Destiny Media Technologies, Inc. Announces First Quarter Fiscal 2014 Results
VANCOUVER, Jan. 14, 2014 /CNW/ - Destiny Media Technologies (TSXV: DSY) (OTCQX: DSNY), the makers of Play MPE®, a system for the secure distribution of pre-release music to radio and the developer of Clipstream®, a new cross-platform player-less video streaming format, today announced its financial results for the first quarter of fiscal 2014.
Net income for the first quarter was $44,393, or $0.00 per diluted share, versus net income of $160,050, or $0.00 per diluted share, in the prior year quarter. Service revenue for the first quarter was $922,541, versus $1,063,867 during the prior year quarter. Service revenue grew by 7% over the fourth quarter in fiscal 2013. As previously discussed, the year-over-year decrease in revenue was primarily related to a multi-year renewal of agreements with the Company's largest customer. While the renewal temporarily affected revenue during the quarter, it is expected to facilitate an increase in usage and global expansion.
"We introduced our Clipstream® video cloud service with a soft launch at the end of the first quarter," said Steve Vestergaard, President and Chief Executive Officer at Destiny Media Technologies. "This marks a significant milestone for the company and we believe Clipstream® has the potential to change the way video is delivered over the Internet."
First Quarter Earnings Conference Call
Destiny Media Technologies will host a conference call at 5:00 p.m. ET (2:00pm PT) on January 14, 2014, to further discuss its fourth quarter and fiscal 2013 results. Investors and interested parties may participate in the call by dialing (416) 764-8688 or (888) 390-0546 and referring to conference ID # 02343908. A written transcript and archived stream will subsequently be made available on Destiny's corporate site at http://www.dsny.com in the Company's proprietary Clipstream® format.
About Destiny Media Technologies, Inc.
Destiny Media Technologies (DSY.V) (DSNY) provides services that enable content owners to securely display and distribute their audio and video content digitally through the internet. The Company's two major services are Clipstream and Play MPE®. Clipstream (www.clipstream.com) is a video format that plays on any modern smart phone, tablet, internet, TV, or computer. With Clipstream, there is no player to configure or install, videos never go obsolete, and there are up to 90% cost savings from caching. Play MPE (www.plaympe.com) provides a standardized method to securely and cost effectively distribute pre-release music to radio stations and other music industry professionals, before it is ready for sale. More information can be found at www.dsny.com.
This release contains forward-looking statements that reflect current views with respect to future events and operating performance. Any such statements are subject to risks and uncertainties that could cause actual results to differ materially from those projected in these forward-looking statements. Destiny Media Technologies is not obligated to update these statements in the future. For more information on the Company's risks and uncertainties relating to those forward-looking statements, please refer to the Risk Factors section in our Annual Form 10-K ending August 31, 2013, which is available on www.sedar.com or www.sec.gov.
CFO, Destiny Media Technologies, Inc.
604 609 7736 x236
Three Part Advisors