Destiny Media Q1 Record Revenues Jump 89%
Vancouver, BC – January 14, 2010 – Destiny Media Technologies (OTCBB: DSNY) is pleased to announce results for the quarter ended November 30, 2009. Total revenue grew 20% over the prior quarter and 89% over the same quarter in the prior year to $1,047,528. This was the company’s third consecutive profitable quarter with net income of $322,680 and EBITDA of $335,659.
Noting the long term trend, Fred Vandenberg, Destiny CFO comments “Revenue has grown from one quarter to the next in all but one quarter over the last three years due to growing usage of our Play MPE® digital delivery service. The average consecutive quarter to quarter Play MPE® revenue growth was 29% over this period. Overall revenue growth averaged 90% per annum with Play MPE® revenues growing by in excess of 125% annually.”
On December 1, 2009, subsequent to the end of the quarter, Destiny began a share repurchase program. Since then, the company has repurchased a total of 194,800 shares for cancellation at an average purchase price of $.47, in compliance with SEC Rule 10b-18.
November 30, November 30,
Revenue 1,047,528 554,561
General and administrative 245,730 182,384
Sales and marketing 204,546 254,920
Research and development 291,657 224,835
Amortization 11,490 7,937
Income (loss) from operations 294,105 (115,515)
Other income (expenses)
Other income 28,960 32,137
Interest income 948 791
Interest and other expense (1,333) (956)
Net income (loss) for the period 322,680 (83,543)
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
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.