Recent Quotes View Full List My Watchlist Create Watchlist Indicators DJI Nasdaq Composite SPX Gold Crude Oil Hydroworld Market Index Markets Stocks ETFs Tools Overview News Currencies International Treasuries Destiny Media Technologies Inc. Announces Second Quarter Fiscal Year 2021 Results By: Newsfile April 14, 2021 at 09:00 AM EDT 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 CallDestiny 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 3,011,7151,841,340 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 138,062119,399 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] 10,40910,451 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 29,66715,839 59,70942,456 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 164,395216,094 323,943435,597 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 8758,110 2,33814,477 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 SummaryQ2 Fiscal Year 2021 Financial Summary(millions of U.S. dollars)Three Months Ended Six Months Ended February 28, 2021February 29, 2020% ChangeFebruary 28, 2021February 29, 2020% ChangeREVENUEPlay MPE®0.9270.80215.6%2.0481.83211.8%Other0.0040.005(20.0%)0.0060.020(70.0%)Total Revenue0.9310.80715.4%2.0541.85210.9% PROFITABILITY Gross Margin $0.8390.73813.7%1.8721.69810.2%Gross Margin %90.1%91.4%(1.5%)91.1%91.7%(0.6%)Operating Expenses0.8690.902(3.7%)1.6541.757(5.9%)Cash Operating Costs0.8310.873(4.8%)1.5791.685(6.3%)Adjusted EBITDA0.009(0.126)107.1%0.2960.028957.1%Net Income(0.029)(0.155)81.3%0.221(0.044)602.3%Earnings Per Share0.00(0.01)100.0%0.020.00- CASH As at February 28, 2021 August 31, 2020 Cash Operating Income 0.2940.037694.6%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 3.0121.84163.6%Short-term investments -0.781(100.0%)Total Cash Reserves 3.0122.62214.9% 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 StatementsThis 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 x236To view the source version of this press release, please visit https://www.newsfilecorp.com/release/80384 Data & News supplied by www.cloudquote.io Stock quotes supplied by Barchart Quotes delayed at least 20 minutes. By accessing this page, you agree to the following Privacy Policy and Terms and Conditions.
Destiny Media Technologies Inc. Announces Second Quarter Fiscal Year 2021 Results By: Newsfile April 14, 2021 at 09:00 AM EDT 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 CallDestiny 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 3,011,7151,841,340 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 138,062119,399 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] 10,40910,451 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 29,66715,839 59,70942,456 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 164,395216,094 323,943435,597 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 8758,110 2,33814,477 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 SummaryQ2 Fiscal Year 2021 Financial Summary(millions of U.S. dollars)Three Months Ended Six Months Ended February 28, 2021February 29, 2020% ChangeFebruary 28, 2021February 29, 2020% ChangeREVENUEPlay MPE®0.9270.80215.6%2.0481.83211.8%Other0.0040.005(20.0%)0.0060.020(70.0%)Total Revenue0.9310.80715.4%2.0541.85210.9% PROFITABILITY Gross Margin $0.8390.73813.7%1.8721.69810.2%Gross Margin %90.1%91.4%(1.5%)91.1%91.7%(0.6%)Operating Expenses0.8690.902(3.7%)1.6541.757(5.9%)Cash Operating Costs0.8310.873(4.8%)1.5791.685(6.3%)Adjusted EBITDA0.009(0.126)107.1%0.2960.028957.1%Net Income(0.029)(0.155)81.3%0.221(0.044)602.3%Earnings Per Share0.00(0.01)100.0%0.020.00- CASH As at February 28, 2021 August 31, 2020 Cash Operating Income 0.2940.037694.6%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 3.0121.84163.6%Short-term investments -0.781(100.0%)Total Cash Reserves 3.0122.62214.9% 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 StatementsThis 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 x236To view the source version of this press release, please visit https://www.newsfilecorp.com/release/80384