Destiny Media Announces Q1 Results

From the Wires

Jan. 15, 2013 12:03 AM

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.

Published Jan. 15, 2013— Reads 439
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