Destiny Media Technologies, Inc. Announces Operating Results for Q1
Vancouver, British Columbia, January 14, 2003 - Destiny Media Technologies, Inc. (OTCBB: DSNY; Berlin: DME 935 410) is pleased to announce that operating results for Q1 have been filed.
Sales for Q1 were $217,592. The loss for the period was $26,926 which was 77% lower than the loss of $116,337 in Q1 of the previous year. Operating expenses were reduced from $404,472 in Q1 2003 to $247,107 in the current period. This represents a reduction of 39%, which can be attributed to lower expenditures on sales and marketing and R&D.
Company CEO, Steve Vestergaard, comments on the results. “Sales for the quarter were slightly lower than Q4 2003, mainly because the company has redirected some resources to our new MPE initiative which currently isn’t contributing to revenue generation.
The company completed a $300,000 financing in the quarter and we intend to increase our expenditures on Clipstream™ product R&D and sales and marketing so that we can continue the strong quarter to quarter revenue growth we have achieved in the past.”
Destiny Media Technologies, Inc. (http://www.dsny.com) is a leader in developing easy-to-use tools for distributing digital media through the Internet. The company's suite of streaming and downloadable products include : Clipstream™, Destiny Media Player ™, Radio Destiny ™ and MPE ™. Established in 1991, the company is headquartered in Vancouver, Canada.
For more information contact:
Steve Vestergaard email@example.com
CEO Destiny Media Technologies, Inc.
604-609-7736 ext. 222
“Safe Harbor'' statement under the Private Securities Litigation Reform Act of 1995: This release contains forward looking statements that are subject to risks and uncertainties, including, but not limited to, the impact of competitive products and pricing, product demand and market acceptance, new product development, reliance on key strategic alliances, availability of raw materials, the regulatory environment, fluctuations in operating results and other risks detailed from time to time in the Company's filings with the Securities and Exchange Commission.