Destiny Media Technologies Announces Second Quarter Results
Vancouver, British Columbia, April 14, 2004 - Destiny Media Technologies, Inc. (OTCBB: DSNY; Berlin: DME 935 410) announced results today for its second fiscal quarter for the period ended February 29, 2004.
Revenues for the period totaled $181,031 and operating expenses were $443,268. The company reported a loss for the period of $190,020, compared to a first quarter loss of $26,926.
“During the second quarter we pursued many new initiatives which we believe will lead to significant growth during our current fiscal year,” said Steve Vestergaard, Chief Executive Officer of Destiny Media. “We are seeing unprecedented interest in our MPE™ technology, which we believe could result in significant agreements with leaders in the entertainment sector.”
Expenses for the quarter reflected approximately $171,000 in non-recurring charges. These charges included shares issued pursuant to a consulting contract with a fair market value of $80,000 and approximately $56,000 in non-cash charges for stock based compensation pursuant to an amended stock option plan. The Company incurred expenses of approximately $35,000 in connection with the settlement of a wrongful dismissal lawsuit.
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:
CEO Destiny Media Technologies, Inc.
604-609-7736 ext. 222
CEOcast, Inc. for Destiny Media Technologies, Inc.