Destiny Media Technologies announced results for the quarter and period ending May 31.
In a release on July 14, the Company noted that revenues of $1,176,473 are the highest in the company's history and reflect an increase of 40 percent over the previous quarter and 24 percent over the same quarter in the prior year. Income before income taxes of $324,720 is 33 percent higher than Q3 2010.
Company CFO, Fred Vandenberg said, "While we are pleased with our growing profit, we are continuing to build the foundations for future revenue increases with a current focus on creating local support and addressing area requirements for other international markets including France, Germany and Japan and increasing usage where penetration is strong. We expect new expenditures from expanded development, support, sales and marketing staff to result in positive impacts to both revenue and net income. After the quarter, we settled three long running legal disputes where we received intellectual property rights and a lump sum settlement amount of $600,000 which is not yet reflected in the financial results. We expect a significant reduction in legal costs associated with this dispute."
According to company CEO, Steve Vestergaard, the period was one of great progress for the company. "We received what we consider to be an extremely valuable patent for watermarking. This proprietary technology is a solution for owners of both video and audio content who wish to protect their content from piracy."
Vestergaard said, "We signed a number of new and renewal agreements for our Play MPE service, including a renewal of our global agreement with Universal Music and a number of independent and international regional major agreements. The partnership we announced in May with a subsidiary of Dentsu for Asian distribution is expected to impact Q1 2012."
"We've been investing aggressively in infrastructure and engineering, with three Clipstream projects, a complete rewrite of the Play MPE system and a major integration with a third party scheduling and reporting system with the various initiatives under development for up to three years. We expect these projects to start launching this quarter and next. We were pleased to be recognized by Profit Magazine as one of Canada's fastest growing companies and see great opportunity ahead," Vestergaard said.
Destiny Media is a developer of the Play MPE system 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.
More information:
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