Vancouver, British Columbia--(Newsfile Corp. - July 15, 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 third quarter ended May 31, 2024.
"Over the past year, we have sustained revenue growth each quarter for an average growth of 9.1%. This growth follows recent product investments into our core Play MPE platform," stated Fred Vandenberg, President and CEO. "We continue to invest in the core Play MPE platform to facilitate scalable growth, invest in new products to add new addressable markets, while concurrently enhancing our marketing strategy to drive further revenue increases."
Financial Highlights
Q3 2024 vs Q3 2023
Revenue of $1.2M, an increase of 8.2% (FX adjusted - 8.5%)
Global independent record label growth of 11.9%
Net income of $0.13M
Adjusted EBITDA of $0.22M
During the third quarter of the fiscal 2024, under a normal course issuer bid ("NCIB"), the Company repurchased 149,900 shares for a total cost of $0.16 million. During the nine months ended May 31, 2024, the Company repurchased 459,200 shares for a total cost of $0.47 million. The NCIB ceased on May 2, 2024 and has not been renewed.
Fiscal 2024 Third Quarter Earnings Webinar
Destiny Media Technologies will hold a live webinar on Monday, July 15, 2024 at 2:00 p.m. Pacific Standard Time (5:00 p.m. Eastern Standard Time) to discuss financial results for its fiscal 2024 third quarter ended May 31, 2024.
Date: Monday, July 15, 2024 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:
Attendees of the webinar can submit questions voluntarily during the live presentation. Cameras will remain off for all attendees throughout the session. Microphones will also remain muted unless an attendee chooses to engage in verbal questions, similar to the format used in traditional conference calls.
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: 817 1581 2583
Attendees participating via dial-in will not have access to the webinar video stream or the 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)
Three months ended May 31,
Nine months ended May 31,
2024
2023
2024
2023
Service revenue
$
1,155,442
$
1,068,007
$
3,296,582
$
2,987,786
Cost of revenue
Hosting costs
35,036
30,555
95,692
84,040
Internal engineering support
14,249
12,707
44,245
38,160
Customer support
80,746
72,001
250,721
216,237
Third-party and transactions costs
20,013
18,490
58,150
51,357
150,044
133,753
448,808
389,794
Gross margin
1,005,398
934,254
2,847,774
2,597,992
87.0%
87.5%
86.4%
87.0%
Operating expenses
General and administrative
159,940
314,387
513,087
652,793
Sales and marketing
280,308
237,834
781,166
670,360
Product development
356,599
247,392
1,084,329
823,722
Depreciation and amortization
87,760
37,182
255,884
109,513
884,607
836,795
2,634,466
2,256,388
Income from operations
120,791
97,459
213,308
341,604
Other income
Interest and other income
13,685
9,593
40,672
26,038
Net income before income tax
$
134,476
$
107,052
$
253,980
$
367,642
Current income tax expense
-
-
-
(3,600
)
Net income
$
134,476
$
107,052
$
253,980
$
364,042
Foreign currency translation adjustments
(16,714
)
1,429
(27,065
)
(109,977
)
Total comprehensive income
$
117,762
$
108,481
$
226,915
$
254,065
Net income per common share
Basic and diluted
$
0.01
$
0.01
$
0.03
$
0.04
Weighted average common shares outstanding:
Basic
9,689,303
10,123,984
9,846,942
10,124,168
Diluted
9,722,035
10,123,984
9,888,441
10,124,168
DESTINY MEDIA TECHNOLOGIES, INC. Condensed Consolidated Balance Sheets
May 31, 2024
August 31, 2023
(unaudited)
(audited)
ASSETS
Cash and cash equivalents
$
1,390,887
$
2,002,769
Accounts receivable, net of allowance for credit losses of $40,950 (August 31, 2023 - $41,331)
682,359
432,501
Other receivables
69,915
58,519
Prepaid expenses
69,429
72,014
Deposits
31,995
32,214
Total current assets
2,244,585
2,598,017
Property and equipment, net
474,902
642,207
Intangible assets, net
970,663
645,474
Total assets
$
3,690,150
$
3,885,698
LIABILITIES AND STOCKHOLDERS' EQUITY
Current
Accounts payable
$
88,269
$
110,203
Accrued liabilities
298,847
267,144
Deferred revenue
36,930
34,710
Total current liabilities
424,046
412,057
Total liabilities
424,046
412,057
Commitments and contingencies
-
-
Stockholders' equity
Common stock, par value $0.001, authorized 20,000,000 shares. Issued and outstanding - 9,637,410 shares (August 31, 2023 - 10,096,610 shares)
