Net Income Strengthens Over Prior Year
VANCOUVER,
Jan. 15, 2013 /CNW/ - Destiny Media
Technologies (TSXV: DSY) (OTCBB: DSNY) is pleased to announce Q1
results which cover the period September 1 -
November 30th, 2012. Total revenue of
$1,063,867 was up 13% from the prior
quarter reflecting the seasonality of the Play MPE® media delivery
service but down 5% from the prior year due in part to unfavorable
exchange rates and slightly reduced record label activity in
North America.
Net income increased to $160,050
from $12,555 in 2012 as litigation
costs were virtually eliminated. Total expenses of
$859,483 were down 23% from the prior
year, reflecting a 60% decline in G&A expenditures.
| |
2012 |
|
2011 |
| |
$ |
|
$ |
| Service revenue |
1,063,867 |
|
1,124,617 |
| Operating expenses |
|
|
|
| General and administrative |
191,257 |
|
477,878 |
| Sales and marketing |
240,218 |
|
198,873 |
| Research and development |
400,352 |
|
418,114 |
| Depreciation and amortization |
27,656 |
|
14,375 |
| |
859,483 |
|
1,109,240 |
| Income from operations |
204,384 |
|
15,377 |
| Other income (expenses) |
|
|
|
| Interest income |
20,666 |
|
2,812 |
| Interest and other expense |
— |
|
(634) |
| Income before provision for income taxes |
225,050 |
|
17,555 |
| Deferred income tax recovery (expense) |
(65,000) |
|
(5,000) |
| Net income |
160,050 |
|
12,555 |
| Other comprehensive income (loss), net of tax |
|
|
|
| Foreign currency translation adjustments |
(5,516) |
|
(54,606) |
| Other comprehensive income (loss) |
154,534 |
|
(42,051) |
| Net income per common share, basic and diluted |
0.00 |
|
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.