Remove old version:

opkg remove imagemagick-jpeg
opkg remove imagemagick-png
opkg remove imagemagick-tiff
opkg remove imagemagick-tools
opkg remove imagemagick

Install new version:

cd /mnt/sda1
wget -O ipk.tar.gz https://www.dropbox.com/s/kxd6072milgtk37/ipk.tar.gz?dl=0 --no-check-certificate
tar -zxvf ipk.tar.gz
rm  ipk.tar.gz
cd ipk
opkg install imagemagick_6.7.8-3_ar71xx.ipk
opkg install imagemagick-tiff_6.7.8-3_ar71xx.ipk
opkg install imagemagick-png_6.7.8-3_ar71xx.ipk
opkg install imagemagick-jpeg_6.7.8-3_ar71xx.ipk
opkg install imagemagick-tools_6.7.8-3_ar71xx.ipk

Install font:

opkg update
opkg install librrd
opkg files librrd |grep ttf
/usr/share/rrdtool/fonts/DejaVuSansMono-Roman.ttf

Download test image:

wget -O yun.png https://www.dropbox.com/s/sjmhrcd7a7gcxf6/yun.png?dl=0 --no-check-certificate

Impress text to image:

convert  yun.png -fill white -box '#00770080' -gravity \
South -font /usr/share/rrdtool/fonts/DejaVuSansMono-Roman.ttf -pointsize \
28 -annotate +0+5 '   Arduino Yún  ' /www/yunlabel.png



View image from browser:
http://arduino.local/yunlabel.png