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Destiny Media Announces Year End Results
VANCOUVER, Nov. 29, 2012, 2012 (Canada NewsWire via COMTEX) --
Destiny Media Technologies (TSXV: DSY)
(OTCQX: DSNY) is pleased to announce results for the year ended August
31, 2012. Revenues of $3,983,789 were $23,441 lower than the prior
year. Fourth quarter revenue was up 1% from the previous year to
$941,426.
Play MPE® continues to show expanded use in Europe and amongst US
independent record labels showing revenue growth of 14% (to $1,617,015)
and 20% (to $761,147) respectively. These gains were masked by a
decline in the Euro relative to the US dollar, declines in Australia
and the absence of a non-recurring revenue amount in 2011. Modest
gains were seen in Canada and New Zealand. Clipstream® legacy revenue
was $164,213 compared to $176,205 in 2011.
Operating expenses grew by 2%, with a 21% increase in R&D spending
offset by 23% decline in G&A and a 15% decline in sales and marketing
costs. Income from operations of $719,678 was down 10% from prior
year.
2012 2011
$ $
Service revenue 3,983,789 4,007,230
Operating expenses
General and administrative 587,731 763,872
Sales and marketing 697,724 823,729
Research and development 1,889,450 1,563,690
Depreciation and amortization 89,206 58,339
3,264,111 3,209,630
Income from operations 719,678 797,600
Other income (expenses)
Interest income 48,052 11,508
Other income 4,458 3,091
Interest and other expense (1,185) (691)
Income before provision for income taxes 771,003 811,508
Deferred income tax recovery (expense) (208,000) (173,000)
Net income 563,003 638,508
Net income per common share, basic and diluted 0.01 0.01
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.
To view this news release in HTML formatting, please use the following URL: http://www.newswire.ca/en/releases/archive/November2012/29/c4876.html
SOURCE: Destiny Media Technologies, Inc.
Media Contact: Fred Vandenberg CFO Destiny Media Technologies, Inc. 604 609 7736 x236
fredv@dsny.com
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