Destiny Media Announces Year End Results
VANCOUVER, Nov. 29, 2012 /PRNewswire/ – Destiny Media Technologies (TSXV: DSY)
(OTCQX: DSNY) is pleased to announce results for the year ended August
31, 2012. Revenues of $3,983,789 were $23,441 lower than the prior
year. Fourth quarter revenue was up 1% from the previous year to
Play MPE® continues to show expanded use in Europe and amongst US
independent record labels showing revenue growth of 14% (to $1,617,015)
and 20% (to $761,147) respectively. These gains were masked by a
decline in the Euro relative to the US dollar, declines in Australia
and the absence of a non-recurring revenue amount in 2011. Modest
gains were seen in Canada and New Zealand. Clipstream® legacy revenue
was $164,213 compared to $176,205 in 2011.
Operating expenses grew by 2%, with a 21% increase in R&D spending
offset by 23% decline in G&A and a 15% decline in sales and marketing
costs. Income from operations of $719,678 was down 10% from prior
2012 2011 $ $ Service revenue 3,983,789 4,007,230 Operating expenses General and administrative 587,731 763,872 Sales and marketing 697,724 823,729 Research and development 1,889,450 1,563,690 Depreciation and amortization 89,206 58,339 3,264,111 3,209,630 Income from operations 719,678 797,600 Other income (expenses) Interest income 48,052 11,508 Other income 4,458 3,091 Interest and other expense (1,185) (691) Income before provision for income taxes 771,003 811,508 Deferred income tax recovery (expense) (208,000) (173,000) Net income 563,003 638,508 Net income per common share, basic and diluted 0.01 0.01
About Destiny Media Technologies, Inc.
Universal, EMI, Warner, Sony and one thousand other labels use Destiny’s
secure distribution service to deliver most of their pre-release music
to radio, online retail, DJ’s, sports stadiums, journalists and VIP.
Destiny’s instant play streaming includes internet radio, internet TV,
online surveys and new cloud and mobile offerings. Patents include
watermarking, peer to peer locking and pending cross platform
playerless streaming video.
SOURCE Destiny Media Technologies, Inc.