Destiny Media Technologies Inc. Announces Fiscal 2024 First Quarter Results
Vancouver, British Columbia--(Newsfile Corp. - January 16, 2024) - Destiny Media Technologies Inc. (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 2024 first quarter ended November 30, 2023.
"We are pleased to observe that strategic investments in Play MPE® are beginning to yield palpable results," said Fred Vandenberg, President and CEO. "Our ongoing commitment to invest in the platform and marketing functions is aimed at further accelerating revenue growth."
Financial Highlights
Highlights for Q1 2024 include (all figures are in USD dollars, and comparisons are to Q1 2023):
Play MPE® sets a new benchmark with its highest quarterly revenue to date
Currency adjusted revenue grew by 10.6% (13.1% unadjusted)
Independent record label revenue up 19.5% globally
Adjusted EBITDA $0.3 million
During the first quarter of the fiscal 2024, under a normal course issuer bid, the Company repurchased 172,000 shares for a total cost of $0.2 million.
Fiscal 2024 First Quarter Earnings Webinar
Destiny Media Technologies will hold a live webinar on Tuesday, January 16, 2024 at 2:00 p.m. Pacific Standard Time (5:00 p.m. Eastern Standard Time) to discuss financial results for its fiscal 2024 first quarter ended November 30, 2023. The live webinar will include comments from President and CEO, Fred Vandenberg, and Director of Business Development, Allan Benedict.
Date: Tuesday, January 16, 2024 Time: 2:00 p.m. Pacific Standard Time (5:00 p.m. Eastern Standard Time)
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 US: +1 346 248 7799 or +1 360 209 5623 or More International numbers Webinar ID: 883 9889 5640
Attendees participating via dial in will not have access to the webinar video stream and will not have access to question and answer functions.
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, 2023, which is available on www.sedar.com or www.sec.gov.
Contact:
Fred Vandenberg CEO, Destiny Media Technologies, Inc. 604 609 7736 x236
DESTINY MEDIA TECHNOLOGIES, INC. Condensed Consolidated Statements of Comprehensive Income (Unaudited)
For the three months ended November 30,
2023
2022
Service revenue
$
1,154,802
$
1,020,737
Cost of revenue
Hosting costs
28,273
27,959
Internal engineering support
17,070
12,570
Customer support
96,728
71,228
Third-party and transactions costs
21,347
17,690
163,418
129,447
Gross margin
991,384
891,290
85.8%
87.3%
Operating expenses
General and administrative
147,892
163,061
Sales and marketing
215,857
174,226
Product development
308,547
263,426
Depreciation and amortization
81,098
36,379
753,394
637,092
Income from operations
237,990
254,198
Other income
Interest and other income
11,526
7,668
Net income before income tax
$
249,516
$
261,866
Current income tax expense
-
(3,600
)
Net income
$
249,516
$
258,266
Foreign currency translation adjustments
(12,692
)
(92,484
)
Total comprehensive income
$
236,824
$
165,782
Net income per common share
Basic and diluted
$
0.02
$
0.03
Weighted average common shares outstanding:
Basic
10,010,534
10,122,261
Diluted
10,286,534
10,122,261
DESTINY MEDIA TECHNOLOGIES, INC. Condensed Consolidated Balance Sheets
November 30, 2023
August 31, 2023
(unaudited)
ASSETS
Cash and cash equivalents
$
1,832,365
$
2,002,769
Accounts receivable, net of allowance for doubtful accounts of $41,814 (August 31, 2023 - $41,331)
622,768
432,501
Other receivables
56,334
58,519
Prepaid expenses
51,116
72,014
Deposits
32,135
32,214
Total current assets
2,594,718
2,598,017
Property and equipment, net
586,439
642,207
Intangible assets, net
796,485
645,474
Total assets
$
3,977,642
$
3,885,698
LIABILITIES AND STOCKHOLDERS' EQUITY
Current
Accounts payable
$
92,660
$
110,203
Accrued liabilities
304,043
267,144
Deferred revenue
27,447
34,710
Total current liabilities
424,150
412,057
Total liabilities
424,150
412,057
Commitments and contingencies
-
-
Stockholders' equity
Common stock, par value $0.001, authorized 20,000,000 shares. Issued and outstanding - 9,924,610 shares (August 31, 2023 - 10,096,610 shares)