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Destiny Media Announces Year End Results
By: PR Newswire
Nov. 29, 2012 03:26 PM
VANCOUVER, Nov. 29, 2012 /PRNewswire/ - Destiny Media Technologies (TSXV: DSY) (OTCQX: DSNY) is pleased to announce results for the year ended August 31, 2012. Revenues of $3,983,789 were $23,441 lower than the prior year. Fourth quarter revenue was up 1% from the previous year to $941,426.
Play MPE® continues to show expanded use in Europe and amongst US independent record labels showing revenue growth of 14% (to $1,617,015) and 20% (to $761,147) respectively. These gains were masked by a decline in the Euro relative to the US dollar, declines in Australia and the absence of a non-recurring revenue amount in 2011. Modest gains were seen in Canada and New Zealand. Clipstream® legacy revenue was $164,213 compared to $176,205 in 2011.
Operating expenses grew by 2%, with a 21% increase in R&D spending offset by 23% decline in G&A and a 15% decline in sales and marketing costs. Income from operations of $719,678 was down 10% from prior year.
About Destiny Media Technologies, Inc.
SOURCE Destiny Media Technologies, Inc.
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