TORONTO, Aug. 29, 2019 (GLOBE NEWSWIRE) -- Lingo Media Corporation (TSX-V: LM) ("Lingo Media" or the “Company”), an EdTech company that is ‘Changing the way the world learns English’ through innovative online and print-based technologies and solutions, announces its financial results for the second quarter ended June 30, 2019. All figures are reported in Canadian Dollars and are in accordance with International Financial Reporting Standards unless otherwise noted.
Q2 2019 Operational Highlights
- Online English Language Learning:
• renewed Agreement with FloridaBlanca, Colombia for an additional year
• resigned Agreement with Innovalingua de Mexico SAS de CV in Mexico
• completed development of lesson assignment functionality in the new Learning Management System (LMS)
• advanced development of the teacher methodology course
• enabled recordings of speech exercises for teachers to review - Print-Based English Language Learning:
• expanded existing market for PEP Primary English program into one additional province in China
Q2 2019 Financial Highlights
| Second Quarter Ended June 30th | 2019 | 2018 | ||
| Revenue | $ | 895,205 | $ | 960,159 |
| Operating and development expenses | 230,372 | 305,708 | ||
| Income before amortization, share-based payments, depreciation, finance charges and taxes | 664,833 | 654,451 | ||
| Amortization, share-based payments, and depreciation | 119,527 | 51,227 | ||
| Finance charges, taxes, foreign exchange | 114,655 | 126,016 | ||
| Total expenses | 464,554 | 482,951 | ||
| Net profit | 430,651 | 477,208 | ||
| Total comprehensive income | 418,142 | 478,062 | ||
| Earning per share | $ | 0.012 | $ | 0.01 |
- Revenue for the quarter ended June 30, 2019 totalled $895,205 as compared to $960,159 in Q2 2018.
- Operating and development expenses for the quarter ended June 30, 2019 totalled $230,372 compared to $305,708 in Q2 2018.
- Net income for the quarter ended June 30, 2019 was $430,651 or $0.01 earning per share (basic) based on 35.5 million weighted average number of common shares as compared to $477,208 for Q2 2018 or $0.01 earning per share (basic) based on 35.5 million weighted average number of common shares.
- Income before amortization, share-based payments, depreciation, finance charges and taxes was $664,833 compared to $654,451 in Q2 2018.
Financial Highlights for the Six-Month Period Ended June 30, 2019
| Six Month Period Ended June 30 | 2019 | 2018 | |||
| Revenue | $ | 1,007,169 | $ | 1,040,514 | |
| Operating and development expenses | 610,032 | 912,227 | |||
| Income before amortization, share-based payments, depreciation, finance charges and taxes | 397,137 | 128,287 | |||
| Amortization, share-based payments and depreciation | 151,695 | 76,288 | |||
| Finance charges, taxes and foreign exchange | 129,313 | 118,884 | |||
| Total expenses | 891,040 | 1,107,399 | |||
| Net profit (loss) | 116,129 | (66,885 | ) | ||
| Total comprehensive income (loss) | $ | 89,243 | $ | (66,249 | ) |
| Earnings (Loss) per share | $ | 0.003 | $ | (0.00 | ) |
- Revenue for the six-month period ended June 30, 2019 totalled $1,007,169 compared to $1,040,514 for the same period in 2018.
- Operating and development expenses for the six-month period ended June 30, 2019 totalled $610,032 as compared to $912,227 for the same period in 2018.
- Net profit for the six-month period was $116,129 as compared to net loss ($66,885) for the same period in 2018.
- Income before amortization, share-based payments, depreciation, finance charges and taxes was $397,137, as compared to $128,287 for the same period in 2018.
“Lingo Media continues to focus on developing innovative software and content in order to meet the growing global demand for English language learning products from government, academic institutions, and employers. The investment that we have been making in our new Learning Management System is positioning ELL Technologies for 2019 and beyond. ELL Technologies released a number of updates including unique personalization capabilities further empowering teachers. Furthermore, we have added sales personnel and have expanded our network of distributors and representatives with the focus of generating sales and working on larger size government level deals. These deals can have a longer sales contract completion cycle which we have been managing. We are also valuating M&A opportunities to position the company for accelerated growth,” said Gali Bar-Ziv, President & CEO of Lingo Media.
The condensed consolidated interim financial statements for the quarter ended June 30, 2019 and Management Discussion & Analysis are available at www.sedar.com.
About Lingo Media (TSX-V: LM)
Lingo Media is a global EdTech company that is ‘Changing the way the world learns English’, developing and marketing products for learners of English through various life stages, from classroom to boardroom. By integrating education and technology, the company empowers English language educators to easily transition from traditional teaching methods to digital learning.
Lingo Media provides both online and print-based solutions through two distinct business units: ELL Technologies and Lingo Learning. ELL Technologies provides online training and assessment for English language learning, while Lingo Learning is a print-based publisher of English language learning programs in China.
Lingo Media has formed successful relationships with key government and industry organizations internationally, with a particularly strong presence in Latin America and China and continues to both extend its global reach and expand its product offerings.
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For further information, contact:
Lingo Media
Khurram Qureshi, CFO
Tel: (+1) 416-927-7000 x 21
Email: investors@lingomedia.com
To learn more, visit us at www.lingomedia.com
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 www.sedar.com or www.sec.gov/edgar.shtml.
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