Net Income Before Taxes Grows by $500,000
VANCOUVER,
April 15, 2013 /CNW/ - 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 |
Three Months |
Six Months |
Six Months |
| |
Ended |
Ended |
Ended |
Ended |
| |
February 28, |
February 29, |
February 28, |
February 29, |
| |
2013 |
2012 |
2013 |
2012 |
| |
$ |
$ |
$ |
$ |
| 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 |
203,382 |
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.
SOURCE Destiny Media Technologies, Inc.