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Subject: ERN

Destiny Media Technologies, Inc. Announces Third Quarter Fiscal Year 2018 Results


VANCOUVER, July 16, 2018 /PRNewswire/ - Destiny Media Technologies (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 third quarter ended May 31, 2018.

Highlights

Highlights for the quarter include:

Third Quarter Fiscal 2018 Results

Revenue for the quarter ended May 31, 2018 grew by 2.7% to $921,605 over the same quarter in the previous year. This growth is primarily due to favorable exchange rates and the growth in US independent record labels. The company increased spending on Play MPE® marketing and business development during the quarter. The company also had a non-recurring increase in professional fees and a recurring decrease in general and administrative salaries and wages.

"We made significant progress on Play MPE version 8 leading to its release on July 9, 2018," said Fred Vandenberg, Chief Executive Officer for Destiny Media Technologies.   "Our improving financial results and cash position, in advance of the release of Version 8 of Play MPE, are encouraging, and we are excited to see this growth continue as version 8 is adopted by our customers."

Third Quarter Fiscal 2018 Earnings Conference Call

Destiny Media Technologies will host a conference call at 5:00 p.m. ET (2:00pm PT) on Monday, July 16, 2018, to further discuss its third quarter fiscal year 2018 results. Investors and interested parties may participate in the call by dialing 416-764-8688 or 888-390-0546 and referring to conference ID # 66068557. A written transcript and archived stream will subsequently be made available on Destiny's corporate site at http://www.dsny.com.

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.

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, 2017, which is available on www.sedar.com or www.sec.gov.   


Destiny Media Technologies Inc.


CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (LOSS)

(Expressed in United States dollars)

Unaudited 







Three months

Three months

Nine months

Nine months


ended

ended

ended

ended


May 31,

May 31,

May 31,

May 31,


2018

2017

2018

2017


$

$

$

$

Revenue 

921,605

897,475

2,710,458

2,571,582






Operating expenses 





General and administrative 

183,942

139,105

497,767

519,053

Sales and marketing

237,205

237,326

758,927

766,007

Research and development

290,497

321,210

891,985

975,909

Depreciation and amortization

27,988

37,048

79,175

120,538


739,632

734,689

2,227,854

2,381,507

Income from operations

181,973

162,786

482,604

190,075

Other income





Interest income

1,656

3,437

5,657

12,071

Other income (expense)

-

-

(3,767)

-

Net income 

183,629

166,223

484,494

202,146






Other comprehensive income (loss)





Foreign currency translation adjustments

(29,076)

(30,661)

(70,085)

(44,792)






Total comprehensive income (loss)

154,553

135,562

414,409

157,354






Net income (loss) per common share, 






basic and diluted

0.00

0.00

0.01

0.00






Weighted average common shares outstanding:











Basic and diluted

55,013,874

55,013,874

55,013,874

55,013,874

 

Destiny Media Technologies Inc.


CONDENSED CONSOLIDATED BALANCE SHEETS

(Expressed in United States dollars)

Unaudited

As at,

May 31,

August 31,


2018

2017


$

$




ASSETS



Current



Cash and cash equivalents

2,051,330

1,342,956

Accounts receivable, net of allowance for




doubtful accounts of $6,171 [August 31, 2017 ? $3,383] 

314,656

529,666

Other receivables

58,453

21,216

Current portion of long term receivable 

0

64,811

Prepaid expenses

52,452

54,507

Deposits

573

592

Total current assets

2,477,464

2,013,748

Deposits

34,618

27,923

Property and equipment, net

175,886

116,208

Intangible assets, net

50,897

86,824

Total assets

2,738,865

2,244,703




LIABILITIES AND STOCKHOLDERS' EQUITY



Current



Accounts payable

166,934

127,444

Accrued liabilities

165,427

192,433

Deferred leasehold inducement

52,476

2,090

Deferred revenue

1,978

23,685

Obligation under capital lease ? current portion

2,956

6,246

Total current liabilities

389,771

351,898

Total liabilities

389,771

351,898




Stockholders' equity



Common stock, par value $0.001




Authorized: 100,000,000 shares




Issued and outstanding: 55,013,874 shares





[August 31, 2017 ? issued and outstanding 55,013,874 shares]

55,014

55,014

Additional paid-in capital

9,754,093

9,712,213

Accumulated deficit

(7,123,037)

(7,607,531)

Accumulated other comprehensive (loss)

(336,976)

(266,891)

Total stockholders' equity 

2,349,094

1,892,805

Total liabilities and stockholders' equity

2,738,865

2,244,703

 

SOURCE Destiny Media Technologies, Inc.


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