Vancouver, British Columbia--(Newsfile Corp. - April 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 second quarter ended February 29, 2024.

"Following substantial investments to elevate our product development processes in the latter half of the previous year, we are now bolstering our marketing efforts to harmonize with our product and business development strategies," stated Fred Vandenberg, President and CEO. "During the initial months of fiscal 2024, we've observed significant growth, particularly within the independent record label sector, culminating in an overall growth rate of approximately 10%. Our focus remains on achieving even greater revenue growth through these strategic investments in marketing and product development, strategically positioned to fuel our expansion into new markets."

Financial Highlights

Q2 2024 vs Q2 2023

  • Currency adjusted revenue grew by 9.0% (9.7% unadjusted)
  • Independent record label revenue saw a 10.3% increase globally
  • Adjusted EBITDA -$0.05 million

During the second quarter of the fiscal 2024, under a normal course issuer bid, the Company repurchased 137,300 shares for a total cost of $0.14 million.

FY2024 vs FY2023

  • Currency adjusted revenue grew by 9.9% (11.5% unadjusted)
  • Independent record label revenue saw a 15.6% increase globally
  • Adjusted EBITDA $0.3 million

During the first half of the fiscal 2024, under a normal course issuer bid, the Company repurchased 309,300 shares for a total cost of $0.31 million.

Fiscal 2024 Second Quarter Earnings Webinar

Destiny Media Technologies will hold a live webinar on Monday, April 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 second quarter ended February 29, 2024.

Date: Monday, April 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:
https://investors.dsny.com/investors/financials/ or by clicking on the Webinar Registration Form.

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: 835 2205 8363

Attendees participating via dial in will not have access to the webinar video stream and will not have access to question and answer functions.

A recording of the webinar will be available after the event on https://investors.dsny.com/investors/financials/

About Destiny Media Technologies Inc.

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

Six months ended


 
February 29, 2024 

February 28, 2023 

February 29, 2024 

February 28, 2023 














Service revenue$
986,338
$899,042
$2,141,140
$1,919,779



 

 

 

 
Cost of revenue

 

 

 

 
     Hosting costs

32,383

25,526

60,656

53,485
     Internal engineering support

12,926

12,883

29,996

25,453
     Customer support

73,247

73,008

169,975

144,236
     Third-party and transactions costs
 
16,790 

15,177 

38,137 

32,867 


 
135,346 

126,594 

298,764 

256,041 
Gross margin

850,992

772,448

1,842,376

1,663,738



86.3%

85.9%

86.0%

86.7%
Operating expenses

 

-

 

 
     General and administrative

205,255

175,345

353,147

338,406
     Sales and marketing

285,001

258,300

500,858

432,526
     Product development

419,183

312,904

727,730

576,330
     Depreciation and amortization 
 87,026  
35,952  
168,124  
72,331 

 
 996,465  
782,501  
1,749,859  
1,419,593 
Income (loss) from operations

(145,473)
(10,053)
92,517

244,145



 

 

 

 
Other income

 

 

 

 
     Interest and other income 
 15,461  
8,777  
26,987  
16,445 
Net income (loss) before income tax$
(130,012)$(1,276)$119,504
$260,590
     Current income tax expense 
 -  
-  
-  
(3,600)
Net income (loss)$
(130,012)$(1,276)$119,504
$256,990
     Foreign currency translation adjustments 
 2,341  
(18,922) 
(10,351) 
(111,406)
Total comprehensive income (loss)$
(127,671)$(20,198)$109,153
$145,584



 

 

 

 
Net income (loss) per common share

 

 

 

 
     Basic and diluted$ (0.01)$(0.00)$0.01 $0.03 



 

 

 

 
Weighted average common shares outstanding:

 

 

 
     Basic

9,842,720

10,122,261

9,926,627

10,122,261
     Diluted

10,107,554

10,122,261

10,191,461

10,122,261



 

 

 

 

 

DESTINY MEDIA TECHNOLOGIES, INC.
Condensed Consolidated Balance Sheets


 
  February 29,
2024 		 

 August 31,
2023 		 



 (unaudited)

(audited)
ASSETS






Cash and cash equivalents$
1,539,685
$2,002,769
Accounts receivable, net of allowance for doubtful accounts of $38,436
(August 31, 2023 - $41,331)

634,465

432,501
Other receivables

63,750

58,519
Prepaid expenses

40,297

72,014
Deposits 
 32,174  
32,214 
Total current assets

2,310,371

2,598,017



 

 
Property and equipment, net

531,853

642,207
Intangible assets, net

872,752

645,474 
Total assets$ 
3,714,976 
$3,885,698 



 

 
LIABILITIES AND STOCKHOLDERS' EQUITY

 

 
Current

 

 
Accounts payable$
101,067
$110,203
Accrued liabilities

294,031

267,144
Deferred revenue 
 19,304  
34,710 
Total current liabilities 
 414,402  
412,057 
Total liabilities 
 414,402  
412,057 



 

 
Commitments and contingencies

-

-



 

 
Stockholders' equity

 

 
Common stock, par value $0.001, authorized 20,000,000 shares.
Issued and outstanding - 9,787,310 shares (August 31, 2023 - 10,096,610 shares)

9,787

10,096
Additional paid-in capital

8,960,760

9,242,671
Accumulated deficit

(5,184,863)
(5,304,367)
Accumulated other comprehensive loss 
 (485,110) 
(474,759)
Total stockholders' equity 
 3,300,574  
3,473,641 
Total liabilities and stockholders' equity$ 3,714,976 $3,885,698 

 

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