Destiny Media Technologies, Inc. Announces Second Quarter Fiscal Year 2016 Results

(firmenpresse) - Destiny Media Technologies, Inc. Announces Second Quarter Fiscal Year 2016 Results

VANCOUVER, April 14, 2016 - Destiny Media Technologies (DSY.V) (DSNY), the makers of Play MPE®, a system for the secure distribution of pre-release music to radio and the developer of Clipstream®, a cross-platform player-less video streaming format, today announced its financial results for the second quarter ended February 29, 2016.

Highlights

Highlights during the second quarter include:

- Quarterly revenue increase 3% (YOY)

- Quarterly expenditures drop by 25% (YOY)

- Quarterly loss shrinks by 79% (YOY)

- Migration of Play MPE® system to a cloud computing platform

Second Quarter Results

Play MPE® revenue grew in Europe, USA and Australia for an overall increase of 1.4% or 8.5% after factoring in an unfavorable reduction in the Euro relative to the US dollar. Clipstream began to see positive revenue increases.

Expenditures dropped by 25% due to a reduction in costs associated with restructuring, favorable exchange rates, and a reduction in director and officer compensation.

Net loss for the second quarter declined by 79% to ($75,383), or ($0.00) per share, versus a net loss of ($364,457), or ($0.01) during the prior year.

"During the quarter we began to see the positive results from restructuring that took place in the prior year with revenues increasing and expenses declining. While Clipstream® is obviously at a very early commercial stage, the company saw progress in revenue in its hosted solution, enterprise plan, and market research clients, showing a 328% increase compared to the prior year's quarter," said Steve Vestergaard, Chief Executive Officer for Destiny Media Technologies. "With the technology restructure completed in the quarter, the Company can move forward with product design enhancements to grow revenue."

Second Quarter Fiscal 2016 Earnings Conference Call

Destiny Media Technologies will host a conference call at 4:30 p.m. ET (1:30pm PT) on April 14th, 2016, to further discuss its second quarter fiscal 2016 results. Investors and interested parties may participate in the call by dialing 416-764-8688 or 888-390-0546 and referring to conference ID # 74540260. A written transcript and archived stream will subsequently be made available on Destiny's corporate site at http://www.dsny.com.

About Destiny Media Technologies, Inc.

Destiny Media Technologies provides services that enable content owners to securely display and distribute their audio and video content digitally through the internet. The Company's two major services are Clipstream® and Play MPE®. Clipstream (www.clipstream.com) is an automated high availability self-serve video hosting service built around a proprietary Javascript playback system. This approach, which is protected by two dozen pending and granted patents is much more secure and flexible than standard video approaches. Play MPE® (www.plaympe.com) provides a standardized method to securely and cost effectively distributes pre-release music to radio stations and other music industry professionals, before it is ready for sale. It is protected by granted security and watermark patents. 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 ending August 31, 2014, which is available on www.sedar.com or www.sec.gov.

Contacts:
Fred Vandenberg
CFO, Destiny Media Technologies, Inc.
604 609 7736 x236

Investor Relations:
Three Part Advisors
Jeff Elliott
972-423-7070
Dave Mossberg
817-310-0051

CONSOLIDATED STATEMENTS OF COMPREHENSIVE (LOSS)

(Expressed in United
States
dollars)


Three Three Six MonthsSix Months
Months Months

Ended Ended Ended Ended
FebruaryFebruaryFebruary February
29, 28, 29, 28,


2016 2015 2016 2015
$ $ $ $

Service revenue 763,897 743,193 1,611,618 1,698,263

Operating expenses
General and 158,207 246,922 393,590 540,580
administrative

Sales and marketing302,188 422,493 652,786 753,506
Research and 331,722 411,282 650,762 775,251
development

Depreciation and 53,196 38,998 103,025 74,783
amortization

845,313 1,119,691,800,163 2,144,120
5

Loss from (81,416)(376,502(188,545) (445,857)
operations )

Other income
(expenses)

Interest income 6,033 12,045 12,155 25,091

Net loss (75,383)(364,457(176,390) (420,766)
)


Foreign currency (19,309)(164,827(37,065) (265,787)
translation )
adjustments


Total (94,692)(529,284(213,455) (686,553)
comprehensive )
loss


Net loss per (0.00) (0.01) (0.00) (0.01)
common share,
basic and
diluted



CONSOLIDATED BALANCE SHEETS

As at (Expressed in United
States
dollars)


February August 31,
29,

2016 2015
$ $

ASSETS
Current
Cash and cash equivalents 673,008 387,316
Accounts receivable, net of
allowance
for

doubtful accounts of $7,018 430,141 399,148
[2015 -
$6,129]

Other receivables 35,671 15,471
Current portion of long term 102,830 98,180
receivable

Prepaid expenses 37,092 36,042
Total current assets 1,278,742 936,157
Deposits 22,241 32,222
Long term receivable 113,830 167,350
Property and equipment, net 403,126 401,461
Total assets 1,817,939 1,537,190

LIABILITIES AND STOCKHOLDERS'
EQUITY

Current
Accounts payable 167,075 139,879
Accrued liabilities 176,748 189,672
Deferred leasehold inducement 44,852 63,217
Deferred revenue 5,179 24,712
Obligation under capital 4,867 5,205
lease - current
portion

Total current liabilities 398,721 422,685
Obligation under capital 9,075 12,071
lease - long term
portion

Total liabilities 407,796 434,756
Commitments and contingencies
Stockholders' equity
Common stock, par value
$0.001


Authorized: 100,000,000 shares
Issued and outstanding:
55,013,874
shares

[2015 - issued and 55,014 52,994
outstanding 52,993,874
shares]

Additional paid-in capital 9,641,276 9,122,132
Accumulated deficit (7,884,451)(7,708,061
)

Accumulated other (401,696) (364,631)
comprehensive
loss

Total stockholders' equity 1,410,143 1,102,434
Total liabilities and 1,817,939 1,537,190
stockholders'
equity

Unternehmensinformation / Kurzprofil:
Leseranfragen:
Bereitgestellt von Benutzer: irw
Datum: 15.04.2016 - 08:02 Uhr
Sprache: Deutsch
News-ID 464240
Anzahl Zeichen: 9905

contact information:
Town:

Wien

Kategorie:

Business News

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