Destiny Media Technologies Announces Second Quarter Results; Company Expects Strong Growth During the Second Half of its Fiscal Year.Business Editors VANCOUVER, British Columbia--(BUSINESS WIRE)--April 14, 2004 Destiny Media Technologies Destiny Media Technologies OTCBB: DSNY is a developer of internet tools for securing and distributing digital media content. History Destiny Software Productions, Inc. , Inc. (OTCBB OTCBB See OTC Bulletin Board (OTCBB). :DSNY DSNY Department of Sanitation New York DSNY Desi Sounds of New York (band) )(Berlin:DME (Distributed Management Environment) A network monitoring and control protocol defined by the Open Software Foundation (now The Open Group). DME was not widely used. DME - Distributed Management Environment 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 Operating expenses The amount paid for asset maintenance or the cost of doing business, excluding depreciation. Earnings are distributed after operating expenses are deducted. 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 MPE abbr. Master of Public Education (TM) 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. 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 include: Clipstream(TM), Destiny Media Player (TM), Radio Destiny (TM) and MPE (TM). Established in 1991, the company is headquartered in Vancouver, Canada. "Safe Harbor'' statement under the Private Securities Litigation Reform Act The Private Securities Litigation Reform Act of 1995 (PSLRA) implemented several significant substantive changes affecting certain cases brought under the federal securities laws, including changes related to pleading, discovery, liability, class representation and awards fees and 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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