Destiny Media Announces Second Quarter Results

Revenues Up 6% from Prior Year

VANCOUVER, April 16, 2012 /CNW/ - Destiny Media Technologies (TSXV: DSY) (OTCQX: DSNY) is pleased to announce results for the quarter ending February 29, 2012. Revenues of $894,825 reflect a 6.4% increase over the same quarter in the prior year.

Operating expenses grew 31% over Q2-2011 to $1,187,688, reflecting a 38% increase in R&D spending and a 46% increase in General and Administrative costs (G&A). The increase to G&A is primarily attributable to a nonrecurring $118,000 increase in litigation expenses associated with a trial in Australia which settled just after the end of the quarter.  There will be some litigation expense in Q3 attributable to fees associated with the settlement, but otherwise, professional fees are expected to be much lower in future quarters.  The loss for the quarter was $286,250.

	Three Months	Three Months	Six Months	Six Months
	Ended	Ended	Ended	Ended
	February 29,	February 28,	February 29,	February 28,
	2012	2011	2012	2011
	$	$	$	$
Revenue	894,825	841,072	2,019,442	1,897,710
Operating expenses
General and administrative	431,247	295,376	909,125	659,545
Sales and marketing	193,797	199,032	392,670	414,531
Research and development	546,280	394,742	964,394	758,645
Amortization	16,364	14,087	30,739	30,780
	1,187,688	903,237	2,296,928	1,863,501
Income (loss) from operations	(292,863)	(62,165)	(277,486)	34,209
Other income (expenses)
Other income	-	38	-	3,030
Interest income	2,159	2,308	4,971	5,082
Interest and other expense	(546)	(208)	(1,180)	(485)
Income (loss) before income taxes	(291,250)	(60,027)	(273,695)	41,836
Income tax recovery (expense) - deferred	5,000	17,000	-	(12,000)
Net Income (loss)	(286,250)	(43,027)	(273,695)	29,836
Net income (loss) per common share,
basic and diluted	(0.01)	(0.00)	(0.01)	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.

Media Contact:
Fred Vandenberg
CFO Destiny Media Technologies, Inc.
604 609 7736 x236
[email protected]