Canada- based Destiny Media Technologies Inc. (DSNY.PK,DSY.V: Quote) reported Tuesday a surge in first-quarter net income on sharp decline in operating expenses, despite lower revenues. Earnings per share were breakeven in both periods.
The company, which develops solutions for media owners to securely distribute their digital media content through the Internet, said its net income was C$160,050, significantly higher than C$12,555 a year ago as litigation costs were virtually eliminated.
Total expenses dropped 23 percent from the prior year, reflecting a 60 percent decline in General & Administrative expenditures.
Total revenue declined 5 percent to C$1.06 million from last year’s C$1.12 million, due in part to unfavorable exchange rates and slightly reduced record label activity in North America. Revenues grew 13 percent sequentially reflecting the seasonality of the Play MPE media delivery service.
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by RTT Staff Writer
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