Destiny Media Tech Inc (DSNY)

[commoncentsinvestor]

Earnings

(PR) Destiny Media Technologies, Inc. Announces Fourth Quarter and Fiscal Year 2013 Results

Last update: 25/11/2013 1:00:24 pm


VANCOUVER, Nov. 25, 2013 /PRNewswire/ - Destiny Media Technologies (TSXV: DSY) (OTCQX: DSNY), the makers of Play MPE(R), a system for the secure distribution of pre-release music to radio and the developer of Clipstream(R), a new cross-platform playerless video streaming format, today announced its financial results for the fourth quarter and fiscal year ended August 31, 2013.

Net income for the fourth quarter was $26,171, or $0.00 per diluted share, versus net income of $185,560, or $0.00 per diluted share, in the prior year quarter. Net income for fiscal 2013 was $226,014 versus $563,003 in the prior fiscal year. The prior year's results were aided by a $694,000 net recovery of litigation costs that did not recur this year.

Service revenue for the fourth quarter was $860,974, versus $941,426 during the prior year quarter. Service revenue for fiscal 2013 was $3.7 million, versus $4.0 million in the prior fiscal year. 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 second half of the fiscal year, it is expected to facilitate an increase in usage and global expansion.

"We have completed the development and will be rolling out our first service powered by Clipstream(R) technology in the coming weeks," said Steve Vestergaard, Chief Executive Officer of Destiny Media Technologies. "We are very excited about reaching this major milestone. With its compelling value proposition, Clipstream(R) has the potential to change the way video is delivered over the Internet."

Fourth Quarter and Fiscal 2013 Earnings Conference Call

Destiny Media Technologies will host a conference call at 5:00 p.m. ET (2:00pm PT) on November 25, 2013, to further discuss its fourth quarter and fiscal 2013 results. Investors and interested parties may participate in the call by dialing [phone] or [phone] and referring to conference ID #54209213. 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(R) format.