Destiny Media Announces First Quarter Results

Revenues Up 21% from Q4

VANCOUVER, Jan. 18, 2012 /PRNewswire/ - 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.

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.

	Three Months		Three Months
	Ended		Ended
	November 30,		November 30,
	2011		2010
	$		$
Service 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)
Interest income	2,812		2,774
Other income	—		2,992
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

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.