VANCOUVER, British Columbia, Nov. 26, 2003 (PRIMEZONE) -- Destiny Media Technologies, Inc. (OTCBB:DSNY) (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."
About Destiny
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)
Contact: Steve Vestergaard, CEO 604 609 7736 x222 or steve@dsny.com
About Promo Only Canada
Promo Only Canada offers all the latest music and music video hits on CD and DVD format to radio stations and DJ's. It is the first and only company to provide a weekly new music service, authorized by the record labels, for Canadian radio stations. Promo Only subscribers get the music before anyone else. Promo Only Canada and sister companies, Promo Only USA and Promo Only Europe represent the largest music subscription service in the world.
Contact: Dean Ernst, President, 403-226-6445 or dean@promoonlycanada.com
"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.
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