Destiny Media Year End Results Exceed Guidance
Vancouver, BC – November 30, 2009 – Destiny Media Technologies (OTCBB: DSNY) is pleased to announce results for the quarter and year ended August 31, 2009.
Revenues of $2,560,447 were 62% higher than the prior year and quarterly revenues of $872,569 were 31% higher than the prior quarter. Net income was $610,831 for the company’s first profitable year. Earnings before interest, taxes depreciation and amortization (EBITDA) grew to over $300,000 for the quarter ahead of management’s preliminary results. The company has had quarter to quarter revenue improvement in eleven out of the twelve most recent quarters and quarter to quarter growth in Play MPE® access revenue in fifteen of the sixteen most recent quarters.
Destiny is also announcing that its board of directors has authorized a program to repurchase up to 1 million shares of the company's common stock at a maximum share purchase price of $0.80 per share. The repurchases will be at times and in amounts as the company deems appropriate and will be made through open market transactions. All repurchases will be made in compliance with the Securities and Exchange Commission's Rule 10b-18, subject to market conditions, applicable legal requirements and other factors. The board approved stock repurchase program runs through November 19th, 2010. In addition to the applicable securities laws, the company will not make any purchases during a time at which its insiders are subject to a blackout from trading in the company's common shares.
Based on preliminary Q1 financial information, Destiny believes it will achieve first quarter fiscal 2010 revenue of at least $1,000,000, representing an increase of at least 14% over the previous quarter and 102% over Q1 fiscal 2008.
Revenue 2,560,447 1,578,888
General and administrative 760,045 1,048,693
Sales and marketing 821,925 1,498,022
Research and development 893,715 1,392,245
Amortization 39,981 44,861
Income (loss) from operations 44,781 (2,404,933)
Other income (expenses)
Other income 102,351 111,741
Gain on settlement of debt 15,284 —
Interest income 3,107 24,959
Interest and other expense (4,692) (24,945)
Income (loss) before provision for income taxes 160,831 (2,293,178)
Recovery (provision) for income taxes 450,000 —
Net income (loss) 610,831 (2,293,178)
Net income (loss) per common share, basic and diluted 0.01 (0.05)
About Destiny Media Technologies
Destiny Media (http://www.dsny.com) is the developer of the Play MPE® system (http://www.plaympe.com) which the recording industry uses to securely distribute new pre-release music through the internet to trusted recipients such as radio, media and VIP's. Real time usage statistics are available at http://www.plaympe.com/v4/company/plaympestats.php
Steve Vestergaard CEO
Destiny Media Technologies, Inc.
604 609 7736 x222 firstname.lastname@example.org
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.