2014

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.



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