Destiny Media Preliminary Results Show Q4 Revenue Growth of Over 75% Over Prior Year and Doubling of Profit Before Taxes From Prior Quarter
Vancouver, BC – October 14, 2009 – Destiny Media Technologies (OTCBB: DSNY) today provided preliminary results for its fourth quarter ended August 31, 2009. Audited fiscal 2009 financials are expected to be available in late November.
Company CEO, Steve Vestergaard comments on the unofficial results, "Our revenues have improved in eleven of the last twelve quarters, with a 43% quarter over quarter jump in Q3 and at least 29% in Q4. The company is confident that revenue and EBITDA will continue to grow into Q1-2010 by at least 15% and 30% respectively. We expect this trend of earnings growth to continue into the forseeable future. Play MPE® system access fees have increased in 15 of the last 16 quarters and we expect to continue to add to our stable base of recurring contracted billings as existing customers increase their usage and we continue to expand into new territories.”
Based on preliminary Q4 financial information, Destiny believes it will achieve fourth quarter fiscal 2009 revenue between $860,000 and $875,000 representing an increase of 75% to 77% over the same quarter in the previous year (or 29% to 31% over the previous quarter). The company believes it will achieve EBITDA of between $275,000 and $290,000 for the quarter.
About Destiny Media Technologies
Destiny Media (http://www.dsny.com) is the developer of the Play MPE® system (http://www.plaympe.com) which the recording industry uses to securely distribute new pre-release music through the internet to trusted recipients such as radio, media and VIP's. Real time usage statistics are available at http://www.plaympe.com/v4/company/plaympestats.php
CEO Destiny Media Technologies, Inc.
604 609 7736 x222
Forward-Looking Statements Disclosure
This press release contains forward-looking statements, including those related to revenue, earnings per share, operating margin, business momentum, which involve risks and uncertainties that could cause actual results to differ materially. Factors that might cause or contribute to such differences include, but are not limited to: adverse changes in general economic or political conditions in any of the major countries in which Destiny does business, delays in development of Destiny’s new products or major new versions of existing products, introduction of new products and business models by existing and new competitors, failure to successfully manage transitions to new business models and markets, failure to anticipate and develop new products and services in response to changes in demand for application software and software delivery, difficulty in predicting revenue from new businesses, costs related to intellectual property acquisitions, disputes and litigation, inability to protect Destiny’s intellectual property from third-party infringers, use, disclosure or malicious attack, failure to realize the anticipated benefits of past or future acquisitions and difficulty in integrating such acquisitions, failure to manage Destiny’s sales and distribution channels effectively, disruption of Destiny’s business due to catastrophic events, risks associated with international operations, fluctuations in foreign currency exchange rates, changes in, or interpretations of, accounting principles, unanticipated changes in, or interpretations of, tax rules and regulations, and Destiny’s inability to attract and retain key personnel. For further discussion of these and other risks and uncertainties, individuals should refer to Destiny’s SEC filings.The financial information set forth in this press release reflects estimates based on information available at this time. These amounts could differ from actual reported amounts stated in Destiny’s fourth quarter and fiscal year 2009 earnings report and in our Annual Report on Form 10-K for our fiscal year ended August 31, 2009, which the Company expects to file in November 2009. Destiny does not undertake an obligation to update forward-looking statements.