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Destiny Media Technologies, Inc. Announces Third Quarter Fiscal Year 2017 ResultsVANCOUVER, July 17, 2017 /CNW/ - Destiny Media Technologies (TSXV: DSY) (OTCQB: 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 its fiscal 2017 third quarter ended May 31, 2017. Highlights Highlights during and subsequent to the end of the third quarter include:
Third Quarter Fiscal 2017 Results Revenue for the quarter ended May 31, 2017 grew by 3% to $897,475. The increase is the result of revenue growth in all geographic areas. Expenditures dropped by 17% to $734,689 and the net income grew to $166,223. "We are excited to see our profit grow in advance of new product developments" said Fred Vandenberg, Chief Executive Officer and Chief Financial Officer for Destiny Media Technologies. "We expect to increase profitability through continued revenue increases and an elimination of unproductive activities and costs." Third Quarter Fiscal 2017 Earnings Conference Call Destiny Media Technologies will host a conference call at 5:00 p.m. ET (2:00pm PT) on Monday, July 17, 2017, to further discuss its third quarter 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 # 79714804. A written transcript and archived stream will subsequently be made available on Destiny's corporate site at http://www.dsny.com in the Company's proprietary Clipstream® format. About Destiny Media Technologies, Inc. Destiny Media Technologies ("Destiny") provides services that enable content owners to securely display and distribute their audio and video content digitally through the internet. Destiny owns and operates two businesses, Play MPE® and Clipstream®. Play MPE (www.plaympe.com) provides a standardized method to securely and cost effectively distribute pre-release music to radio stations and other music industry professionals for promotional purposes. Clipstream (www.clipstream.com) is a video format that plays on any modern smart phone, tablet, internet, TV, or computer. 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 ending August 31, 2016, which is available on www.sedar.com or www.sec.gov.
SOURCE Destiny Media Technologies, Inc. |