VANCOUVER, British Columbia, April 14 /PRNewswire-FirstCall/ — Destiny Media Technologies (OTC Bulletin Board:DSNY.ob – News) is pleased to announce results for the quarter ended February 28, 2010. Q2 EBITDA was $193,398 on total revenue of $869,864. During the sixth month period, the company generated net income of $449,849 and EBITDA of $528,109 on revenues of $1,917,392.
The company continues to grow revenue and income through expanded use of the Play MPE® system where revenue during the quarter showed a 106% increase over the same quarter in the prior year. This growth has been seen across all segments including an increase in North American revenue of 40% and a 535% increase in international revenue. International revenue represents 41% of Play MPE® business for the quarter.
“The increase in our revenue is the result of the continued acceptance of the Play MPE® system which appears to be the system of choice in the industry. After years of developing the system and network of users, we are very encouraged by the continued increase in Play MPE® revenue. Each quarter our revenue continues to grow by approximately 100% over the previous year’s quarter. Over the past three and half years, Play MPE® revenue has grown by an average of 135% higher over the previous year’s quarter and in twelve of those quarters Play MPE® revenue has grown by at least 90%,” said CFO Fred Vandenberg.
A share repurchase program began during the quarter and to date the company has repurchased a total of approximately 520,000 shares for cancellation. In addition, the company has reduced the number of $0.22 warrants outstanding by 600,000 by way of an exchange for 336,000 shares and repurchased 150,000 options with a strike price of $.25 for payment of $30,000.