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Destiny Media Announces Year End Results(November 30, 2012)
Vancouver, BC November 29, 2012 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.
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.
Service revenue 3,983,789 4,007,230
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
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.
CFO Destiny Media Technologies, Inc.
604 609 7736 x236
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