TORONTO, ONTARIO–(May 27, 2014) – Lingo Media Corporation (TSX VENTURE:LM) (OTCBB:LMDCF) (“Lingo Media” or the “Company“), an ESL industry acquisition company that is ‘Changing the way the world learns English’, announces its financial results for the first quarter ended March 31, 2014. All figures are reported in Canadian Dollars, and are in accordance with International Financial Reporting Standards unless otherwise noted.
Print-Based English Language Learning
- completed renewal of co-publishing agreements for additional seven years for PEP Primary English and Starting Line programs with People’s Education Press and Peoples Education Electronic & Audiovisual Press, China’s State Ministry of Education’s publishing arm
Online English Language Learning
- launched the redesigned ELL Technologies’ suite of products including Scholar, Business,Master and Kids which incorporate the new user interface, learning management system and the multi-browser delivery system for desktops and tablets
Financial Highlights for the First Quarter Ended March 31, 2014
|</p> <p>[18px;bg#219cd1;c#ffffff]First Quarter Ended March 31||2014||2013|
|Amortization, share-based payments and depreciation||133,150||120,315|
|Finance charges, taxes and foreign exchange||(119,677)||42,853|
|Total comprehensive loss||(181,565)||(398,951)</p> <p>|
- Revenue for the first quarter ended March 31, 2014 totalled $236,051 compared to $137,754 for the same period in 2013.
- Operating expenses for Q1 2014 totalled $275,444 as compared to $351,609 for Q1 2013.
- Net loss for the first quarter ended March 31, 2014 was $52,866 compared to a net loss of $377,023 for the first quarter ended March 31, 2013. This reduction in net loss is primarily attributable to an increase in revenue of $98,297 and a reduction in operating expenses of $76,165 and foreign exchange gain.
- Total comprehensive loss for the first quarter of 2014 totalled $181,565 or $0.00 loss per share based on 21.4 million shares outstanding compared to a total comprehensive loss for the first quarter of 2013 of $398,951 or $0.02 loss per share based on 20.9 million shares outstanding.
The unaudited financial statements for the quarter ended March 31, 2014 and Management Discussion & Analysis are available at www.sedar.com.
About Lingo Media (TSX VENTURE:LM) (OTCBB:LMDCF)
Lingo Media Corporation (www.lingomedia.com) is an ESL industry acquisition company that is ‘Changing the way the world learns English’, focused on English language learning (“ELL”) on an international scale through its four distinct business units: ELL Technologies; Parlo; Speak2Me; and Lingo Learning. ELL Technologies is a globally-established ELL multi-media and online training company. Parlo is a fee-based online ELL training and assessment service. Speak2Me is a free-to-consumer advertising-based online ELL service in China. Lingo Learning is a print-based publisher of ELL programs in China. Lingo Media has formed successful relationships with key government and industry organizations, establishing a strong presence in China’s education market of more than 300 million students. The Company continues to expand its ELL offerings and is extending its reach globally.
Portions of this press release may include “forward-looking statements” within the meaning of securities laws. Forward-looking statements contained in this press release are made pursuant to the safe harbour provisions of the Private Securities Litigation Reform Act of 1995. These statements are based on management’s current expectations and involve certain risks and uncertainties. Actual results may vary materially from management’s expectations and projections and thus readers should not place undue reliance on forward-looking statements. Certain factors that can affect the Company’s ability to achieve projected results are described in the Company’s filings with the Canadian and United States securities regulators available on www.sedar.com or www.sec.gov/edgar.shtml.
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