Destiny Media Tech Enjoys 47% Year-To-Year Increase
November 30, 2010 at 10:45 AM (PT)
DESTINY MEDIA TECHNOLOGIES announced results for its fiscal year ending AUGUST 31st, 2010. Revenues of $3,771,382 represent a 47% increase over the prior year while net income grew 176% to $1,686,073. Earnings before interest, taxes depreciation and amortization (EBITDA) grew to $923,306 for the year. Operating expenses increased 23%, reflecting a larger investment in research and development, and non-recurring costs associated with the company’s new listing on the TSX-Venture Exchange, and various litigation matters.
The company has shown quarter-to-quarter revenue growth in 13 out of the 16 most recent quarters, leading to a 330% increase in revenues over the past three years.
"The PLAY MPE® distribution network continues to show strong revenue growth, with a 55% increase over the prior year," CFO FRED VANDENBERG said. "In 2010, we incorporated our patent pending watermark into the industry anti piracy web crawler and integrated the system with both the world’s largest provider of radio scheduling software and the world’s largest broadcasting company. Along with these very significant developments, we continue to work with the major record labels to expand the usage to new recipient types in new territories.