Lingo Media Reports Third Quarter 2017 Results

Toronto, Canada, November 29, 2017 – Lingo Media Corporation (TSX-V: LM; OTC: LMDCF; FSE: LIMA) (“Lingo Media” or the “Company”), a global provider of digital and print-based English language learning solutions, announces its financial results for the third quarter ended September 30, 2017. All figures are reported in Canadian Dollars and are in accordance with International Financial Reporting Standards unless otherwise noted.

“Lingo Media continues to focus on delivering software and content development to address market needs within the international government, academic and corporate training sectors. We are encouraged by the growing demand for English language learning programs and are confident that we are positioned with an ever-expanding sales pipeline to secure new sales contracts and increase revenues in the coming quarters,” said Michael Kraft, President & CEO of Lingo Media.

Q3 2017 Operational and Corporate Highlights

  • advanced the marketing and selling of English For Success, a series of lessons and activities derived from ELL Library as a premium solution for governments and educational institutions
  • completed the Spanish localization of English for Success program
  • terminated the merger transaction with Kickwheel Company (formerly Schoold/Vested Finance Inc.) 

Financial Highlights for the Third Quarter Ended September 30, 2017 

Third Quarter Ended September 30th 2017 2016
Revenue $ 354,914 $ 152,657
Operating expenses 333,087 460,099
Income before amortization,

share-based payments, depreciation, finance charges and taxes

21,827 (307,442)
Amortization, share-based payments, and depreciation 407,748 272,865
Finance charges, taxes, foreign exchange 88,892 1,403
Total expenses 829,727 734,367
Net income (loss) (474,813) (581,710)
Total comprehensive income (loss) (475,632) (563,241)
Earnings (loss) per share $ (0.013) $ (0.016)


  • Revenue for Q3 2017 was $354,914 as compared to $152,657 in 2016
  • Operating expense for Q3 2017 totalled $333,087 as compared to $460,099 in 2016, reflecting a continuing effort to reduce direct costs
  • Income before amortization, share-based payments, depreciation, finance charges and taxes for Q3 2017 was $21,827 as compared to ($307,442) in Q3 2016
  • Net Loss for Q3 2017 was $474,813 as compared to $581,710 in Q3 2016

Financial Highlights for the Nine-Month Period Ended September 30, 2017 

Nine Month Period Ended September 30 2017 2016
Revenue $ 2,021,806 $ 2,458,912
Operating expenses 1,034,861 1,218,303
Income before amortization,

share-based payments, depreciation, finance charges

and taxes

1,263,602 1,240,609
Amortization, share-based payments and depreciation 1,042,952 748,330
Finance charges, taxes and foreign exchange 371,739 391,976
Total expenses 2,449,552 2,358,609
Net profit (loss) (472,746) 100,303
Total comprehensive income (loss) $ (429,513) $ 172,866
Earnings (loss) per share $ (0.012) $ 0.003


  • Revenue for the nine-month period ended September 30, 2017 was $2,021,806 as compared to $2,458,912, for the same period in 2016
  • Operating expenses for the nine months ended September 30, 2017 totalled $1,034,861 as compared to $1,218,303, for the same period in 2016
  • Income before amortization, share-based payments, depreciation, finance charges and taxes were $1,263,602 as compared to $1,240,609, for the same period in 2016
  • Net loss for nine-months was $472,746 as compared to net income of $100,303, for the same period in 2016

Balance Sheet as of September 30, 2017 

  • Working capital as of September 30, 2017 totalled $1,760,701
  • Current ratio for the period ended September 30, 2017 was 3.97:1
  • Total liabilities as of September 30, 2017 totalled $592,992 as compared to $462,771 for the same period in 2016
  • Book value of $6,081,080 as of September 30, 2017

The unaudited condensed interim financial statements for the quarter ended September 30, 2017 and Management Discussion & Analysis are available at

About Lingo Media

Lingo Media is a global provider of best-in-class digital and print-based English language learning solutions that are ‘Changing the way the world learns English.’

Developed for learners of English at every level, Lingo Media’s ELL Technologies products combine a vast content library with proprietary technology. ELL Technologies’ intuitive dashboards enable students to track and manage their progress, and allow teachers to organize and interact with students, providing ongoing support. Lingo Media’s Lingo Learning division is a print-based publisher of English language learning programs in China.

Lingo Media’s product and program are marketed through established sales channels to key education, government and business organizations in Latin America and China and continues to extend its global reach and expand its product offerings.

Follow Lingo Media On:

Twitter: @LingoMediaCorp

For further information, contact:

Lingo Media
Michael Kraft
President & CEO
Tel: (+1) 416-927-7000 Ext. 23
Toll Free: 1-866-927-7011
To learn more, visit us at

Portions of this press release may include “forward-looking statements” within the meaning of securities laws.  These statements are made in reliance upon Sections 21E and 27A of the Securities Exchange Act of 1934, which involve known and unknown risks, uncertainties or other factors that could cause actual results to differ materially from the results, performance, or expectations implied by these forward-looking statements. 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.  Lingo Media has tried to identify these forward-looking statements by using words such as “may,” “should,” “expect,” “hope,” “anticipate,” “believe,” “intend,” “plan,” “estimate” and similar expressions. Lingo Media’s expectations, among other things, are dependent upon general economic conditions, the continued and growth in demand for its products, retention of its key management and operating personnel, its need for and availability of additional capital as well as other uncontrollable or unknown factors. No assurance can be given that the actual results will be consistent with the forward-looking statements. Except as otherwise required by US Federal securities laws, Lingo Media undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events, changed circumstances or any other reason.  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 or