Destiny Media Announces Record Year End Results
VANCOUVER, British Columbia, Dec. 1 -- Destiny Media Technologies, Inc. is pleased to announce year end results for fiscal 2008.
Revenue continued to grow during our fourth quarter and was again the highest in the Company's history. Our fourth quarter revenue grew by more than 33% to approximately $490,000 on the strength of our twelfth consecutive quarter of revenue growth in our Play MPE® system, which grew by 35%. Revenue for both Clipstream® and for MPE® increased during the quarter. Overall revenue has grown every quarter over the last two years and has grown by an average of 15% per quarter over that period.
The continued quarterly growth has lead to an annual growth of 80% over fiscal 2007 to $1,578,888 (2007 - $875,544). Revenue from our MPE® technology continues to improve with a large percentage jump of approximately 150% to $1,250,845 in 2008 (from $507,000 in 2007). The growth in MPE® revenue is due primarily to the commercialization of our Play MPE® (www.plaympe.com) product in the United States and expansion into Europe.
Overall expenditures have decreased by 15% over the previous quarter as we move to a more sustainable level of expenditures for the current stage of our business. Expenditures during the quarter were also 22% lower than the same quarter in the previous year. For the year, our total expenditures have increased by 33%, reflecting increased sales and marketing staff and initiatives over the prior year when the Play MPE® system was marketed through a partner.
Our net loss for the fourth quarter dropped by 56% over the previous quarter to approximately $212,000 as we move to a level of expenditures appropriate for the current business plan and on the strength of continued growth in revenue. Revenues are expected to continue to grow in Q1, with profit anticipated imminently. Highlights include :
- EMI signs company wide agreement to use Play MPE® in Canada, U.S. and Mexico
- UMG announces expansion of Play MPE® agreement to include Canada and Mexico
- Adding our 3rd Major label and the first with a global distribution agreement effective November 1, 2008
- Two sublabels of Sony BMG® sign Play MPE® agreements
- Sony BMG, Warner, UMG agreements in Northern Europe
- Warner Music Group, UMG exclusive agreements in Australia
- Over 150 contracts with independent labels and promotions companies
- Innovative watermarking technology patent published at USPTO. Technique forensically traces source of illegal media content
- Digital Media Distribution System patent allowed, protects digital distribution security to March 2000. Grant expected December 16th, 2008.
About Destiny Media Technologies
Destiny (www.dsny.com) is a software development company which provides tools that some of the world's largest media companies use to distribute their content on the Internet. Products include Play MPE®, Clipstream® and Radio Destiny™.
CFO Destiny Media Technologies, Inc.
604 609 7736 x 236
Safe Harbor Statement:
"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.