Destiny Media Announces First Quarter Results
VANCOUVER, British Columbia, January 14, 2009 -- Destiny Media Technologies, Inc. (OTC Bulletin Board: DSNY), the global standard for the secure distribution of pre-release music to radio and other trusted recipients over the internet is pleased to report record revenues for Q1 which covers the period September 1, 2008 through November 30, 2008. Total revenues grew for the 8th consecutive quarter on the strength of our 13th straight quarter of growing Play MPE® access fee revenues. Overall revenues grew by 55% over the previous year on the strength of a 97% increase in Play MPE® revenues over the previous year.
We continue to realize greater efficiencies and our increased revenues come at a time when the company has realized its fourth straight quarter of declining expenditures”, comments company CFO, Fred Vandenberg.
Cash used in operations shrank by 98% to $13,008, virtually eliminating our net usage of cash. Both our net cash and net working capital position improved during the quarter and we expect to see these trends continue. Our expansion into Europe and Australia is just beginning to influence revenue and we anticipate a more significant impact and improvement to our cash flow to be realized over the coming months.
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 x236
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.