Shoulda said, but tried the code on 4.3.1 machine and no probs...
But here you go..
<?php
header("Content-type: image/jpeg");
$im = imagecreate(400,100);
$background = imagecolorallocate($im, 255,204,255);
$text = imagecolorallocate($im, 0,0,0);
// Replace path by your own font path
imagettftext($im, 20, 0, 1, 50, $text, "../../../../../winnt/fonts/LCALLIG.ttf","bob");
imagejpeg($im);
imagedestroy($im);
?>
Note: the path for the font is OK... no error given regarding that