Destiny Media Technologies Inc. Announces Third Quarter Fiscal Year 2021 Results

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July 14, 2021 6:07 AM EDT

Vancouver, British Columbia--(Newsfile Corp. - July 14, 2021) - Destiny Media Technologies (TSXV: DSY) (OTCQB: DSNY) (the "Company") or ("Destiny"), 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 2021 third quarter ended May 31, 2021.

Highlights for Q3 2021

(all figures are USD, and comparisons are to Q3 2020):

  • Play MPE® revenue grew by 15.2% (9.7% currency adjusted);
  • Independent label revenue increased 29.7% (26.8% currency adjusted);
  • Sends activity up 26.5%;

"Continued independent record label growth has been a significant driver of our overall Play MPE® revenue growth in the current quarter and over the trailing twelve months," said Fred Vandenberg, President and CEO. "In the current quarter, we have added key industry professionals to our business development group in the United States and these additions have had an immediate impact adding key US Major Label distributions in the Play MPE® platform."

The stock repurchase program that commenced in January 2021, resulted in market purchases to May 31, 2021 of 155,685 shares for a total cost of USD $218,682.

Fiscal 2021 Third Quarter Earnings Webinar

Destiny Media Technologies will host a webinar at 5:00 p.m. ET (2:00pm PT) on Wednesday, July 14, 2021, to further discuss its 2021 third quarter results. Investors and interested parties may participate in the webinar by registering at the following:

https://investors.dsny.com/investors/financials/

or directly on the REGISTRATION FORM by clicking here.

Attendees are encouraged to register prior to the scheduled time.

Attendees viewing the webinar can voluntarily submit either verbal and written 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 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: +1 301 715 8592 or +1 647 374 4685

Webinar ID: 848 9340 6221

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,


May 31,
August 31,

2021
2020

$
$




ASSETS



Current



Cash and cash equivalents
2,934,575
1,841,340
Short-term investments
-
781,490
Accounts receivable, net of allowance for



doubtful accounts of $20,618, [August 31, 2020 - $23,412]
403,196
426,832
Other receivables
46,869
26,083
Prepaid expenses 69,444 78,562
Total current assets
3,454,084
3,154,307
Deposits
37,131
34,316
Property and equipment, net
166,913
194,277
Intangible assets, net
86,376
22,952
Right of use asset 258,286 403,961
Total assets 4,002,790 3,809,813




LIABILITIES AND STOCKHOLDERS' EQUITY



Current



Accounts payable
140,989
119,399
Accrued liabilities
355,766
353,235
Deferred revenue
18,210
19,638
Current portion of operating lease liability 280,028 238,261
Total current liabilities 794,993 730,533
Operating lease liability, net of current portion 24,418 219,063
Total liabilities 819,411 949,596




Contingencies



Stockholders' equity



Common stock, par value $0.001



Authorized: 20,000,000 shares



Issued and outstanding: 10,294,961 shares



[August 31, 2020 - issued and outstanding 10,450,646 shares]
10,295
10,451
Additional paid-in capital
9,186,881
9,366,290
Accumulated deficit
(5,880,238)
(6,171,068)
Accumulated other comprehensive loss (133,559) (345,456)
Total stockholders' equity 3,183,379 2,860,217
Total liabilities and stockholders' equity 4,002,790 3,809,813

CONSOLIDATED STATEMENTS OF INCOME


Three Months
Three Months
Nine months
Nine months

Ended
Ended
Ended
Ended

May 31,
May 31,
May 31,
May 31,

2021
2020
2021
2020
$ $ $ $








Service revenue
 1,083,987 939,873 3,138,663 2,792,458








Cost of revenue







Hosting costs
32,582
30,905
92,291
73,361
Internal engineering support
7,375
5,915
20,998
19,278
Customer support
41,794
33,523
118,989
109,245
Third Party and transactions costs 16,053 16,641 47,738 39,502
97,804 86,984 280,016 241,386








Gross Margin
986,183
852,889
2,858,647
2,551,072








Operating expenses







General and administrative
202,878
273,070
526,822
708,667
Sales and marketing
361,411
140,690
1,004,839
786,846
Product development
326,450
355,625
961,930
963,351
Depreciation and amortization 26,673 33,194 77,388 100,744
917,412 802,579 2,570,979 2,559,608








Income (loss) from operations
68,771
50,310
287,668
(8,536)








Other income







Interest income
823
5,266
3,162
19,743
Other income (loss) - (677) - 19
Net income 69,594 54,899 290,830 11,226








Net income (loss) per common share,







Basic
0.01
0.01
0.03
0.00
Diluted 0.01 0.01 0.03 0.00








Weighted average common shares outstanding:















Basic
10,426,961
10,450,646
10,428,809
10,623,432
Diluted 10,531,708 10,450,646 10,543,442 10,623,432

Q3 Fiscal Year 2021 Financial Summary

(millions of U.S. dollars)
Three Months Ended

Nine Months Ended


May 31,
2021

May 31,
2020

%
Change

May 31,
2021

May 31,
2020

%
Change
REVENUE

















Play MPE®
1.082

0.940

15.2%

3.131

2.772

13.0%
Other
0.002

0.000

0.1%

0.008

0.020

(60.0%)
Total Revenue
1.084

0.940

15.3%

3.139

2.792

12.4%













PROFITABILITY











Gross Margin $
0.986

0.853

15.6%

2.859

2.551

12.1%
Gross Margin %
91.0%

90.7%

0.3%

91.1%

91.4%

(0.3%)
Operating Expenses
0.917

0.803

14.3%

2.571

2.560

0.4%
Cash Operating Costs
0.878

0.760

15.5%

2.458

2.445

0.5%
Adjusted EBITDA
0.109

0.098

11.2%

0.404

0.126

220.6%
Net Income
0.070

0.055

27.3%

0.291

0.011

2545.5%
Earnings Per Share
0.01

0.01

0.0%

0.03

0.00

-





















Nine Months Ended
CASH






May 31, 2021

May 31,
2020
Cash Operating Income






0.421

0.156

169.9%
Working Capital Changes






0.016

(0.391)
(104.1%)
Cash Provided By (Used In) Operating Activities





0.437

(0.235)
(286.0%)
Cash Provided By (Used In) Investing Activities





0.702

(0.798)
(188.0%)
Cash (Used In) Financing Activities






(0.219)
(0.533)
(58.9%)





















As at




CASH RESERVES






May 31,
2021

August 31,
2020


Cash and cash equivalents






2.935

1.841

59.4%
Short-term investments






-

0.781

(100.0%)
Total Cash Reserves






2.935

2.622

11.9%

About Destiny Media Technologies Inc.

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, 2020, 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/90162


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