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Last updated on April 20, 2014 at 8:28 EDT

Destiny Media Announces Year End Results

November 29, 2012

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
$941,426.

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
year.


                                                        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.


Source: PR Newswire