Destiny Announces Record Q3 Revenues Up 40% From Q2
July 14, 2011 at 12:20 PM (PT)
DESTINY MEDIA TECHNOLOGIES has released financial results for the quarter and period ending MAY 31, 2011. Revenues of $1,176,473 are the highest in the company's history and reflect an increase of 40% over the previous quarter and 24% over the same quarter in the prior year. Income before income taxes of $324,720 is 33% higher than Q3 2010.
CFO FRED VANDENBERG said, "While we are pleased with our growing profit, we are continuing to build the foundations for future revenue increases with a current focus on creating local support and addressing area requirements for other international markets including FRANCE, GERMANY and JAPAN and increasing usage where penetration is strong. We expect new expenditures from expanded development, support, sales and marketing staff to result in positive impacts to both revenue and net income. After the quarter, we settled three long running legal disputes where we received intellectual property rights and a lump sum settlement amount of $600,000 which is not yet reflected in the financial results. We expect a significant reduction in legal costs associated with this dispute."