Monday, November 30, 2009

Green Destiny

Destiny Media Year End Results Exceed Guidance. From that release:

Q4 Revenue up 77% Over Prior Year; EBITDA Increases to 266% of Prior Quarter

* Press Release
* Source: Destiny Media Technologies
* On 1:08 am EST, Monday November 30, 2009

* Companies: Destiny Media Technologies Inc

VANCOUVER, British Columbia, Nov. 30 /PRNewswire-FirstCall/ -- Destiny Media Technologies (OTC Bulletin Board: DSNY - News) is pleased to announce results for the quarter and year ended August 31, 2009.

Revenues of $2,560,447 were 62% higher than the prior year and quarterly revenues of $872,569 were 31% higher than the prior quarter. Net income was $610,831 for the company's first profitable year. Earnings before interest, taxes depreciation and amortization (EBITDA) grew to over $300,000 for the quarter ahead of management's preliminary results. The company has had quarter to quarter revenue improvement in eleven out of the twelve most recent quarters and quarter to quarter growth in Play MPE® access revenue in fifteen of the sixteen most recent quarters.

Destiny is also announcing that its board of directors has authorized a program to repurchase up to 1 million shares of the company's common stock at a maximum share purchase price of $0.80 per share. The repurchases will be at times and in amounts as the company deems appropriate and will be made through open market transactions.


Based on preliminary Q1 financial information, Destiny believes it will achieve first quarter fiscal 2010 revenue of at least $1,000,000, representing an increase of at least 14% over the previous quarter and 102% over Q1 fiscal 2008.

Recall that we added more DSNY.OB at $0.305 a couple of weeks ago, noting that we suspected it would trade higher after it released its earnings.


Thomas said...

great numbers it looks. Question will be if they can continue this revenue and earnings growth rate in next FY. Would also be interesting what their increase in new customers is, or if they just squeezing all that revenue out of their existing (large) ones.

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Paul Price said...

Before you get too excited note that the total reported quarterly earnings were one cent per share.

Of that- 73.66% came from recouping of previously paid taxes- not from operations.

It's hard to get enthused about less than 3/10th cent of per share income.

DaveinHackensack said...


They've given guidance indicating continued strong growth in the first quarter of their next fiscal quarter. Re squeezing revenue out of existing clients versus bringing on new ones, most likely a combination of both, though I don't think "squeezing" is the right word. Sometimes it takes time for the members of an organization to buy into doing something differently, after their higher-ups have signed onto it. Also note DSNY's new client announcement today.


You're right that it's not a lot of earnings in absolute terms, and that much of it came from recouping past taxes (that's why DSNY didn't give an earnings number in its preliminary report on the quarter, because such a number would have been misleading without the context of the full report). But bear in mind that the company turned a profit for the first time two quarters ago, and now appears to be growing revenues consistently (not withstanding some seasonality). With an inherently high-margin business, once revenues start to exceed fixed costs, profits should grow nicely.

DaveinHackensack said...

Edelheit on DSNY:

I continue to be very bullish on DSNY. The idea that they just put up $2.6 million in revenue for fiscal 2009 and will do at least $1 million in the first quarter alone should tell you what kind of growth trajectory they are on. And the buyback shows how this is finally turning into a cash cow.

Remember that you should make your own decisions when investing and these are only my opinions that may be very wrong. Do your own research as I know you do.