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

By: Newsfile

Vancouver, British Columbia--(Newsfile Corp. - April 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 second quarter ended February 28, 2021.

Highlights for Q2 2021

(all figures are USD, and comparisons are to Q2 2020):

  • Play MPE® revenue grew by 15.6% (11.2% currency adjusted);
  • Independent label revenue up 29.7% (29.6% currency adjusted);
  • Cash reserves as at February 28, 2021 of $3.012M ($0.29/share).
  • Sends activity up 34.9%;

"Continued independent record label growth has been the driver of our overall Play MPE® revenue increase," said Fred Vandenberg, President and CEO. "This independent growth is propelled by a combination of factors including establishment of new markets, greater global market distributions, developed marketing processes, and improved business development staffing."

The stock repurchase program that commenced in January 2021, resulted in market purchases to April 12, 2021 of 65,085 shares for a total cost of USD $73,617.

Fiscal 2021 Second Quarter Earnings Conference Call

Destiny Media Technologies will host a conference call at 5:00 p.m. ET (2:00pm PT) on Wednesday, April 14, 2021, to further discuss its 2021 second quarter results. Investors and interested parties may participate in the call by dialing 1-416-764-8688 or 1-888-390-0546 and referring to conference ID # 59112630. A written transcript and archived stream will subsequently be made available on Destiny's corporate site at https://investors.dsny.com/investors/financials/.

Destiny Media Technologies Inc.

CONSOLIDATED BALANCE SHEETS

As at,
 

 
 
February 28,

August 31,
 
2021
2020
 
$
$

ASSETS
 
 
Current



 
Cash and cash equivalents 3,011,715
1,841,340
Short-term investments
—
781,490
Accounts receivable, net of allowance for
    doubtful accounts of $19,537, [August 31, 2020 – $23,412]
328,131
 
426,832


Other receivables
41,844
26,083
Prepaid expenses
96,764
78,562
Total current assets
3,478,454
3,154,307
Deposits
35,185
34,316
Property and equipment, net
169,809
194,277
Intangible assets, net
15,736
22,952
Right of use asset
301,228
403,961
Total assets
4,000,412
3,809,813
  

 
 
LIABILITIES AND STOCKHOLDERS’ EQUITY
 
 
Current



 
Accounts payable 138,062
119,399
Accrued liabilities
369,697
353,235
Deferred revenue
18,269
19,638
Current portion of operating lease liability
235,659
238,261
Total current liabilities
761,687
730,533
Operating lease liability, net of current portion
114,170
219,063
Total liabilities
875,857
949,596
 
 
 
Stockholders’ equity
 
 
Common stock, par value $0.001
 
 
    Authorized: 20,000,000 shares
 
 
    Issued and outstanding: 10,409,361 shares



 
    [August 31, 2020 – issued and outstanding 10,450,646 shares] 10,409
10,451
Additional paid-in capital
9,347,311
9,366,290
Accumulated deficit
(5,949,832)
(6,171,068)
Accumulated other comprehensive loss
(283,333)
(345,456)
Total stockholders’ equity
3,124,555
2,860,217
Total liabilities and stockholders’ equity
4,000,412
3,809,813

 

Destiny Media Technologies Inc.

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

 
Three Months

Three Months

Six Months

Six Months
 
Ended
Ended
Ended
Ended
 
February 28,
February 29,
February 28,
February 29,
 
2021
2020
2021
2020
 
$
$


$
$

Service revenue
930,699
806,729
2,054,676
1,852,585
Cost of revenue



 



 
Hosting costs 29,667
15,839
 59,709
42,456
Internal engineering support
7,296
6,516
13,623
13,363
Customer support
41,343
36,351
77,195
75,722
Third Party and transactions costs
13,593
10,414
31,685
22,861
 
91,899
69,120
182,212
154,402
 

 
 
 
 
Gross Margin
838,800
737,609
1,872,464
1,698,183
Operating expenses



 



 
General and administrative 164,395
216,094
 323,943
435,597
Sales and marketing
340,954
362,400
643,428
646,156
Product development
337,392
287,752
635,480
607,726
Depreciation and amortization
26,400
35,478
50,715
67,550
 
869,141
901,724
1,653,566
1,757,029
 
 
 
 
 
Income (loss) from operations
(30,341)
(164,115)
218,898
(58,846)
  

 
 
 
 
Other income



 



 
Interest income 875
8,110
 2,338
14,477
Other income
-
674
-
696
Net income (loss)
(29,466)
(155,331)
221,236
(43,673)
  

 
 
 
 
Other comprehensive income (loss)



 



 
Foreign currency translation adjustments 34,081
(15,108) 62,123
(13,556)
Total comprehensive income (loss)
4,615
(170,439)
283,359
(57,229)
Net income (loss) per common share,
 
 
 
 
basic and diluted
(0.00)
(0.01)
0.02
(0.00)
 
 
 
 
 
Weighted average common shares outstanding:
 
 
 
 
Basic and diluted
10,442,752
10,629,438
10,446,726
10,665,834

 

 

Q2 Fiscal Year 2021 Financial Summary

Q2 Fiscal Year 2021 Financial Summary


































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

Six Months Ended



February 28, 2021

February 29, 2020

% Change

February 28, 2021

February 29, 2020

% Change
REVENUE

















Play MPE®
0.927

0.802

15.6%

2.048

1.832

11.8%
Other
0.004

0.005

(20.0%)

0.006

0.020

(70.0%)
Total Revenue
0.931

0.807

15.4%

2.054

1.852

10.9%


 

 

 

 

 

 
PROFITABILITY
 

 

 

 

 

 
Gross Margin $
0.839

0.738

13.7%

1.872

1.698

10.2%
Gross Margin %
90.1%

91.4%

(1.5%)

91.1%

91.7%

(0.6%)
Operating Expenses
0.869

0.902

(3.7%)

1.654

1.757

(5.9%)
Cash Operating Costs
0.831

0.873

(4.8%)

1.579

1.685

(6.3%)
Adjusted EBITDA
0.009

(0.126)
107.1%

0.296

0.028

957.1%
Net Income
(0.029)
(0.155)
81.3%

0.221

(0.044)
602.3%
Earnings Per Share
0.00

(0.01)
100.0%

0.02

0.00

-
 

 

 

 

 

 

 
CASH        

As at February 28, 2021
  August 31, 2020
    
Cash Operating Income
 

 

 

0.294

0.037

694.6%
Working Capital Changes
 

 

 

0.098

(0.170)
157.6%
Cash Provided By (Used In) Operating Activities

 

 

0.392

(0.133)
(394.7%)
Cash Provided By (Used In) Investing Activities

 

 

0.787

(0.797)
(198.7%)
Cash (Used In) Financing Activities 

 

 

(0.045)
(0.533)
(91.6%)
 

 

 

 

 

 

 
CASH RESERVES
 

 

 

 

 

 
Cash and cash equivalents
 

 

 

3.012

1.841

63.6%
Short-term investments
 

 

 

-

0.781

(100.0%)
Total Cash Reserves
 

 

 

3.012

2.622

14.9%
 

 

 

 

 

 

 

 

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/80384

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