Destiny Media Announces First Quarter Results

Destiny Media Announces First Quarter Results

Play MPE(R) Revenue Grows for 13th Consecutive Quarter; 97% Increase Over Prior Year

VANCOUVER, British Columbia, Jan. 14 /PRNewswire-FirstCall/ -- Destiny Media Technologies, Inc. (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(R) access fee revenues. Overall revenues grew by 55% over the previous year on the strength of a 97% increase in Play MPE(R) 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."

                    CONSOLIDATED STATEMENT OF OPERATIONS                    (Expressed in United States dollars)                                 Unaudited                                                  Three Months   Three Months                                                    Ended          Ended                                                 November 30,   November 30,                                                     2008          2007                                                      $             $    Revenue                                         554,561        356,648    Operating expenses   General and administrative                      182,384        318,886   Sales and marketing                             254,920        485,794   Research and development                        224,835        378,173   Amortization                                      7,937          9,801                                                   670,076      1,192,654   Loss from operations                           (115,515)      (836,006)   Other income (expenses)   Other income                                     32,137         18,188   Interest income                                     791         10,266   Interest and other expense                         (956)        (4,048)   Net loss for the period                         (83,543)      (811,600)    Net loss per common share, basic and diluted      (0.00)         (0.01)    Weighted average common shares     outstanding, basic and diluted             50,153,357     49,942,462      About Destiny Media Technologies, Inc.  

Destiny (http://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: the Play MPE(R) secure distribution system (http://www.plaympe.com/), the Podds(TM) digital music store (http://www.podds.ca/), Clipstream(R) (http://www.clipstream.com/) instant play streaming media, Clipstream IP-TV (http://live.clipstream.com/) and Radio Destiny(TM) internet radio software (http://www.pirateradio.com/).

    Company Contact:    Fred Vandenberg    CFO Destiny Media Technologies, Inc.    604 609 7736 x236    fredv@dsny.com    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.

First Call Analyst:
FCMN Contact:

Source: Destiny Media Technologies, Inc.

CONTACT: Fred Vandenberg, CFO of Destiny Media Technologies, Inc.,
+1-604-609-7736, ext. 236, fredv@dsny.com

Web site: http://www.dsny.com/

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Profile: International Entertainment