Destiny Media Technologies Announces Record Year End Revenues
VANCOUVER, BC Canada - Nov. 26, 2003 --- Destiny Media Technologies, Inc. (DSNY OTC BB, DME 935 410) is pleased to announce that record revenues were achieved for the year ended August 31, 2003. Revenues of $1,133,098 were 47% higher than previous year revenues of $769,326. Quarter to quarter revenues increased 28% from $241,033 in Q3 to $308,271 in Q4.
The company achieved a record operating profit for Q4 2003 of $31,263. This compares to an operating loss of $70,154 for Q4 2002. The loss for the year of $84,692 represented an 85% decrease from the previous year. Loans payable has been reduced from $192,291 in 2002 to $10,825 in 2003.
Destiny CEO, Steve Vestergaard comments on the results, "I'm pleased with our growth this year. Not only will consistent profitability on a quarterly basis allow us to invest in raising the profile and sales of Clipstream(TM), it will allow us to build out our other two product lines.
"Pirate Radio was launched in October 2002 and since then has sold nearly one thousand copies online, mostly through word of mouth. Although the revenues have been small, they establish a strong consumer demand. We intend to secure a distribution channel to sell this product through retail channels in the coming year.
"In October 2003, subsequent to year end, we launched a test of MPE with the recording and broadcasting industries. All five major labels and most Canadian stations are testing this technology. This opportunity should help us accelerate our growth next year."
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 includes: Clipstream(TM), Destiny Media Player(TM), Radio Destiny(TM) and MPE(TM). Established in 1991, the company is headquartered in Vancouver, Canada. (OTCBB: DSNY; Berlin: DME 935 410)