Destiny Media Announces Second Quarter Results
VANCOUVER, British Columbia, April 14, 2009 -- Destiny Media Technologies, Inc. (OTC Bulletin Board: DSNY), the global standard for the secure distribution of pre-release music to radio and other trusted recipients over the internet is pleased to report revenues for Q2 which covers the period December 1 2008 - February 28, 2009.
Revenues for the quarter grew by 30% over the previous year to $467,488, while expenses fell 51% from the previous year to $593,037. Revenues were down 16% from the prior quarter, reflecting a seasonal slow down in label activity over the Christmas holidays, but accelerated quarter over quarter growth is expected to resume in Q3.
According to Destiny CEO, Steve Vestergaard, “We’re expecting our rapid revenue growth to continue as North American label usage continues to expand and new agreements are signed outside of North America. The company expects to show an operating profit based on Q3 revenues which are projected to increase at least 30% over Q2.”
Three Months Three Months Six Months Six Months
Ended Ended Ended Ended
February 28, February 29, February 28, February 29,
2009 2008 2009 2008
General and administrative 176,521 312,853 358,905 631,739
Sales and marketing 186,292 435,796 441,212 921,590
Research and development 221,429 407,116 446,264 785,289
Amortization 8,795 11,744 16,732 21,545
Loss from operations (125,549) (807,700) (241,064) (1,643,706)
Other income (expenses)
Other income 27,985 23,927 60,122 42,115
Interest income 315 4,693 1,106 14,959
About Destiny Media Technologies
Destiny (www.dsny.com) is a software development company which provides tools that some of the world's largest media companies use to distribute their content on the Internet. Products include Play MPE®, Clipstream® and Radio Destiny™.
CFO Destiny Media Technologies, Inc.
604 609 7736 x236
Safe Harbor Statement:
"Safe Harbor" statement under the Private Securities Litigation Reform Act of 1995: This release contains forward looking statements that are subject to risks and uncertainties, including, but not limited to, the impact of competitive products and pricing, product demand and market acceptance, new product development, reliance on key strategic alliances, availability of raw materials, the regulatory environment, fluctuations in operating results and other risks detailed from time to time in the Company's filings with the Securities and Exchange Commission.