Destiny Media Q2 Revenues Up 6%
April 16, 2012 at 12:42 PM (PT)
DESTINY MEDIA TECHNOLOGIES has reported Q2 financials. Revenues of $894,825 reflect a 6.4% increase over the same quarter in the prior year.
Operating expenses grew 31% over Q2 2011 to $1,187,688, reflecting a 38% increase in R&D spending and a 46% increase in General and Administrative costs (G&A). The company wrote, "the increase to G&A is primarily attributable to a nonrecurring $118,000 increase in litigation expenses associated with a trial in AUSTRALIA which settled just after the end of the quarter. There will be some litigation expense in Q3 attributable to fees associated with the settlement, but otherwise, professional fees are expected to be much lower in future quarters."
The loss for the quarter was $286,250.