Destiny Media Provides Financial Update
November 20, 2007 at 7:27 AM (PT)
DESTINY MEDIA has released an update on Q4 (2007) and revenue guidance for Q1 (2008). PLAY MPE access fees exceeded management's expectations for the fourth quarter by 7%, surging 23% over the prior quarter. CLIPSTREAM revenues were down as projected in the JULY 16th guidance, but overall revenue grew for a third consecutive quarter.
Total revenues for the year were slightly down from the prior year. A loss per share of $.04 includes approximately $.015 of non-cash stock based compensation. Audited financial results for the year ended AUGUST 31st are anticipated to be available the week of NOVEMBER 26th.
Over 1,000 record labels are using the system and the company expects to completely phase out trial usage during Q2. Approximately 15 promoters and 245 labels are under paid agreements, including all of UNIVERSAL MUSIC GROUP and sub-labels of WARNER and SONY BMG.