Destiny Media Announces First Quarter Results
Revenues Up 21% from Q4
VANCOUVER, Jan. 18, 2012 /PRNewswire/ - Destiny Media Technologies (TSXV: DSY) (OTCQX: DSNY) is pleased to announce results for the quarter ending November 30, 2011. Revenues of $1,124,617 reflect an increase of 21% over the previous quarter and 6% over the same quarter in the prior year.
Operating expenses grew 16% from the prior year to $1,109,240, reflecting a 15% increase in R&D spending and a 31% increase in G&A. This increase includes a $164,000 increase in litigation expenses to a total of approximately $270,000 for the quarter. Litigation expenses are expected to decline significantly after trial in March 2011. Net income for the quarter was $12,555.
| Three Months | Three Months | ||
| Ended | Ended | ||
| November 30, | November 30, | ||
| 2011 | 2010 | ||
| $ | $ | ||
| Service revenue | 1,124,617 | 1,056,638 | |
| Operating expenses | |||
| General and administrative | 477,878 | 364,169 | |
| Sales and marketing | 198,873 | 215,499 | |
| Research and development | 418,114 | 363,903 | |
| Depreciation and amortization | 14,375 | 16,693 | |
| 1,109,240 | 960,264 | ||
| Income from operations | 15,377 | 96,374 | |
| Other income (expenses) | |||
| Interest income | 2,812 | 2,774 | |
| Other income | — | 2,992 | |
| Interest and other expense | (634) | (277) | |
| Income before provision for income taxes | 17,555 | 101,863 | |
| Deferred income tax expense | (5,000) | (29,000) | |
| Net income | 12,555 | 72,863 | |
| 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.
WANT YOUR COMPANY'S NEWS FEATURED ON PRNEWSWIRE.COM?
Newsrooms &
Influencers
Digital Media
Outlets
Journalists
Opted In
Share this article