Destiny Media Technologies Inc. Announces Fiscal Year 2023 Results

Rhea-AI Summary

Destiny Media Technologies Inc. (DSY on TSXV, DSNY on OTCQB) announced financial results for its fiscal year ended August 31, 2023. The company reported a 1.9% increase in currency adjusted Play MPE® revenue, a 6.1% growth in revenue in the second half of the fiscal year, and a remarkable 125% increase in net income. The company also beta launched a new technology called 'MTR™' or 'Meter' and made significant progress on aspects in the Play MPE® platform that should accelerate revenue growth and target market acquisition.

Vancouver, British Columbia--(Newsfile Corp. - November 28, 2023) - 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 year ended August 31, 2023.

"We are immensely proud of the strides we've made under the leadership of Ro Fernandez (Director of Product Management) and Sergei Berenson (Director of Engineering). This year we beta launched a brand new technology which we call "MTR™" or "Meter". MTR is a brand new service designed to meet the needs of record labels and artists and is a complementary new business to the Company's core Play MPE® platform," said Fred Vandenberg, President and CEO. "As well, we have made significant progress on aspects in the Play MPE® platform that should accelerate revenue growth and target market acquisition."

Fiscal 2023 Financial Highlights
(all figures are USD, and comparisons are to 2022):

• Currency adjusted Play MPE® revenue up 1.9%
• Capital investments in new software capabilities of $0.7M
• 6.1% growth in revenue in the second half of the fiscal year
• Net income up 125%

Fiscal 2023 Operational Highlights

• Strategic New Product Launch: Following two years of research and development, the Company beta launched a highly anticipated new digital tracking tool in Q4. Under trademark application, MTR™ ("Music Tracking Radar" or "Meter") is initially expected to fill an existing need of Play MPE® customers, but will be marketed broadly.
• New Product Development leadership: Rocio Fernandez appointed Director of Product Development near the end of Q2 2023.
• Customer Satisfaction: NPS scores for Caster grew from a "great" score of 62 to an "excellent" score of 74, while CSAT score remained excellent at 98.7%.

During the year, under a normal course issuer bid, the Company repurchased 25,651 shares for a total cost of $0.03 million.

Fiscal Year 2023 Earnings Webinar

Destiny Media Technologies will hold a live webinar on Tuesday, November 28, 2023 at 2:00 p.m. Pacific Standard Time (5:00 p.m. Eastern Standard Time) to discuss financial results for its fiscal year ended August 31, 2023. The live webinar will include comments from President, Chief Executive Officer, Fred Vandenberg, and Director of Business Development and Marketing, Allan Benedict.

Date: Tuesday, November 28, 2023
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: +1 312 626 6799 or +1 253 215 8782
Webinar ID: 828 0170 1130

Attendees participating via dial in will not have access 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

			For the years ended December 31,
			2023			2022
Service revenue		$	4,034,384		$	4,023,910
Cost of revenue
Hosting costs			114,881			178,567
Internal engineering support			49,353			61,793
Customer support			279,667			350,161
Third-party and transactions costs			71,215			66,278
			515,116			656,799
Gross margin			3,519,268			3,367,111
			87.2%			83.7%
Operating expenses
General and administrative			769,613			980,381
Sales and marketing			872,679			1,011,199
Product development			1,337,445			1,099,618
Depreciation and amortization			238,355			142,662
			3,218,092			3,233,860
Income from operations			301,176			133,251
Other income
Interest and other income			36,498			9,153
Gain on disposal of assets			-			11,018
Net income before income tax		$	337,674		$	153,422
Current income tax expense			(2,576	)		(4,348	)
Net income		$	335,098		$	149,074
Foreign currency translation adjustments			(98,541	)		(115,085	)
Total comprehensive income		$	236,557		$	33,989
Net income per common share
Basic and diluted		$	0.03		$	0.01
Weighted average common shares outstanding:
Basic and diluted			10,119,454			10,169,426

 

		August 31, 2023			August 31, 2022
ASSETS
Cash and cash equivalents	$	2,002,769		$	2,095,928
Accounts receivable, net of allowance for doubtful accounts of $41,331 (2022 - $39,518)		432,501			483,774
Other receivables		58,519			29,600
Prepaid expenses		72,014			83,242
Deposits		32,214			33,305
Total current assets		2,598,017			2,725,849
Property and equipment, net		642,207			311,792
Intangible assets, net		645,474			529,717
Total assets	$	3,885,698		$	3,567,358
LIABILITIES AND STOCKHOLDERS' EQUITY
Current
Accounts payable	$	110,203		$	116,290
Accrued liabilities		267,144			319,738
Deferred revenue		34,710			21,043
Total current liabilities		412,057			457,071
Total liabilities		412,057			457,071
Commitments and contingencies		-			-
Stockholders' equity
Common stock, par value $0.001, authorized 20,000,000 shares. Issued and outstanding - 10,096,610 shares (2022 - 10,122,261 shares)		10,096			10,122
Additional paid-in capital		9,242,671			9,115,848
Accumulated deficit		(5,304,367	)		(5,639,465	)
Accumulated other comprehensive loss		(474,759	)		(376,218	)
Total stockholders' equity		3,473,641			3,110,287
Total liabilities and stockholders' equity	$	3,885,698		$	3,567,358

 

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/188875

FAQ

What are the financial highlights for Destiny Media Technologies Inc. in fiscal year 2023?

In fiscal year 2023, Destiny Media Technologies reported a 1.9% increase in currency adjusted Play MPE® revenue, a 6.1% growth in revenue in the second half of the fiscal year, and a remarkable 125% increase in net income.

What is the new technology launched by Destiny Media Technologies Inc.?

Destiny Media Technologies beta launched a new digital tracking tool called 'MTR™' or 'Meter' that is expected to fill an existing need of Play MPE® customers and will be marketed broadly.

Who are the key leaders mentioned in the press release?

The press release mentions Ro Fernandez as the Director of Product Management, Sergei Berenson as the Director of Engineering, and Fred Vandenberg as the President and CEO.

What are the details of Destiny Media Technologies Inc.'s live webinar?

Destiny Media Technologies will hold a live webinar on Tuesday, November 28, 2023, at 2:00 p.m. Pacific Standard Time (5:00 p.m. Eastern Standard Time) to discuss financial results for its fiscal year ended August 31, 2023. The webinar will include comments from President, Chief Executive Officer, Fred Vandenberg, and Director of Business Development and Marketing, Allan Benedict.