Destiny Media Announces Second Quarter Results
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.
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