Destiny Media Announces Q1 Results
VANCOUVER, Jan. 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.
Service revenue 1,063,867 1,124,617
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
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.
CFO Destiny Media Technologies, Inc.
604 609 7736 x236
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