Destiny Media Announces Q2 Results
Apr 15, 2011, 08:00 ET
VANCOUVER, April 15 /PRNewswire/ - Destiny Media Technologies (TSXV: DSY) (OTCBB: DSNY) is pleased to announce results for the quarter ending February 28, 2011.
Revenues of $841,072 were down 3.3% from the prior year due primarily to a 2.5% decline in Play MPE® revenues. Expenses of $903,237 were up 16.9% over the prior year, due mainly to a 29.7% increased investment in R&D. The net loss for the quarter was $43,027.
Commenting on the results, company CEO Steve Vestergaard says that the emphasis for the seasonally slow quarter was building the foundation for rapid international Play MPE® growth and readying new watermarking and Clipstream® services for launch.
"We anticipate returning to profitability and continued growth in Q3. We are currently looking to expand our penetration into major markets in Europe and Asia and expect to see continued growth in revenue in those areas over the coming quarters.
R&D efforts have focused on improving speed, reliability and redundancy across the four server facilities in Europe and North America, integrating with partner networks and building out new versions of the software and ancillary services, such our patent pending online watermarking solution. We've continued to de-emphasize legacy Clipstream® licensing in favor of building out two new higher margin service based Clipstream® offerings, which will be launching this year."
| |
Three Months Ended February 28, 2011 $ |
Three Months Ended February 28, 2010 $ |
Six Months Ended February 28, 2011 $ |
Six Months Ended February 28, 2010 $ |
| Revenue | 841,072 | 869,864 | 1,897,710 | 1,917,392 |
| Operating expenses | ||||
| General and administrative | 295,376 | 266,795 | 659,545 | 512,526 |
| Sales and marketing | 199,032 | 188,942 | 414,531 | 393,488 |
| Research and development | 394,742 | 304,255 | 758,645 | 595,911 |
| Amortization | 14,087 | 12,630 | 30,780 | 24,120 |
| 903,237 | 772,622 | 1,863,501 | 1,526,045 | |
| Income (loss) from operations | (62,165) | 97,242 | 34,209 | 391,347 |
| Other income (expenses) | ||||
| Other income | 38 | 29,350 | 3,030 | 58,310 |
| Interest income | 2,308 | 1,117 | 5,082 | 2,065 |
| Interest and other expense | (208) | (540) | (485) | (1,873) |
| Income (loss) before income taxes | (60,027) | 127,169 | 41,836 | 449,849 |
| Income tax recovery (expense) - deferred | 17,000 | — | (12,000) | — |
| Net Income (loss) | (43,027) | 127,169 | 29,836 | 449,849 |
| Net income (loss) per common share, basic and diluted |
(0.00) | 0.00 | 0.00 | 0.01 |
About Destiny Media Technologies
Destiny Media (http://www.dsny.com) is the developer of the Play MPE® system (http://www.plaympe.com) which the recording industry uses to securely distribute new pre-release music through the internet to trusted recipients such as radio, media and VIP's. Real time usage statistics are available at http://www.plaympe.com/v4/company/plaympestats.php and a product overview is available at http://www.dsny.com/pres/index.htm
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy and accuracy of this release.
SOURCE Destiny Media Technologies, Inc.