Destiny Media Announces Third Quarter Results
July 16 2012 - 2:01PM
PR Newswire (Canada)
VANCOUVER, July 17, 2012 /CNW/ - Destiny Media Technologies (OTCQX:
DSNY) is pleased to announce results for the quarter ending May 31,
2012. Revenues of $1,022,921 reflect a 14% increase from the
prior quarter, but a 13% decline from the prior year. The
decline as compared to the prior year quarter is attributable
to the recognition of a single revenue item included in a
multi-year agreement that was recognized in Q3-2011. European
revenues increased 11% over the prior year and currently represent
44% of our music distribution revenue. Nine month revenue was
approximately the same as in prior year. Operating expenses for the
quarter declined from $853,098 in the prior year to $208,827.
The decline is attributable to a gain on the settlement of
litigation in Australia. The company agreed to accept a
settlement with a value of approximately $859,000. The company will
receive the payment, which is secured by real estate and a general
security agreement, over six years. The outstanding balance
attracts 10.25% interest and is recorded as a long term
receivable. Litigation costs during the period were
significant. Over nine months, the company spent
approximately $607,000 on legal fees. This expense will
decline significantly in future quarters. R&D expenses
increased 25% over the prior year, reflecting increased investments
in IP, infrastructure and staffing to support the launch of our new
Clipstream® and Play MPE® products. Net income increased 182% over
the prior year to $651,138 ($.01 per share). Three Months Three
Months Nine Months Nine Months Ended Ended Ended Ended May 31, May
31, May 31, May 31, 2012 2011 2012 2011 $ $ $ $ Revenue 1,022,921
1,176,473 3,042,363 3,074,183 Operating expenses General and
(469,548) 262,467 439,574 922,012 administrative Sales and 162,146
184,280 554,816 598,811 marketing Research and 492,041 392,818
1,456,435 1,151,463 development Amortization 24,248 13,533 54,987
44,313 208,887 853,098 2,505,812 2,716,599 Income from 814,034
323,375 536,551 357,584 operations Other income (expenses) Other
income 4,462 43 4,462 3,073 Interest income 22,648 1,445 27,619
6,527 Interest and other (6) (143) (1,186) (628) expense Income
before 841,138 324,720 567,446 366,556 income taxes Income tax
recovery (expense) (190,000) (94,000) (190,000) (106,000) -
deferred Net income (loss) 651,138 230,720 377,446 260,556 Net
income (loss) per common share,basic and diluted 0.01 0.01 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 their pre-release music to radio
and other trusted recipients. The company is launching a new cross
platform playerless streaming format that doesn't require streaming
servers and which reaches ten times as many viewers as other
solutions with the same bandwidth and infrastructure by reusing
streams. Publishers can reach smart phones, tablets, e-book
readers and computers from a standard web server without the cost
of transcoding. Destiny Media Technologies, Inc. CONTACT: Media
Contact:Fred VandenbergCFO Destiny Media Technologies, Inc.604 609
7736 x252fredv@dsny.com
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