Destiny Media (TSXV:DSY) (OTCBB:DSNY) Reports Record Revenues for the 3rd Quarter - Video Summary Posted on www.investmentpitch.com
(Thomson Reuters ONE) -
Vancouver, British Columbia, July 20, 2011 - Destiny Media (TSXV:DSY)
(OTCBB:DSNY) reports record revenues for the 3(rd) quarter ending May 31, 2011.
Revenues of $1,176,000 were 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
previous year. Income before taxes came in at $325,000 and was 33% higher than
the 3(rd) quarter last year.
Investmentpitch.com has produced a "video news alert" covering Destiny Media. If
this link is not enabled, please visit www.investmentpitch.com and enter
"Destiny" in the search box.
Company CFO, Fred Vandenberg stated, "While we are pleased with our growing
profit, we are continuing to build the foundations for future revenue increases.
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."
Destiny specializes in delivering content over the Internet. Its Play MPE®
product is used primarily by the recording industry to securely distribute new
pre-release music through the Internet to end users such as radio stations,
media and select industry VIPs.
Typically, physical content could take days or even longer to reach the intended
audience. Enormous gains result from the elimination of distributing physical
products, and each recipient receives the product at the same time. The
company's current customer base includes music powerhouses such as Atlantic,
Mercury, Polydor, Universal and Warner Music, with more than 50,000 registered
users in total. End users can install a "Player" on their local device such as a
computer, which functions like a library where the downloaded content resides.
Another product, "Clipstream®", streams or begins to play content immediately
when clicked. This is comparable to radio or television where the content is
temporary in nature.
The company received a patent for a proprietary watermarking solution, which
enables content owners to embed a message and then re-trace the source of
pirated content back to the culprit. The message is inaudible and can't be
filtered out or removed without destroying the audio quality of the original
content. It survives conversion to other formats, compression and even
duplication to non digital formats.
According to CEO Steve Vestergaard, "We received what we consider to be an
extremely valuable patent for watermarking. The proprietary technology is a
solution for owners of both video and audio content who wish to protect their
content from piracy."
"We signed a number of new and renewal agreements for our Play MPE® service,
including a renewal of our global agreement with Universal Music and a number of
independent international and regional agreements. The partnership we announced
in May with a subsidiary of Dentsu for Asian distribution is expected to impact
Q1 of 2012."
The company was recognized by Profit Magazine as one of Canada's fastest growing
companies.
For a more information on Destiny Media, please visit their website at
www.dsny.com, phone 604-609-7736 or email steve(at)dsny.com.
CONTACT:
InvestmentPitch.com
Barry Morgan, CFO
bmorgan(at)investmentpitch.com
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Source: InvestmentPitch via Thomson Reuters ONE
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Unternehmensinformation / Kurzprofil:
Datum: 20.07.2011 - 16:35 Uhr
Sprache: Deutsch
News-ID 56566
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Kategorie:
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