Destiny Media Announces Second Quarter Results

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Destiny Media Technologies, Inc.

Apr 16, 2012, 02:49 ET

Revenues Up 6% from Prior Year

VANCOUVER, April 16, 2012 /PRNewswire/ - Destiny Media Technologies (TSXV: DSY) (OTCQX: DSNY) is pleased to announce results for the quarter ending February 29, 2012. Revenues of $894,825 reflect a 6.4% increase over the same quarter in the prior year.

Operating expenses grew 31% over Q2-2011 to $1,187,688, reflecting a 38% increase in R&D spending and a 46% increase in General and Administrative costs (G&A). The increase to G&A is primarily attributable to a nonrecurring $118,000 increase in litigation expenses associated with a trial in Australia which settled just after the end of the quarter.  There will be some litigation expense in Q3 attributable to fees associated with the settlement, but otherwise, professional fees are expected to be much lower in future quarters.  The loss for the quarter was $286,250.

  Three Months Three Months Six Months Six Months
  Ended Ended Ended Ended
  February 29, February 28, February 29, February 28,
  2012 2011 2012 2011
  $ $ $ $
         
Revenue 894,825 841,072 2,019,442 1,897,710
         
Operating expenses        
General and administrative 431,247 295,376 909,125 659,545
Sales and marketing 193,797 199,032 392,670 414,531
Research and development 546,280 394,742 964,394 758,645
Amortization 16,364 14,087 30,739 30,780
  1,187,688 903,237 2,296,928  1,863,501
Income (loss) from operations (292,863) (62,165) (277,486) 34,209
Other income (expenses)        
Other income - 38 - 3,030
Interest income 2,159 2,308 4,971 5,082
Interest and other expense (546) (208) (1,180) (485)
Income (loss) before income taxes (291,250) (60,027) (273,695) 41,836
Income tax recovery (expense) - deferred 5,000 17,000 - (12,000)
Net Income (loss) (286,250) (43,027) (273,695) 29,836
Net income (loss) per common share,        
  basic and diluted (0.01) (0.00) (0.01) 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.