Play MPE Boosts Destiny Q2
April 14, 2010 at 1:52 PM (PT)
Thanks to a 500% increase in international business, DESTINY MEDIA TECHNOLOGIES Q2 revenues grew by 86% over the same quarter in '09. Q2 EBITDA was $193,398 on total revenue of $869,864. During the sixth month period, the company generated net income of $449,849 and EBITDA of $528,109 on revenues of $1,917,392.
The company enjoyed growth across all segments, including an increase in NORTH AMERICAN revenue of 40% and a 535% increase in international revenue. International revenue represents 41% of PLAY MPE business for the quarter.
"The increase in our revenue is the result of the continued acceptance of the PLAY MPE system which appears to be the system of choice in the industry," CFO FRED VANDENBERG said. " After years of developing the system and network of users, we are very encouraged by the continued increase in PLAY MPE revenue. Each quarter our revenue continues to grow by approximately 100% over the previous year’s quarter. Over the past three-and-a-half years, PLAY MPE revenue has grown by an average of 135% higher over the previous year’s quarter and in 12 of those quarters PLAY MPE revenue has grown by at least 90%."
A share repurchase program began during the quarter and to date the company has repurchased a total of approximately 520,000 shares for cancellation.