TORONTO, ON–(May 28, 2015) – Lingo Media Corporation (TSX VENTURE: LM) (LMDCF) (“Lingo Media” or the “Company“) an ESL EdTech industry acquisition company announces its financial results for the first quarter ended March 31, 2015. All figures are reported in Canadian Dollars, and are in accordance with International Financial Reporting Standards unless otherwise noted.
“We are pleased with our results for Q1 2015 with revenue growth of 176% and significant improvement in profitability. Management expects this financial trending to continue throughout the balance of 2015 with revenue increases to be reported in Q2 and Q4, as a result of seasonality in semi-annual legacy royalty revenues combined with increased revenues from our elearning division’s new products and new markets. The ESL EdTech market is presenting us with favourable sales growth opportunities in Latin America along with M&A opportunities. We look forward to providing our shareholders with updates as we continue to grow our company with solid cash flow and profitability,” said Michael Kraft, President & CEO of Lingo Media.
Print-Based English Language Learning:
- expanded the market for PEP Primary English program into new provinces
Online English Language Learning:
- completed the development of two leading-edge technology tools, Lesson Builder and Course Builder enabling educators to easily create, convert, edit, and arrange online lessons and courses
- advanced the development of Academy, a new ELL Technologies’ program for the primary school market
- expanded sales and marketing activities of ELL Technologies’ redesigned Master and Scholar programs
- completed a strategic alliance with a software research and development company, Vizualize Technologies Corporation, specializing in EdTech
Financial Highlights for the First Quarter Ended March 31, 2015
|</p> <p>[18px;bg#00abd6;c#ffffff]First Quarter Ended March 31||2015||2014|
|Income before amortization, share-based payments, depreciation, finance charges and taxes||332,164||(39,393)|
|Amortization, share-based payments, and depreciation||210,998||133,150|
|Finance charges, taxes and foreign exchange||(104,263)||(119,677)|
|Net Profit (Loss)||225,429||(52,866)|
|Total comprehensive Income (Loss)||146,598||(181,565)</p> <p>|
- Revenue for the first quarter ended March 31, 2015 totalled $651,627 compared to $236,051 for the same period in 2014, a 176% increase.
- Operating expenses for the quarter ended March 31, 2015 totalled $319,463 as compared to $275,444 for the same period in 2014, due to increased operations including expanded sales & marketing initiatives.
- Net profit for the quarter was $225,429 as compared to net loss $(52,866) for the same period in 2014 is primarily attributed to the increase in revenue of $415,576.
- Total comprehensive income for the first quarter was $146,598 or $0.01 earnings per share based on 22.1 million shares compared to a total comprehensive loss of $(181,565) or $(0.00) loss per share based on 21.4 million shares for the same period in 2014.
- Income before amortization, share-based payments, depreciation, finance charges and taxes was $332,164 compared to loss of $(39,393) in 2014.
The unaudited financial statements for the quarter ended March 31, 2015 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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