Destiny Media Year End Results Show
Record Revenues and 176% Jump in Earnings
Year Over Year Revenue Grows by 47%;
330% Three Year Revenue Increase
Vancouver, BC – November 30, 2010 – Destiny Media Technologies (DSY-TSX)(OTCBB: DSNY) is pleased to announce results for the year ended August 31, 2010. Revenues of $3,771,382 represent a 47% increase over the prior year while net income grew 176% to $1,686,073. Earnings before interest, taxes depreciation and amortization (EBITDA) grew to $923,306 for the year. Operating expenses increased 23%, reflecting a larger investment in research and development, and non-recurring costs associated with the company’s new listing on the TSX-Venture Exchange, and various litigation matters.
The company has shown quarter to quarter revenue growth in thirteen out of the sixteen most recent quarters, leading to a 330% increase in revenues over the past three years.
Company CFO, Fred Vandenberg comments, “The Play MPE® distribution network continues to show strong revenue growth, with a 55% increase over the prior year. In 2010, we incorporated our patent pending watermark into the industry anti piracy web crawler and integrated the system with both the world’s largest provider of radio scheduling software and the world’s largest broadcasting company. Along with these very significant developments, we continue to work with the major record labels to expand the usage to new recipient types in new territories.
2010 2009§
$ §$
Service revenue [note 9] 3,771,382 2,560,447
Operating expenses
General and administrative 1,049,368 760,045
Sales and marketing 786,228 821,925
Research and development 1,193,618 893,715
Depreciation and amortization 53,106 39,981
3,082,320§2,515,666
Income from operations 689,062 44,781
Other income (expenses)
Other income 118,129 102,351
Gain on settlement of debt — 15,284
Interest income 3,359 3,107
Interest and other expense (2,477) (4,692)
Income before provision for income taxes 808,073 160,831
Recovery for deferred income taxes (Note 5) 878,000 450,000
Net income 1,686,073 610,831
Net income per common share, basic and diluted 0.03 0.01
About Destiny Media Technologies
Destiny Media (www.dsny.com) is the developer of the Play MPE® system (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 www.plaympe.com/v4/company/plaympestats.php
Company Contact:
Fred Vandenberg
CFO Destiny Media Technologies, Inc.
604 609 7736 x236
fredv@dsny.com
