STOCK TITAN

Destiny Media Technologies Inc. Announces Fiscal 2024 Third Quarter Results

Rhea-AI Impact
(Neutral)
Rhea-AI Sentiment
(Neutral)
Tags
Rhea-AI Summary

Destiny Media Technologies Inc. (TSXV: DSY) (OTCQB: DSNY), the maker of Play MPE®, announced financial results for Q3 fiscal 2024 ended May 31, 2024. Highlights include:

- Revenue of $1.2M, up 8.2% year-over-year
- Global independent record label growth of 11.9%
- Net income of $0.13M
- Adjusted EBITDA of $0.22M

The company reported sustained revenue growth averaging 9.1% over the past year. During Q3, Destiny Media repurchased 149,900 shares for $0.16 million under a normal course issuer bid (NCIB). The NCIB ceased on May 2, 2024, and has not been renewed.

Positive
  • Revenue increased by 8.2% year-over-year to $1.2M
  • Global independent record label growth of 11.9%
  • Net income of $0.13M
  • Adjusted EBITDA of $0.22M
  • Average revenue growth of 9.1% over the past year
Negative
  • None.

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:

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

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.

A recording of the webinar will be available after the event at 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 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)

9,637

10,096
Additional paid-in capital
8,808,678

9,242,671
Accumulated deficit
(5,050,387)
(5,304,367)
Accumulated other comprehensive loss
(501,824)
(474,759)
Total stockholders' equity
3,266,104 

3,473,641 
Total liabilities and stockholders' equity$3,690,150 
$3,885,698 

 

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/216425

FAQ

What was Destiny Media Technologies' (DSNY) revenue for Q3 2024?

Destiny Media Technologies (DSNY) reported revenue of $1.2 million for Q3 2024, representing an 8.2% increase year-over-year.

How much was Destiny Media Technologies' (DSNY) net income in Q3 2024?

Destiny Media Technologies (DSNY) reported a net income of $0.13 million for Q3 2024.

What was the growth rate for global independent record labels in Destiny Media Technologies' (DSNY) Q3 2024 report?

Destiny Media Technologies (DSNY) reported a global independent record label growth of 11.9% in their Q3 2024 financial results.

How many shares did Destiny Media Technologies (DSNY) repurchase in Q3 2024?

Destiny Media Technologies (DSNY) repurchased 149,900 shares for a total cost of $0.16 million during Q3 2024 under a normal course issuer bid (NCIB).

DESTINY MEDIA TECHS INC

OTC:DSNY

DSNY Rankings

DSNY Latest News

DSNY Stock Data

9.04M
6.47M
33.96%
6.63%
Software - Application
Technology
Link
United States of America
Vancouver