VANCOUVER, Nov. 29, 2016 /CNW/ - 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
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CONSOLIDATED
STATEMENTS OF COMPREHENSIVE (LOSS)
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(Expressed in United
States dollars)
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|
|
|
|
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Year
Ended
|
Year Ended
|
|
August
31,
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August 31,
|
|
2016
|
2015
|
|
$
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$
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Service
Revenue
|
3,337,813
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3,323,537
|
|
|
|
Operating
expenses
|
|
|
General and
administrative
|
802,433
|
1,119,468
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Sales and
marketing
|
1,260,384
|
1,441,833
|
Research and
development
|
1,292,996
|
1,376,386
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Depreciation and
amortization
|
191,383
|
182,863
|
|
3,547,196
|
4,120,550
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Loss from
operations
|
(209,383)
|
(797,013)
|
Other income
(expenses)
|
|
|
Interest
income
|
21,132
|
42,787
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Other income
(expense)
|
-
|
(420)
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Loss before
provision for income taxes
|
(188,251)
|
(754,646)
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Income tax expense -
deferred
|
-
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(842,000)
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Net
loss
|
(188,251)
|
(1,596,646)
|
|
|
|
|
|
|
Foreign currency
translation adjustments
|
28,254
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(364,374)
|
|
|
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Total
comprehensive loss
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(159,997)
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(1,961,020)
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|
|
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Net loss per
common share,
|
|
|
|
basic and
diluted
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(0.00)
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(0.03)
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|
|
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Weighted average
common shares outstanding:
|
|
|
|
Basic
|
54,737,918
|
52,993,874
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Diluted
|
54,737,918
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52,993,874
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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
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Accounts receivable,
net of allowance for
|
|
|
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doubtful accounts of
$4,049 [2015 – $6,058]
|
628,135
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399,148
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Other
receivables
|
15,051
|
15,471
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Current portion of
long term receivable
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113,834
|
98,180
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Prepaid
expenses
|
61,525
|
36,042
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Total current
assets
|
1,481,288
|
936,157
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Deposits
|
22,978
|
32,222
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Long term
receivable
|
61,642
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167,350
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Property and
equipment, net
|
284,968
|
401,461
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Total
assets
|
1,850,876
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1,537,190
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LIABILITIES AND
STOCKHOLDERS' EQUITY
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Current
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Accounts
payable
|
108,157
|
139,879
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Accrued
liabilities
|
190,077
|
189,672
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Deferred leasehold
inducement
|
28,962
|
63,217
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Deferred
revenue
|
23,563
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24,712
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Obligation under
capital lease – current portion
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5,240
|
5,205
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Total current
liabilities
|
355,999
|
422,685
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Obligation under
capital lease – long term portion
|
6,472
|
12,071
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Total
liabilities
|
362,471
|
434,756
|
|
|
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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
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Additional paid-in
capital
|
9,666,080
|
9,122,132
|
Accumulated
deficit
|
(7,896,312)
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(7,708,061)
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Accumulated other
comprehensive (loss)
|
(336,377)
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(364,631)
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Total
stockholders' equity
|
1,488,405
|
1,102,434
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Total liabilities
and stockholders' equity
|
1,850,876
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1,537,190
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SOURCE Destiny Media Technologies, Inc.