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Press release from CNW Group

Destiny Media Announces Q1 Results

Tuesday, January 15, 2013

Destiny Media Announces Q1 Results00:01 EST Tuesday, January 15, 2013Net Income Strengthens Over Prior YearVANCOUVER, Jan. 15, 2013 /CNW/ - Destiny Media Technologies (TSXV: DSY) (OTCBB: DSNY) is pleased to announce Q1 results which cover the period September 1 - November 30th, 2012.  Total revenue of $1,063,867 was up 13% from the prior quarter reflecting the seasonality of the Play MPE® media delivery service but down 5% from the prior year due in part to unfavorable exchange rates and slightly reduced record label activity in North America.Net income increased to $160,050 from $12,555 in 2012 as litigation costs were virtually eliminated.  Total expenses of $859,483 were down 23% from the prior year, reflecting a 60% decline in G&A expenditures. 2012 2011 $ $Service revenue  1,063,867 1,124,617Operating expenses   General and administrative 191,257 477,878Sales and marketing 240,218 198,873Research and development 400,352 418,114Depreciation and amortization 27,656 14,375 859,483 1,109,240Income from operations 204,384 15,377Other income (expenses)   Interest income 20,666  2,812Interest and other expense — (634)Income before provision for income taxes 225,050 17,555Deferred income tax recovery (expense) (65,000) (5,000)Net income 160,050 12,555Other comprehensive income (loss), net of tax   Foreign currency translation adjustments (5,516) (54,606)Other comprehensive income (loss) 154,534 (42,051)Net income per common share, basic and diluted 0.00 0.00About 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