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Press release from CNW Group

Destiny Media Announces Year End Results

Thursday, November 29, 2012

Destiny Media Announces Year End Results15:25 EST Thursday, November 29, 2012VANCOUVER, Nov. 29, 2012 /CNW/ - 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. 2012 2011 $ $Service revenue 3,983,789 4,007,230   Operating expenses  General and administrative 587,731 763,872Sales and marketing 697,724 823,729Research and development 1,889,450 1,563,690Depreciation and amortization 89,206 58,339 3,264,111 3,209,630Income from operations 719,678 797,600Other income (expenses)  Interest income 48,052 11,508Other income 4,458 3,091Interest and other expense (1,185) (691)Income before provision for income taxes 771,003 811,508Deferred income tax recovery (expense) (208,000) (173,000)Net income 563,003 638,508Net income per common share, basic and diluted 0.01 0.01About Destiny Media Technologies, Inc.Universal, EMI, Warner, Sony and one thousand other labels use Destiny's secure distribution service to deliver most of their pre-release music to radio, online retail, DJ's, sports stadiums, journalists and VIP. Destiny's instant play streaming includes internet radio, internet TV, online surveys and new cloud and mobile offerings. Patents include watermarking, peer to peer locking and pending cross platform playerless streaming video.SOURCE: Destiny Media Technologies, Inc.For further information: Media Contact: Fred Vandenberg CFO Destiny Media Technologies, Inc. 604 609 7736 x236