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Last updated on April 21, 2014 at 5:21 EDT

Destiny Media Announces Q1 Results

January 15, 2013

Net Income Strengthens Over Prior Year

VANCOUVER, Jan. 15, 2013 /PRNewswire/ – Destiny Media Technologies (TSXV: DSY)
(OTCBB: DSNY) is pleased to announce Q1 results which cover the period
September 1 – November 30(th), 2012.  Total revenue of $1,063,867 was up 13% from the prior quarter
reflecting the seasonality of the Play MPE® media delivery service but
down 5% from the prior year due in part to unfavorable exchange rates
and slightly reduced record label activity in North America.

Net income increased to $160,050 from $12,555 in 2012 as litigation
costs were virtually eliminated.  Total expenses of $859,483 were down
23% from the prior year, reflecting a 60% decline in G&A expenditures.


                                                        2012        2011

                                                           $           $

    Service revenue                                1,063,867   1,124,617

    Operating expenses                                                  

    General and administrative                       191,257     477,878

    Sales and marketing                              240,218     198,873

    Research and development                         400,352     418,114

    Depreciation and amortization                     27,656      14,375

                                                     859,483   1,109,240

    Income from operations                           204,384      15,377

    Other income (expenses)                                             

    Interest income                                   20,666       2,812

    Interest and other expense                       --       (634)

    Income before provision for income taxes         225,050      17,555

    Deferred income tax recovery (expense)          (65,000)     (5,000)

    Net income                                       160,050      12,555

    Other comprehensive income (loss), net of tax                       

    Foreign currency translation adjustments         (5,516)    (54,606)

    Other comprehensive income (loss)                154,534    (42,051)

    Net income per common share, basic and diluted      0.00        0.00

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