Destiny Media Announces Q2 Results

Net Income Before Taxes Grows by $500,000 

VANCOUVER, April 15, 2013 /CNW/ - Destiny Media Technologies (TSXV: DSY) (OTCQX: DSNY) is pleased to announce results for the quarter and six-month period ending February 28, 2013. Net income before taxes rose by more than $500,000 over the comparative six month period, by more than $300,000 for the quarter and the company was profitable during its slowest seasonal quarter of the year.

While year-to-date revenue showed a small decline, US revenue grew in the quarter showing a slight gain over the prior year.   Total expenditures shrunk by 24%,  primarily as a result of a reduction in litigation costs compared to the prior year.

	Three Months	Three Months	Six Months	Six Months
	Ended	Ended	Ended	Ended
	February 28,	February 29,	February 28,	February 29,
	2013	2012	2013	2012
	$	$	$	$
Revenue	880,322	894,825	1,944,189	2,019,442
Operating expenses
General and administrative	198,340	431,247	389,597	909,125
Sales and marketing	203,382	193,797	443,600	392,670
Research and development	457,080	546,280	857,432	964,394
Amortization	28,390	16,364	56,046	30,739
	887,192	1,187,688	1,746,675	2,296,928
Income (loss) from operations	(6,870)	(292,863)	197,514	(277,486)
Other income (expenses)
Interest income	20,068	2,159	40,734	4,971
Interest and other expense	—	(546)	—	(1,180)
Income (loss) before income taxes	13,198	(291,250)	238,248	(273,695)
Income tax recovery (expense) - deferred	—	5,000	(65,000)	—
Net Income (loss)	13,198	(286,250)	173,248	(273,695)
Other comprehensive income (loss), net of tax
Foreign currency translation adjustments	(77,448)	35,752	(82,964)	(18,854)
Total comprehensive income (loss)	(64,250)	(250,498)	90,284	(292,549)
Net income per common share,
basic and diluted	0.00	(0.01)	0.00	(0.01)

About Destiny Media Technologies, Inc.
 The recording industry uses Destiny's Play MPE® secure distribution service to deliver their pre-release music to radio, online retail, DJ's, sports stadiums, journalists and VIP's. Destiny's Clipstream® instant play streaming reaches all modern browsers across computers and devices without player plugins or streaming software. Patents and pending patents include techniques for watermarking, peer to peer locking and cross platform playerless streaming video.

 

 

 

 

SOURCE: Destiny Media Technologies, Inc.

Contacts:

Fred Vandenberg,
CFO Destiny Media Technologies, Inc.

604 609 7736 x236

[email protected]

Investor Relations:
Dave Mossberg
Three Part Advisors
817-310-0051