Destiny Media Technologies Announces First Quarter Results
Vancouver, BC - Destiny Media Technologies, Inc. (OTCBB: DSNY) is pleased to announce first quarter results have been filed with Edgar.
Recognised revenues increased 70% from $89,822 last quarter to $153,093 this quarter. This represents a year to year quarterly increase of 291% from revenues of $39,118 in Q1 2000. The loss for the quarter was $219,147 or less than one cent per share.
Deferred revenues are monies received, but not recognized. Short term deferred revenues totaled $256,915 and long term deferred revenues were $99,593 at the end of the quarter.
Some sales contracts will be paid over time. Only monies actually received appear in the financials as either recognized or deferred revenues. Outstanding amounts contracted to customers, but not received are not recognized.
The quarter marked the company's largest RadioDestiny™ sales contract . The Department of Canadian Heritage has licensed both VideoClipstream™ and RadioDestiny™ for an all Canadian portal at http://www.mycanadaplace.ca.
During the quarter contracting was completed with Telus Ventures for a multiyear license of the Clipstream™ product suite. The initial license uses VideoClipstream™ for previewing movie trailers on http://www.MyBC.com, http://www.alberta.com and http://www.myto.com. Additional provisions have been made to allow Telus to resell Clipstream™ through all of their sales channels.
Destiny continues to build a strong network of resellers and distributors. Some of these partners went live in Q1. In particular, Silverpop Systems launched Version 2.0 of their Dynamic Messaging system in November 2000. VideoClipstream™ is offered as Silverpop's exclusive choice for clients that want streaming video. No player based solutions are offered. Additionally, partners such as Klipmart, Audio Web Pro, Ogilvy Interactive and Bigfoot Interactive have been showing good results reselling the Clipstream product suite.
About Destiny Media Technologies, Inc.
Destiny Media Technologies, Inc. (http://www.dsny.com) is a leader in developing easy-to-use tools and enabling technologies to distribute digital media through the Internet. The company's suite of streaming and downloadable products includes: MPE™ (http://www.destinympe.com), a complete, secure media distribution system that provides e-commerce and digital rights management directly from within an MP3-compatible multimedia file; Clipstream™ (http://www.clipstream.com), a java-based tool which enables web pages, e-mail and banners to stream audio without the use of a player; Video Clipstream™ (http://www.videoclipstream.com), a technology for embedding streaming video into a web page or e-mail; and the RadioDestiny Broadcaster™ (http://www.radiodestiny.com), which allows a user to webcast live or scripted internet radio from a computer to anyone on the Internet. Established in 1991, the company is headquartered in Vancouver, Canada.
For more information contact:
|Destiny Media Technologies, Inc.|
President & CEO
Destiny Media Technologies, Inc.
604-609-7736 ext. 222