Destiny Media Announces Year End Results
VANCOUVER, Nov. 29, 2012 /PRNewswire/ - Destiny Media Technologies (TSXV: DSY) (OTCQX: DSNY) is pleased to announce results for the year ended August 31, 2012. Revenues of $3,983,789 were $23,441 lower than the prior year. Fourth quarter revenue was up 1% from the previous year to $941,426.
Play MPE® continues to show expanded use in Europe and amongst US independent record labels showing revenue growth of 14% (to $1,617,015) and 20% (to $761,147) respectively. These gains were masked by a decline in the Euro relative to the US dollar, declines in Australia and the absence of a non-recurring revenue amount in 2011. Modest gains were seen in Canada and New Zealand. Clipstream® legacy revenue was $164,213 compared to $176,205 in 2011.
Operating expenses grew by 2%, with a 21% increase in R&D spending offset by 23% decline in G&A and a 15% decline in sales and marketing costs. Income from operations of $719,678 was down 10% from prior year.
| 2012 | 2011 | |
| $ | $ | |
| Service revenue | 3,983,789 | 4,007,230 |
| Operating expenses | ||
| General and administrative | 587,731 | 763,872 |
| Sales and marketing | 697,724 | 823,729 |
| Research and development | 1,889,450 | 1,563,690 |
| Depreciation and amortization | 89,206 | 58,339 |
| 3,264,111 | 3,209,630 | |
| Income from operations | 719,678 | 797,600 |
| Other income (expenses) | ||
| Interest income | 48,052 | 11,508 |
| Other income | 4,458 | 3,091 |
| Interest and other expense | (1,185) | (691) |
| Income before provision for income taxes | 771,003 | 811,508 |
| Deferred income tax recovery (expense) | (208,000) | (173,000) |
| Net income | 563,003 | 638,508 |
| Net income per common share, basic and diluted | 0.01 | 0.01 |
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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