Destiny Media Technologies, Inc Announces Record Q1 Results Consistent Revenue Growth for Nine Consecutive Quarters
VANCOUVER, British Columbia, January 14, 2003 - Destiny Media Technologies, Inc. (OTCBB: DSNY; Berlin: DME 935 410) is pleased to announce that it has achieved record Q1-03 revenues of $291,092, representing an increase of 15% over Q4-02 revenues and 90% over Q1-02 revenues.
The company incurred one time non-cash charges for future consulting services totaling $132,000. Due to these charges the Company is reporting a loss of $116,337 for the period ending November 30, 2002. This loss represents a decrease of $102,810 or 46% over Q1-02.
Destiny CEO, Steve Vestergaard, comments on the results. "We've had revenue growth for nine consecutive quarters and our operating expenses have been falling over the same period. Our business model is working and we can expect consistent operating profits in the future with continued increases in sales revenues."
"Clipstream™ sales have been strong and the value of the average sale has been increasing" adds John Gammack, VP Operations, "Our resellers are also having great recent successes, strengthening our brand in major international markets such as the UK, Italy, Germany, China, Taiwan, South Korea and Japan.
Clipstream™ is gaining ground as a replacement for the static banner ad. Advertisers can use Clipstream™ to drop television commercials directly into web pages and emails. Strong demand is justifying an expansion in our sales force.
Subsequent to quarter end, we began selling Pirate Radio™ online and even though we have done minimal advertising, sales have been very brisk. We look forward to introducing this product into retail channels over the next few months."
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:
|Destiny Media Technologies, Inc.|
President & 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.