TORONTO, ONTARIO–(Nov. 28, 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 third quarter ended September 30, 2014. All figures are reported in Canadian Dollars and are in accordance with International Financial Reporting Standards unless otherwise noted.
During the quarter, the Company earned revenues of $222,468 and total comprehensive loss of $255,659. The operating expenses increased from $ 256,643 to $272,871 for the comparable period, an overall increase of 6%. Lingo Media also reduced loss per share to $(0.01) as compared to $(0.015) for the period ended September 30, 2013.
- Resumed sales and marketing of ELL Technologies’ redesigned Master and Scholar products which include the new user interface, learning management system and the multi-browser delivery system
- Significantly advanced the redesign of ELL Technologies’ Kids product
Financial Highlights for the Third Quarter Ended September 30, 2014
|</p> <p>[18px;bg#219cd1;c#ffffff]Third Quarter Ended September 30||2014||2013|
|Amortization, share-based payments and depreciation||185,354||130,006|
|Finance charges, taxes and foreign exchange||(56,611)||87,476|
|Total Comprehensive Loss||(255,659)||(323,227)</p> <p>|
Revenue for the third quarter totalled $222,468 as compared to $130,139 for the same period in 2013, an increase of 71%.
Financial Highlights for the Year Ended December 31, 2014
|</p> <p>[18px;bg#219cd1;c#ffffff]Third Quarter Ended September 30||2014||2013||% Change|
|Print-based English language learning||63,780||20,590||210|
|Online English language learning||158,688||109,549||45|
|Total Revenue||222,468||130,139||71</p> <p>|
- The increase in online English language learning revenue is primarily due to ELL Technologies’ resumption of its sales and marketing efforts late in September of its Master and Scholar products.
- Operating expenses for the quarter ended September 30, 2014 totalled $272,871 as compared to $256,643 in 2013, a 6% increase. Operating expenses increased as a result of increased direct costs as the ELL Technologies’ products sales resumed in late Q3.
- Total comprehensive loss totalled $(255,659) or $(0.01) per share based on 21.9 million shares outstanding compared to a total comprehensive loss of $(323,227) or $(0.015) per share based on 21.2 million shares outstanding.
The financial statements for the period ended September 30, 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.
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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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