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

Dienstag, 29.11.2016 22:00 von

PR Newswire

VANCOUVER, Nov. 29, 2016 /PRNewswire/ - Destiny Media Technologies (TSXV: DSY) (OTCQX: 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 fourth quarter ended August 31, 2016.

Fourth Quarter Highlights

Fourth quarter revenue increased four percent over the prior year quarter to $850,693.

Revenue from the Play MPE segment increased three percent versus last year, driven by increases in all geographic segments. Net loss for the fourth quarter was ($9,048), or ($0.00) per share, reducing the loss over the prior year by 92%.

Fiscal 2016 Results

Total revenue grew slightly over the prior year while operating expenditures dropped by 14% resulting in an 88% reduction to the net loss for the year. 

"Expanded business development efforts in Play MPE® with the addition of resellers and recipient lists in Scandinavia, and increased major label account management activities, helped Play MPE® revenue rebound from an early year decline to growth in each of the final three quarters of the year," said Steve Vestergaard, Chief Executive Officer for Destiny Media Technologies.  "We expect to launch our proprietary web encoder for Play MPE® in fiscal 2017 which will facilitate greater business development activities while gaining access to more customers."  

Fourth Quarter Fiscal 2016 Earnings Conference Call

Destiny Media Technologies will host a conference call at 5:00 p.m. ET (2:00pm PT) on Tuesday, November 29, 2016, to further discuss its fourth quarter and fiscal year 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 # 05294037. A written transcript and archived stream will subsequently be made available on Destiny's corporate site at http://www.dsny.com 




CONSOLIDATED STATEMENTS OF COMPREHENSIVE (LOSS)

(Expressed in United States dollars)






Year Ended

Year Ended


August 31,

August 31,


2016

2015


$

$

Service Revenue 

3,337,813

3,323,537




Operating expenses 



General and administrative 

802,433

1,119,468

Sales and marketing

1,260,384

1,441,833

Research and development

1,292,996

1,376,386

Depreciation and amortization

191,383

182,863


3,547,196

4,120,550

Loss from operations

(209,383)

(797,013)

Other income (expenses)



Interest income

21,132

42,787

Other income (expense)

-

(420)

Loss before provision for income taxes

(188,251)

(754,646)

Income tax expense - deferred

-

(842,000)

Net loss

(188,251)

(1,596,646)







Foreign currency translation adjustments

28,254

(364,374)




Total comprehensive loss

(159,997)

(1,961,020)




Net loss per common share, 




basic and diluted

(0.00)

(0.03)




Weighted average common shares outstanding:




Basic

54,737,918

52,993,874


Diluted

54,737,918

52,993,874

 

CONSOLIDATED BALANCE SHEETS

(Expressed in United States dollars)


As at




August 31,

August 31,


2016

2015


$

$




ASSETS



Current



Cash and cash equivalents

662,743

387,316

Accounts receivable, net of allowance for




doubtful accounts of $4,049 [2015 – $6,058]

628,135

399,148

Other receivables

15,051

15,471

Current portion of long term receivable 

113,834

98,180

Prepaid expenses

61,525

36,042

Total current assets

1,481,288

936,157

Deposits

22,978

32,222

Long term receivable 

61,642

167,350

Property and equipment, net

284,968

401,461

Total assets

1,850,876

1,537,190




LIABILITIES AND STOCKHOLDERS' EQUITY



Current



Accounts payable

108,157

139,879

Accrued liabilities

190,077

189,672

Deferred leasehold inducement

28,962

63,217

Deferred revenue

23,563

24,712

Obligation under capital lease – current portion

5,240

5,205

Total current liabilities

355,999

422,685

Obligation under capital lease – long term portion 

6,472

12,071

Total liabilities

362,471

434,756




Stockholders' equity



Common stock, par value $0.001




Authorized: 100,000,000 shares




Issued and outstanding: 55,013,874 shares





[2015 – issued and outstanding 52,993,874 shares]

55,014

52,994

Additional paid-in capital

9,666,080

9,122,132

Accumulated deficit

(7,896,312)

(7,708,061)

Accumulated other comprehensive (loss)

(336,377)

(364,631)

Total stockholders' equity 

1,488,405

1,102,434

Total liabilities and stockholders' equity

1,850,876

1,537,190

 

SOURCE Destiny Media Technologies, Inc.