Destiny Media Announces Q1 Results
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.