Destiny Media Announces Q2 Results

Net Income Before Taxes Grows by $500,000

Vancouver, BC – April 15, 2013 – Destiny Media Technologies (TSXV: DSY) (OTCQX: DSNY) is pleased to announce results for the quarter and six-month period ending February 28, 2013. Net income before taxes rose by more than $500,000 over the comparative six month period, by more than $300,000 for the quarter and the company was profitable during its slowest seasonal quarter of the year. While year-to-date revenue showed a small decline, US revenue grew in the quarter showing a slight gain over the prior year. Total expenditures shrunk by 24%, primarily as a result of a reduction in litigation costs compared to the prior year.

  Three Months Ended Frebruary 28, 2013 Three Months Ended Frebruary 29, 2012 Six Months Ended February 28, 2013 Six Months Ended February 28, 2012
  $ $ $ $
         
Service revenue 880,322 894,825 1,944,189 2,019,442
         
Operating expenses        
General and administrative 198,340 431,247 389,597 909,125
Sales and marketing 240,218 193,797 443,600 392,670
Research and development 457,080 546,280 857,432 964,394
Amortization 28,390 16,364 56,046 30,739
  887,192 1,187,688 1,746,675 2,296,928
Income (loss) from operations (6,870) (292,863) 197,514 (277,486)
Other income (expenses)        
Interest income 20,068 2,159 40,734 4,971
Interest and other expense

(546)

(1,180)

Income (loss) before income taxes 13,198

(291,250)

238,248

(273,695)

Income tax recovery (expense) - deferred

5,000 (65,000)
Net income (loss) 13,198 (286,250)

173,248

(273,695)
         
Other comprehensive income (loss), net of tax        
Foreign currency translation adjustments (77,448) 35,752 (82,964) (18,854)
Total comprehensive income (loss)  (64,250)

(250,498)

90,284

(292,549)

Net income per common share, basic and diluted 0.00 (0.01) 0.00 (0.01)

About Destiny Media Technologies, Inc.


The recording industry uses Destiny's Play MPE® secure distribution service to deliver their pre-release music to radio, online retail, DJ's, sports stadiums, journalists and VIP's. Destiny's Clipstream® instant play streaming reaches all modern browsers across computers and devices without player plugins or streaming software. Patents and pending patents include techniques for watermarking, peer to peer locking and cross platform playerless streaming video.

Contacts:


Fred Vandenberg,
CFO Destiny Media Technologies, Inc. 

604 609 7736 x236

fredv@dsny.com

 

Investor Relations:

Dave Mossberg
Three Part Advisors
817-310-0051

Keith Loh