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.