Welcome!

News Feed Item

Lingo Media Reports Second Quarter Results

TORONTO, ONTARIO -- (Marketwire) -- 08/29/12 -- 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 second quarter ended June 30, 2012. All figures are reported in Canadian Dollars, and are in accordance with International Financial Reporting Standards unless otherwise noted.

Operational Highlights


--  Print-Based English Language Learning: 
    --  completed product revisions for the 3rd and 4th levels of PEP
        Primary English program 
    --  secured approval for product revisions from China's State Ministry
        of Education 
    --  negotiating international distribution agreements for the Quartet
        blended-learning program


--  Online English Language Learning: 
    --  completed development of the beta version of our new English
        Proficiency Assessment Platform 
    --  launched newly designed Q Kids Online English program 
    --  secured first sale of new Q Kids Online of 5,000 licenses in Turkey 
    --  advanced development of a new product feature set for Speak2Me 
    --  negotiating strategic development partnerships for Speak2Me 


Corporate Highlights                                                        
                                                                            
--  continued to seek ESL and other education assets for acquisition and M&A
    opportunities
    

Financial Highlights                                                        
Second Quarter Ended June 30,                            2012          2011 
----------------------------------------------------------------------------
Revenue                                             $ 737,163   $   455,740 
----------------------------------------------------------------------------
Operating expenses                                    645,172       487,433 
----------------------------------------------------------------------------
Amortization, share-based payments, and depreciation  109,587       801,212 
----------------------------------------------------------------------------
Interest, foreign exchange and other comprehensive                          
 income                                                67,078       332,440 
----------------------------------------------------------------------------
Total expenses                                        821,839     1,621,510 
----------------------------------------------------------------------------
Total comprehensive loss                            $ (84,676)  $(1,165,770)
----------------------------------------------------------------------------
                                                                            

--  Revenue for the second quarter totalled $737,163 compared to $455,740
    for the same period in 2011, an increase of 62%. The increase in
    revenues in the second quarter of the current year is mainly
    attributable to higher revenues from online training contracts as
    compared to the second quarter of the previous year.  
--  Total expenses for the quarter totalled $821,839, as compared to
    $1,621,510 in 2011, due to the benefits of cost rationalization, a
    reduction in share-based payment and in amortization of intangibles. 
--  Total comprehensive loss totalled $84,676 or $0.004 per share based on
    20.5 million shares outstanding compared to a total comprehensive loss
    of $1,165,770 or $0.06 per share based on 20.5 million shares
    outstanding. 

The Company also announces that its application has been approved by the TSX Venture Exchange to extend the term of the 3,658,668 warrants issued by the Corporation on March 4, 2011 and the 1,875,000 warrants issued by the Corporation on May 11, 2011 (collectively, the "Warrants"). The terms of the Warrants have each been extended for a period of 18 months. The Warrants were scheduled to expire on September 4, 2012 and November 11, 2012, respectively, but will now expire on March 4, 2014 and May 11, 2014, respectively.

The Warrants were issued as part of private placement offerings by the Company which were completed on March 4, 2011 and May 11, 2011. For further information on the original issuance of the Warrants, please refer to the press releases of the Company dated March 4, 2011 and May 11, 2011 filed on SEDAR.

Warrant holders are advised that replacement Warrant certificates will not be issued and that the original Warrant certificates must be presented to the Company in order to affect the exercise or transfer of such Warrants.

The financial statements for the six months ended June 30, 2012 and accompanying 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 marketed under the Q Group brand (www.elltechnologies.com). Parlo is a fee-based online ELL training and assessment service (www.parlo.com). Speak2Me is a free-to-consumer advertising-based online ELL service in China (www.speak2me.cn). 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.

NEITHER THE TSX VENTURE EXCHANGE NOR ITS REGULATION SERVICES PROVIDER (AS THAT TERM IS DEFINED IN THE POLICIES OF THE TSX VENTURE EXCHANGE) ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE

More Stories By Marketwired .

Copyright © 2009 Marketwired. All rights reserved. All the news releases provided by Marketwired are copyrighted. Any forms of copying other than an individual user's personal reference without express written permission is prohibited. Further distribution of these materials is strictly forbidden, including but not limited to, posting, emailing, faxing, archiving in a public database, redistributing via a computer network or in a printed form.

Latest Stories
SYS-CON Events announced today that Tintri Inc., a leading producer of VM-aware storage (VAS) for virtualization and cloud environments, will exhibit at the 19th International Cloud Expo, which will take place on November 1–3, 2016, at the Santa Clara Convention Center in Santa Clara, CA. Tintri VM-aware storage is the simplest for virtualized applications and cloud. Organizations including GE, Toyota, United Healthcare, NASA and 6 of the Fortune 15 have said “No to LUNs.” With Tintri they mana...
In his general session at 18th Cloud Expo, Lee Atchison, Principal Cloud Architect and Advocate at New Relic, discussed cloud as a ‘better data center’ and how it adds new capacity (faster) and improves application availability (redundancy). The cloud is a ‘Dynamic Tool for Dynamic Apps’ and resource allocation is an integral part of your application architecture, so use only the resources you need and allocate /de-allocate resources on the fly.
IoT is fundamentally transforming the auto industry, turning the vehicle into a hub for connected services, including safety, infotainment and usage-based insurance. Auto manufacturers – and businesses across all verticals – have built an entire ecosystem around the Connected Car, creating new customer touch points and revenue streams. In his session at @ThingsExpo, Macario Namie, Head of IoT Strategy at Cisco Jasper, will share real-world examples of how IoT transforms the car from a static p...
Fifty billion connected devices and still no winning protocols standards. HTTP, WebSockets, MQTT, and CoAP seem to be leading in the IoT protocol race at the moment but many more protocols are getting introduced on a regular basis. Each protocol has its pros and cons depending on the nature of the communications. Does there really need to be only one protocol to rule them all? Of course not. In his session at @ThingsExpo, Chris Matthieu, co-founder and CTO of Octoblu, walk you through how Oct...
Web Real-Time Communication APIs have quickly revolutionized what browsers are capable of. In addition to video and audio streams, we can now bi-directionally send arbitrary data over WebRTC's PeerConnection Data Channels. With the advent of Progressive Web Apps and new hardware APIs such as WebBluetooh and WebUSB, we can finally enable users to stitch together the Internet of Things directly from their browsers while communicating privately and securely in a decentralized way.
"My role is working with customers, helping them go through this digital transformation. I spend a lot of time talking to banks, big industries, manufacturers working through how they are integrating and transforming their IT platforms and moving them forward," explained William Morrish, General Manager Product Sales at Interoute, in this SYS-CON.tv interview at 18th Cloud Expo, held June 7-9, 2016, at the Javits Center in New York City, NY.
More and more companies are looking to microservices as an architectural pattern for breaking apart applications into more manageable pieces so that agile teams can deliver new features quicker and more effectively. What this pattern has done more than anything to date is spark organizational transformations, setting the foundation for future application development. In practice, however, there are a number of considerations to make that go beyond simply “build, ship, and run,” which changes ho...
The Internet of Things can drive efficiency for airlines and airports. In their session at @ThingsExpo, Shyam Varan Nath, Principal Architect with GE, and Sudip Majumder, senior director of development at Oracle, will discuss the technical details of the connected airline baggage and related social media solutions. These IoT applications will enhance travelers' journey experience and drive efficiency for the airlines and the airports. The session will include a working demo and a technical d...
Kubernetes is a new and revolutionary open-sourced system for managing containers across multiple hosts in a cluster. Ansible is a simple IT automation tool for just about any requirement for reproducible environments. In his session at @DevOpsSummit at 18th Cloud Expo, Patrick Galbraith, a principal engineer at HPE, discussed how to build a fully functional Kubernetes cluster on a number of virtual machines or bare-metal hosts. Also included will be a brief demonstration of running a Galera M...
Why do your mobile transformations need to happen today? Mobile is the strategy that enterprise transformation centers on to drive customer engagement. In his general session at @ThingsExpo, Roger Woods, Director, Mobile Product & Strategy – Adobe Marketing Cloud, covered key IoT and mobile trends that are forcing mobile transformation, key components of a solid mobile strategy and explored how brands are effectively driving mobile change throughout the enterprise.
Developing software for the Internet of Things (IoT) comes with its own set of challenges. Security, privacy, and unified standards are a few key issues. In addition, each IoT product is comprised of (at least) three separate application components: the software embedded in the device, the back-end service, and the mobile application for the end user’s controls. Each component is developed by a different team, using different technologies and practices, and deployed to a different stack/target –...
Identity is in everything and customers are looking to their providers to ensure the security of their identities, transactions and data. With the increased reliance on cloud-based services, service providers must build security and trust into their offerings, adding value to customers and improving the user experience. Making identity, security and privacy easy for customers provides a unique advantage over the competition.
All clouds are not equal. To succeed in a DevOps context, organizations should plan to develop/deploy apps across a choice of on-premise and public clouds simultaneously depending on the business needs. This is where the concept of the Lean Cloud comes in - resting on the idea that you often need to relocate your app modules over their life cycles for both innovation and operational efficiency in the cloud. In his session at @DevOpsSummit at19th Cloud Expo, Valentin (Val) Bercovici, CTO of So...
SYS-CON Events announced today that Commvault, a global leader in enterprise data protection and information management, has been named “Bronze Sponsor” of SYS-CON's 19th International Cloud Expo, which will take place on November 1–3, 2016, at the Santa Clara Convention Center in Santa Clara, CA. Commvault is a leading provider of data protection and information management solutions, helping companies worldwide activate their data to drive more value and business insight and to transform moder...
SYS-CON Events announced today that eCube Systems, a leading provider of middleware modernization, integration, and management solutions, will exhibit at @DevOpsSummit at 19th International Cloud Expo, which will take place on November 1–3, 2016, at the Santa Clara Convention Center in Santa Clara, CA. eCube Systems offers a family of middleware evolution products and services that maximize return on technology investment by leveraging existing technical equity to meet evolving business needs. ...