Destiny Media Tech Inc (DSNY)

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Press Release: Destiny Media Technologies, Inc. Announces Fiscal Year 2017 Results

Nov 29, 2017 16:00:00 (ET)

Destiny Media Technologies, Inc. Announces Fiscal Year 2017 Results

Canada NewsWire

VANCOUVER, Nov. 29, 2017

VANCOUVER, Nov. 29, 2017 /CNW/ - Destiny Media Technologies (TSXV: DSY) (OTCQB: DSNY), the makers of Play MPE(R), a cloud-based SaaS solution for promotional music marketing, and Clipstream(R), the world's first script powered video platform, today announced its financial results for the fiscal 2017 year ended August 31, 2017.

Highlights

Highlights for the year include:

-- Two new independent board members with significant share positions

-- Change in management and strategic direction

-- Renewed financial strength through doubling of cash position to $1.3M

-- Return to profitability from 3% revenue growth and 11% expenditure
reduction

-- EBITDA reaching $447,231

Fiscal 2017 Results

Revenue for the year ended August 31, 2017 grew in all geographic territories for a total increase of approximately 3% to $3,445,014. This, combined with an 11% decrease in overall expenditures (to $3,170,580), resulted in eliminating last year's net loss growing to net income of $288,781.

"Changes to our board of directors and management in fiscal 2017 have empowered our team to execute on sales and product developments grounded in a rational business plan for 2018," said Fred Vandenberg, Chief Executive Officer for Destiny Media Technologies. "We are excited to focus on delivering improvements to our existing SaaS based business and optimistic for a return to accelerated revenue and income growth."

Fiscal 2017 Earnings Conference Call

Destiny Media Technologies will host a conference call at 5:00 p.m. ET (2:00pm PT) on Wednesday, November 29, 2017, to further discuss its fiscal year 2017 results. Investors and interested parties may participate in the call by dialing 416-764-8688 or 888-390-0546 and referring to conference ID # 82627929. A written transcript and archived stream will subsequently be made available on Destiny's corporate site at http://www.dsny.com.