Destiny Media Q2 Revenues Grow 86% Over Prior Year
Vancouver, BC – April 14, 2010 – Destiny Media Technologies (OTCBB: DSNY) is pleased to announce results for the quarter ended February 28, 2010. Q2 EBITDA was $193,398 on total revenue of $869,864. During the sixth month period, the company generated net income of $449,849 and EBITDA of $528,109 on revenues of $1,917,392.
The company continues to grow revenue and income through expanded use of the Play MPE® system where revenue during the quarter showed a 106% increase over the same quarter in the prior year. This growth has been seen across all segments including an increase in North American revenue of 40% and a 535% increase in international revenue. International revenue represents 41% of Play MPE® business for the quarter.
“The increase in our revenue is the result of the continued acceptance of the Play MPE® system which appears to be the system of choice in the industry. After years of developing the system and network of users, we are very encouraged by the continued increase in Play MPE® revenue. Each quarter our revenue continues to grow by approximately 100% over the previous year’s quarter. Over the past three and half years, Play MPE® revenue has grown by an average of 135% higher over the previous year’s quarter and in twelve of those quarters Play MPE® revenue has grown by at least 90%.” Said CFO Fred Vandenberg.
A share repurchase program began during the quarter and to date the company has repurchased a total of approximately 520,000 shares for cancelation. In addition, the company has reduced the number of $0.22 warrants outstanding by 600,000 by way of an exchange for 336,000 shares and repurchased 150,000 options with a strike price of $.25 for payment of $30,000.
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.