Destiny Media Announces Q2 Results

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Destiny Media Technologies, Inc.

Apr 15, 2013, 04:05 ET

Net Income Before Taxes Grows by $500,000 

VANCOUVER, April 15, 2013 /PRNewswire/ - Destiny Media Technologies (TSXV: DSY) (OTCQX: DSNY) is pleased to announce results for the quarter and six-month period ending February 28, 2013. Net income before taxes rose by more than $500,000 over the comparative six month period, by more than $300,000 for the quarter and the company was profitable during its slowest seasonal quarter of the year.

While year-to-date revenue showed a small decline, US revenue grew in the quarter showing a slight gain over the prior year.   Total expenditures shrunk by 24%,  primarily as a result of a reduction in litigation costs compared to the prior year.

  Three Months  Three Months  Six Months  Six Months
  Ended  Ended  Ended  Ended
  February 28,  February 29,  February 28,  February 29,
  2013  2012  2013  2012
  $  $  $  $
Revenue  880,322 894,825  1,944,189 2,019,442
         
Operating expenses
General and administrative  198,340  431,247 389,597 909,125
Sales and marketing  203,382 193,797 443,600 392,670
Research and development  457,080 546,280 857,432 964,394
Amortization  28,390  16,364  56,046 30,739
  887,192 1,187,688 1,746,675  2,296,928
Income (loss) from operations  (6,870) (292,863)  197,514  (277,486)
Other income (expenses)        
Interest income  20,068  2,159  40,734 4,971
Interest and other expense  —  (546) —  (1,180)
Income (loss) before income taxes  13,198  (291,250) 238,248 (273,695)
Income tax recovery (expense) - deferred  —  5,000  (65,000) —
Net Income (loss)  13,198 (286,250)  173,248 (273,695)
         
Other comprehensive income (loss), net of tax        
Foreign currency translation adjustments  (77,448)  35,752  (82,964) (18,854)
         
Total comprehensive income (loss)  (64,250) (250,498) 90,284 (292,549)
         
Net income per common share,        
  basic and diluted  0.00 (0.01)  0.00 (0.01)

About Destiny Media Technologies, Inc.
 The recording industry uses Destiny's Play MPE® secure distribution service to deliver their pre-release music to radio, online retail, DJ's, sports stadiums, journalists and VIP's. Destiny's Clipstream® instant play streaming reaches all modern browsers across computers and devices without player plugins or streaming software. Patents and pending patents include techniques for watermarking, peer to peer locking and cross platform playerless streaming video.

 

 

 

 

SOURCE Destiny Media Technologies, Inc.