1,004,839
Product development		326,125			326,450		944,941			961,930
Depreciation and amortization		36,313			26,673		90,059			77,388
		794,605			917,412		2,607,336			2,570,979

Income (loss) from operations		(4,928	)		68,771		(55,962	)		287,668

Other income
Interest and other income		1,686			823		4,693			3,162
Gain on disposal of assets		-			-		11,018			-
Net income (loss)	$	(3,242	)	$	69,594	$	(40,251	)	$	290,830

Foreign currency translation adjustments		28,168			149,774		(8,639	)		211,897

Total comprehensive income (loss)	$	24,926		$	219,368	$	(48,890	)	$	502,727

Net income (loss) per common share
Basic	$	(0.00	)	$	0.01	$	(0.00	)	$	0.03
Diluted	$	(0.00	)	$	0.01	$	(0.00	)	$	0.03

Weighted average common shares outstanding:
Basic		10,122,261			10,426,961		10,185,320			10,428,809
Diluted		10,122,261			10,531,708		10,185,320			10,543,442

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/130611