 |
 |
|
Newsroom - Clients - MCYPF
The following news and investment research items reflect some of the recent business activity for selected clients of Empire Relations Group, Inc. Additional information for investment research can be found in the featured clients section. News and investment research are for informational purposes only.
Musicrypt Inc.
Musicrypt Reports Second Quarter Results - Revenues Up 42%
TORONTO, Aug. 23 /CNW/ - Musicrypt Inc. (TSX-V: MCT, OTCBB: MCYPF), the industry's leading secure digital media distribution company, is pleased to announce its results for the second quarter ended June 30, 2006.
Revenues continued their rapid growth as the second quarter of 2006 saw revenues increase by 42% to $111,000 compared to revenues in last year's second quarter, and exceeded revenues for the preceding first quarter of 2006 by 27%. For the first half of 2006 revenues were one-third higher than the first six months of 2005. New customers and increased utilization of Musicrypt's patented Digital Media Distribution System (DMDS) by existing customers, led to the growth in revenues.
"In the second quarter of 2006 Musicrypt's rapid growth continued, with revenues rising significantly as more customers used DMDS more frequently. In the second quarter we signed our first US paying customer, delivered the new American Idol winner's song across North America, closed an over-subscribed $1.5 million financing round, launched our new eNote product with Billboard, unveiled our industry-leading complete Mac solution, established a partnership with Pando Networks Inc. targeting secure web delivery of video media, and asserted our intellectual property rights by filing a $15 million patent infringement suit against a competitor and its partners," said John Heaven, President & CEO of Musicrypt.
The loss for the first six months of 2006 was 38% ($303,000) higher than the same period last year. Increased royalty, amortization, and patent enforcement and application expenses accounted for $186,000 of this change. Costs associated with the company's US music and advertising marketing initiatives, the expenses for which largely commenced after last year's second quarter, were mainly responsible for the balance of the increase. For the first half of 2006 the loss per share was $0.04, unchanged from the first half of 2005.
Please see the full text of the financial statements and management discussion and analysis available on www.sedar.com.
Musicrypt's DMDS has delivered over 4,500 songs from more than 40 record labels to destinations which include radio stations representing over 35 US broadcast chains such as CBS/Infinity, Citadel, Clear Channel, Cox, Cumulus, Emmis, EntreVision, Entercom, Federated Media, Sirius, Journal, DMX, Jones Radio, AOL, Music Choice, Radio One, Salem Communications, Univision, Westwood One, Regent, Premiere Radio, Next Media, XM Satellite Radio, Waitt Media and many others. DMDS is the only system that can deliver music across both the US and Canada.
About Musicrypt
Musicrypt's patented Digital Media Distribution System (DMDS) is the leading secure B2B digital delivery solution for the music industry. DMDS is a web-based delivery system that pioneers secure digital file distribution by incorporating biometrics, high-value encryption and watermarking. The first application of DMDS replaces the physical distribution of new musical recordings by record companies from the studio, internally, and to radio stations with more secure, more effective and less costly digital distribution of broadcast quality media via the Internet. For more information on Musicrypt, please visit www.musicrypt.com or call John Heaven, President & CEO at 905-763-3553.
The statements contained in this release that are not purely historical are forward-looking statements and are subject to risks and uncertainties that could cause such statements to differ materially from actual future events or results. Such forward-looking statements are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this release.
PR Contact for Musicrypt: Sarah Miller, Axis Marketing & PR, Tel: (323) 653-7800, smiller@axismarketingpr.com
|
|
|
|
|
Top of Page |
E-mail This Page |
Back to Newsroom
|
|
|
 |
| |
What Our Visitors Say . . .
"I think your website is informative, detailed and easy to navigate. I was impressed by its quality." - George A., CPA
|
