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Destiny Media Technologies Posts 3rd Quarter Fiscal 2014 Results [Professional Services Close - Up](Professional Services Close - Up Via Acquire Media NewsEdge) Destiny Media Technologies reported its financial results for the third quarter of fiscal 2014 ended May 31. Highlights -3Q FY14 revenue increased eight percent year over year to $942,472, and 16 percent sequentially from 2Q FY14 -3Q FY14 net income of $80,100 versus $26,595 during 3Q FY13 -3Q FY14 operating cash flow of $148,597 during the quarter -Licensing agreement to transmit digital fingerprints and meta data to Shazam -Commenced service as exclusive supplier of digital distribution services to Sony Music Entertainment Australia -Chargeable transactions with Universal Music Group grew by 83 percent and exceeded the global commitment two of three months during the quarter "We saw meaningful revenue traction in our Play MPE business this quarter and continue to take a disciplined approach to adding sales, marketing and development resources to the enhancement and new service offerings of our Clipstream video cloud service," said Steve Vestergaard, President and Chief Executive Officer at Destiny Media Technologies. "To further accelerate the growth of our Play MPE business, we are developing a web based encoder to allow for a more user friendly experience, and pursuing opportunities to expand Play MPE into content segments beyond music delivery." "Continued expansion of Play MPE use within the U.S. independent music sector was a key contributor to the growth in third quarter revenue. This segment has experienced growth in 23 of the last 24 comparable quarters. Also, in two months during the quarter, our largest major label customer exceeded their level of committed usage. Continued growth in usage from this customer will now drive Play MPE revenue going forward," said Fred Vandenberg, Chief Financial Officer of Destiny Media Technologies. "Through our licensing agreement with Shazam, we have simplified the process for the labels to introduce new music, and have strengthened Play MPE's position as the industry's leading secure delivery of pre-release music." In a release on July 14, the Company noted that service revenue for the third quarter of 2014 increased eight percent to $942,472, versus $873,866 during the prior year quarter. On a sequential basis, revenue increased 16 percent from the second quarter of fiscal 2014. The increase in revenue was primarily related to increased usage by U.S. independent labels and in Australia, as well as a more favorable exchange rate versus the Euro. Net income for the third quarter was $80,100, or $0.00 per diluted share, versus net income of $26,595, or $0.00 per diluted share, in the prior year quarter. Cash and cash equivalents on hand at the end of the third quarter was $1,038,930 versus $870,939 at the end of the second quarter. The company generated $148,597 of operating cash flow during the third quarter. Destiny Media Technologies provides services that enable content owners to securely display and distribute their audio and video content digitally through the internet. More information and complete details: www.dsny.com ((Comments on this story may be sent to [email protected])) (c) 2014 ProQuest Information and Learning Company; All Rights Reserved. |