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 30th, 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.
|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|
|Income from operations||204,384||15,377|
|Other income (expenses)|
|Interest and other expense||—||(634)|
|Income before provision for income taxes||225,050||17,555|
|Deferred income tax recovery (expense)||(65,000)||(5,000)|
|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.