Destiny Media Technologies Announces Record Year End Results
December 1, 2011 at 10:54 AM (PT)
DESTINY MEDIA TECHNOLOGIES has announced financial results for the year ended AUGUST 31, 2011.
Income before tax grew to $811,508 and revenues grew 6% to $4,007,230 over the prior year. Operating expenditures grew by 4%, reflecting both a 31% increase in R&D spending and a 27% reduction in G&A due to the settlement of litigation. The company cash position increased 252% to $1,238,173 despite an active share repurchase program. During the year, the company purchased 1,106,895 shares for cancellation at an average price of $.41.
CEO STEVE VESTERGAARD noted, "We are very pleased with our results as PLAY MPE revenues increased organically while we focused on investing in R&D and developing international partnerships. We are setting the stage for new recipient types outside of radio and a roll out into new territories."