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Destiny Media Announces Year End Results

VANCOUVER, Nov. 29, 2012 /PRNewswire/ - Destiny Media Technologies (TSXV: DSY) (OTCQX: DSNY) is pleased to announce results for the year ended August 31, 2012.  Revenues of $3,983,789 were $23,441 lower than the prior year. Fourth quarter revenue was up 1% from the previous year to $941,426.

Play MPE® continues to show expanded use in Europe and amongst US independent record labels showing revenue growth of 14% (to $1,617,015) and 20% (to $761,147) respectively.  These gains were masked by a decline in the Euro relative to the US dollar, declines in Australia and the absence of a non-recurring revenue amount in 2011.  Modest gains were seen in Canada and New Zealand.  Clipstream® legacy revenue was $164,213 compared to $176,205 in 2011.

Operating expenses grew by 2%, with a 21% increase in R&D spending offset by 23% decline in G&A and a 15% decline in sales and marketing costs.  Income from operations of $719,678 was down 10% from prior year.

  2012  2011
  $  $
Service revenue  3,983,789  4,007,230
     
Operating expenses    
General and administrative  587,731  763,872
Sales and marketing  697,724  823,729
Research and development  1,889,450  1,563,690
Depreciation and amortization  89,206  58,339
  3,264,111  3,209,630
Income from operations  719,678  797,600
Other income (expenses)    
Interest income  48,052  11,508
Other income  4,458  3,091
Interest and other expense  (1,185)  (691)
Income before provision for income taxes  771,003  811,508
Deferred income tax recovery (expense)  (208,000)  (173,000)
Net income  563,003  638,508
Net income per common share, basic and diluted  0.01  0.01



About Destiny Media Technologies, Inc.
Universal, EMI, Warner, Sony and one thousand other labels use Destiny's secure distribution service to deliver most of their pre-release music to radio, online retail, DJ's, sports stadiums, journalists and VIP. Destiny's instant play streaming includes internet radio, internet TV, online surveys and new cloud and mobile offerings. Patents include watermarking, peer to peer locking and pending cross platform playerless streaming video.

SOURCE Destiny Media Technologies, Inc.

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