TORONTO, ON--(Marketwired - August 27, 2015) - Lingo Media Corporation (
Michael Kraft, President & CEO of Lingo Media, stated, "We are pleased to report record financial results for the second quarter of 2015. This performance is attributable to an increase in revenue from digital learning which increased approximately 776% year-over-year. In the quarter, digital revenue as a percentage of total revenue was greater than print-based revenue for the first time in our operating history. This is a direct result of our enhanced sales and marketing effort which led to securing new sales contracts in Colombia, Mexico, Peru and other Latin American markets. The EdTech market for English language learning continues to present us with favourable sales growth opportunities in Latin America and globally."
Michael Kraft continued, "During the second half of 2015, we expect our revenue growth and profitability to trend in a similar fashion as to the first half of 2015. We look forward to providing our shareholders with updates as we continue to achieve sales and earnings milestones."
Financial Highlights for the Second Quarter Ended June 30, 2015
|Second Quarter Ended June 30||2015||2014|
|Revenue||$ 1,794,659||$ 877,879|
|Amortization, share-based payments and depreciation||183,145||148,535|
|Finance charges, taxes and foreign exchange||209,842||192,281|
|Total comprehensive income||$ 993,552||$ 200,534|
|Earnings per share||$ 0.04||$ 0.01|
Financial Highlights for the Six Month Period Ended June 30, 2015
|Six Month Period Ended June 30||2015||2014|
|Revenue||$ 2,446,286||$ 1,113,930|
|Amortization, share-based payments and depreciation||394,143||281,685|
|Finance charges, taxes and foreign exchange||105,579||72,604|
|Total comprehensive income||$ 1,140,150||$ 18,969|
|Earnings per share||$ 0.05||$ 0.00|
The unaudited interim financial statements for the period ended June 30, 2015 and Management Discussion & Analysis are available at www.sedar.com.
About Lingo Media (
Lingo Media is an EdTech company that is 'Changing the way the world learns English' through the combination of education with technology. The Company provides online and print-based solutions through its two distinct business units: ELL Technologies and Lingo Learning. ELL Technologies is a global English language learning online training and assessment company. 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, establishing a strong presence in China's education market of more than 300 million students. The Company is extending its global reach, with an initial market expansion into Latin America and continues to expand its product offerings and technology applications.
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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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