Destiny Media Technologies, Inc. Announces Second Quarter Fiscal 2014 Results

 Destiny Media Technologies, Inc. Announces Second Quarter Fiscal 2014 Results  VANCOUVER, April 10, 2014 /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 new cross-platform player-less video streaming format, today  announced its financial results for the second quarter of fiscal 2014.  Highlights  Highlights during and subsequent to the end of the second quarter include:            --  Launched the Clipstream video cloud service for commercial use         --  Became the exclusive supplier of digital distribution services             for Sony Music Australia         --  Received approval for our first watermarking technology patent             in Europe         --  Signed an agreement with Shazam to license digital fingerprints             and metadata to its servers  "This quarter marked a significant milestone for our company with the launch  of the Clipstream(®) video cloud service," said Steve Vestergaard, President  and Chief Executive Officer at Destiny Media Technologies. "We believe this  product has the capability to disrupt the $5 billion dollar video encoding  market. We continue to build our sales and support staff and as the service  gains traction, we have the opportunity to rapidly grow our revenues and  profitability. We are making our Play MPE service more user friendly with the  introduction of applications for multiple devices and pursuing opportunities  beyond music delivery."  Second Quarter Results  Service revenue for the second quarter was $810,682, versus $880,322 during  the prior year quarter. As previously discussed, the year-over-year decrease  in revenue was primarily related to a multi-year renewal of agreements with  the Company's largest customer.  While the renewal affected year over year  revenue comparisons during the quarter, it is expected to facilitate an  increase in usage and global expansion.  Net loss for the second quarter was ($374,833), or ($0.01) per share, versus  net income of $13,198, or $0.00 per diluted share, in the prior year quarter.  This quarter's results include an expense of $344,352 related to stock based  compensation and payouts made for the repurchase of stock options by the  Company. Excluding this expense, net loss for the second quarter was  ($30,481), or ($0.00) per share, compared to net income of $13,198, or $0.00  per diluted share in the prior year quarter.  Second Quarter Earnings Conference Call  Destiny Media Technologies will host a conference call at 5:00 p.m. ET (2:00pm  PT) on April 10, 2014, to further discuss its second quarter fiscal 2014  results. Investors and interested parties may participate in the call by  dialing (416) 764-8688 or (888) 390-0546 and referring to conference ID #  07868883. 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 (DSY.V) (DSNY) provides services that enable  content owners to securely display and distribute their audio and video  content digitally through the internet. The Company's two major services are  Clipstream and Play MPE(®). Clipstream (www.clipstream.com) is a video format  that plays on any modern smart phone, tablet, internet, TV, or computer. With  Clipstream, there is no player to configure or install, videos never go  obsolete, and there are up to 90% cost savings from caching.  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, before it is ready for sale.  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 ending August 31, 2013, which is available on  www.sedar.com or www.sec.gov.                                Destiny Media Technologies, Inc.                               CONDENSED STATEMENT OF OPERATIONS                              (Expressed in United States dollars)                                           Unaudited                                                                                       Three         Three     Six Months    Six Months                        Months        Months       Ended         Ended                         Ended         Ended       February   February 28,                      February 28,  February 28,     28,           2013                         2014          2013         2014           $                           $             $            $                                                                   Revenue               810,682       880,322   1,733,223      1,944,189           Operating     expenses     General and           526,166       198,340     769,665        389,597     administrative      Sales and             394,750       203,382     726,391        443,600     marketing     Research and          268,362       457,080     532,846        857,432     development      Amortization           33,061        28,390      64,408         56,046                         1,222,339       887,192   2,093,310      1,746,675     Income (loss)       (411,657)       (6,870)   (360,087)        197,514     from operations     Other income     Interest               15,824        20,068      32,647         40,734     income      Income (loss)     before income       (395,833)        13,198   (327,440)        238,248     taxes     Income tax     recovery               21,000       —     (3,000)       (65,000)     (expense) -     deferred     Net Income          (374,833)        13,198   (330,440)        173,248     (loss)           Other     comprehensive     income (loss),     net of tax     Foreign     currency            (140,131)      (77,448)   (154,681)       (82,964)     translation     adjustments                                                                   Total     comprehensive       (514,964)      (64,250)   (485,121)         90,284     income (loss)            Net income     (loss) per     common share,       basic and            (0.01)          0.00      (0.01)           0.00     diluted                                Destiny Media Technologies, Inc.                                  CONSOLIDATED BALANCE SHEETS                              (Expressed in United States dollars)                                           Unaudited                                                 February 28,    August 31,                                                         2014          2013                                                            $             $           ASSETS     Current     Cash and cash equivalents                        870,939     1,521,552     Accounts receivable, net of allowance for      doubtful accounts of $3,143 [August 31,     2013 - $11,392]                                  616,665       419,697     Other receivables                                 73,852        16,636     Current portion of long term receivable          105,077        99,649     Prepaid expenses                                  42,093        29,653     Deposits                                          22,355        35,611     Deferred tax assets - current portion            130,000       130,000     Total current assets                           1,860,981     2,252,798     Long term receivable                             387,900       440,889     Property and equipment, net                      262,902       234,969     Deferred tax assets - long term portion          726,000       729,000     Total assets                                   3,237,783     3,657,656           LIABILITIES AND STOCKHOLDERS' EQUITY     Current     Accounts payable                                 159,824        79,622     Accrued liabilities                              317,625       221,720     Deferred leasehold inducement                    —         2,892     Deferred revenue                                   5,528        70,415     Total liabilities                                482,977       374,649     Commitments and contingencies     Stockholders' equity     Common stock, par value $0.001       Authorized: 100,000,000 shares       Issued and outstanding: 52,680,845 shares         [August 31, 2013 - issued outstanding     51,981,964 shares]                                52,681        51,982     Additional paid-in capital                     8,885,605     8,929,384     Accumulated deficit                          (6,117,456)   (5,787,016)     Accumulated other comprehensive income          (66,024)        88,657     (loss)     Total stockholders' equity                     2,754,806     3,283,007     Total liabilities and stockholders' equity     3,237,783     3,657,656                         Destiny Media Technologies, Inc.                     REG G RECONCILIATION OF NON-GAAP MEASURES       Adjusted EBITDA Calculation Reconciliation of Net Income to Adjusted                                      EBITDA                                                 Three Months         Three Months                                         Ended February       Ended February                                               28, 2014             28, 2013                                                                    Net (loss) income                       ($374,833)              $13,198     (Benefit) provision for                  ($21,000)                   $0     income taxes     Interest (income) expense                ($15,824)            ($20,068)     Depreciation and                           $33,061              $28,390     amortization expense     Share-based compensation                  $344,352                   $0     Adjusted EBITDA                          ($34,244)              $21,520    SOURCE  Destiny Media Technologies, Inc.  Fred Vandenberg CFO, Destiny Media Technologies, Inc. 604 609 7736 x236  Investor Relations: Dave Mossberg Three Part Advisors 817-310-0051  To view this news release in HTML formatting, please use the following URL:  http://www.newswire.ca/en/releases/archive/April2014/10/c9417.html  CO: Destiny Media Technologies, Inc. ST: British Columbia NI: SOF ERN  
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