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Destiny Media Announces Record Results for Q1
Jan 14, 2011 (03:01 PM EST)


Revenue up 17% Over Prior Quarter; Global expansion continues

VANCOUVER, Jan. 14 /PRNewswire-FirstCall/ - Destiny Media Technologies (OTCBB: DSNY) is pleased to announce results for the quarter and period ending November 30th, 2010.  Revenues of $1,056,638 are the highest in the company's history and reflect an increase of 17% over the previous quarter and 1% over the same quarter in the prior year.  International revenues grew 23% over the prior year, expressed in USD, despite an 8% decline in the Euro.  North American revenues declined 7% reflecting lower paid transaction volumes by two of the four major labels.

Net income of $72,680 declined from $322,680 in the prior quarter, as a result of a 27%  increase  in operating expenditures.  The majority of this increase was associated with non-recurring costs associated with a new TSX stock exchange listing, an increase in legal fees because of a trial which occurred during the quarter, and unfavorable exchange fluctuations.

Company CFO, Fred Vandenberg comments "In 2011 we expect to capitalize on the investments we made in 2010 which include the integration of our patent pending watermarking technology into the industry's anti piracy web crawler and the ongoing development of the ability to deliver music directly into RCS's global network of radio scheduling systems, first announced in December 2009.  We have observed  continual growth in Play MPE® revenue over the past 4 years and believe we can continue this trend in the immediate future." 





Three Months 
Ended 
November 30, 
2010 
$
Three Months
Ended
November 30,
2009
 $
Revenue    1,056,638  1,047,528
Operating expenses
General and administrative    364,169  245,730
Sales and marketing    215,499  204,546
Research and development    363,903  291,657
Amortization    16,693  11,490
  960,264  753,423
Income from operations    96,374  294,105
Other income (expenses)
Other income    2,992  28,960
Interest income    2,774  948
Interest and other expense    (277)  (1,333)
Income before income taxes   101,863  322,680
Income tax expenses  (29,000)  
Net income  72,863  322,680

SOURCE Destiny Media Technologies, Inc.