Destiny Media Technologies Inc : Destiny Media Announces First Quarter Results
January 19, 2012 at 03:13 pm EST
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Vancouver, BC - January 18th, 2011 - Destiny Media
Technologies (TSXV: DSY) (OTCQX: DSNY) is pleased to
announce results for the quarter ending November 30, 2011.
Revenues of $1,124,617 reflect an increase of 21% over the
previous quarter and 6% over the same quarter in the prior
year.
Three Months
Ended
November 30, 2011
$
Three Months
Ended
November 30, 2010
$
Revenue
1,124,617
1,056,638
Operating expenses
General and administrative
477,878
364,169
Sales and marketing
198,873
215,499
Research and development
418,114
363,903
Depreciation and amortization
14,375
16,693
1,109,240
960,264
Income from operations
15,377
96,374
Other income (expenses)
Other income
--
2,992
Interest income
2,812
2,774
Interest and other expense
(634)
(277)
Income before provision for income taxes
17,555
101,863
Deferred income tax expense
(5,000)
(29,000)
Net Income
12,555
72,863
Net income per common share, basic and diluted
0.00
0.00
Operating expenses grew 16% from the prior year to
$1,109,240, reflecting a 15% increase in R&D spending and a
31% increase in G&A. This increase includes a $164,000
increase in litigation expenses to a total of approximately
$270,000 for the quarter. Litigation expenses are expected
to decline significantly after trial in March 2011. Net
income for the quarter was $12,555.
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.
Media Contact:
Steve Vestergaard
CEO
Destiny Media Technologies, Inc.
604 609 7736 x222
steve@dsny.com
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Destiny Media Technologies, Inc. develops technologies that enables for the distribution over the Internet of digital media files in either a streaming or digital download format. The Company is engaged in developing and marketing software as a service solution that solves critical digital distribution and promotion problems for businesses in the music industry. Its core business is the Play MPE online platform. Play MPE distributes promotional content, including broadcast quality audio, video, images, promotional information and other digital content from music labels and artists to broadcasting professionals, music curators and music reviewers to discover, download, broadcast and review the content. Play MPE provides several capabilities developed and designed to address the needs of music promoters. Its Play MPE's Caster software includes local distribution functions that provide capabilities for a client to create and schedule release announcements and select its targeted audience.