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.
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