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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."
SOURCE Destiny Media Technologies, Inc.