Welcome!

News Feed Item

Lingo Media Reports 2012 Fourth Quarter and Year End Results

TORONTO, ONTARIO -- (Marketwired) -- 04/27/13 -- Lingo Media Corporation (TSX VENTURE:LM)(OTCBB:LMDCF) ("Lingo Media" or the "Company"), an ESL industry acquistion company that is 'Changing the way the world learns English', announces its financial results for the fourth quarter and year ended December 31, 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:

--  renewed agreements to develop, publish, distribute and sell PEP Primary
    English and Starting Line programs with People's Education Press and
    Peoples Education Electronic & Audiovisual Press, China's State Ministry
    of Education's publishing arm 
--  co-published our 400 millionth unit 
--  completed product revisions for all eight levels of PEP Primary English
    program 
--  completed product revisions for the full set of 12 levels of Starting
    Line program  
--  secured approval for product revisions from China's State Ministry of
    Education for the first four levels of PEP Primary English and for the
    first six levels of Starting Line program.  
--  initiated sales of our new Quartet blended-learning program

--  Online English Language Learning:

--  initiated and advanced the redesign of the user interface, learning
    management system and the multi-browser delivery system for desktops and
    tablets for the ELL Technologies suite of products including - Scholar,
    Business, Business Traveler, Master, Kids, and Placement Test . 
--  integrated a new and improved speech recognition technology 
--  completed the development of new English Proficiency Assessment Platform
--  signed a sales contract with La Presna in Panama to provide 10,000
    Scholar Online licenses to be used to expand their readership and ad
    revenues 
--  secured a pilot program with Madrid Local Police in Spain to provide
    Scholar and Worksheets with specialized content based on the real life
    needs of the police 
--  signed sales contracts with Intel Corp. to market and sell the Scholar
    CD's through their direct-to-consumer channel in Columbia 
--  secured first sale of 5,000 licenses of new Kids Online in Turkey

Corporate Highlights


--  negotiated a one year extension to the term of the $890,000 loan
    outstanding for a further one year term to September 8, 2013 
--  awarded the silver prize as Outstanding SME at the Canada China Business
    Excellence Awards on November 27, 2012 at a ceremony in Montreal, Canada
    to officially recognize the enterprise that best exemplifies the
    innovative inclusion of China in its growth and overall strategies. 
--  launched our acquistion and M&A strategy and several ESL and other
    education assets are under review

Financial Highlights for the Fourth Quarter Ended December 31, 2012


----------------------------------------------------------------------------
Fourth Quarter Ended December 31                  2012                 2011 
----------------------------------------------------------------------------
Revenue                                      $ 891,747            $ 960,851 
----------------------------------------------------------------------------
Operating Expenses                             561,944              480,833 
----------------------------------------------------------------------------
Amortization, share-based payments,                                         
 and depreciation                              146,344              626,400 
----------------------------------------------------------------------------
Impairment loss                                      -              703,600 
----------------------------------------------------------------------------
Finance charges, taxes, foreign                                             
 exchange                                      144,848              275,246 
----------------------------------------------------------------------------
Total Expenses                                 853,136            2,086,079 
----------------------------------------------------------------------------
Total comprehensive loss                        38,611           (1,125,228)
----------------------------------------------------------------------------

--  Revenue for the fourth quarter ended December 31, 2012 totalled $891,747
    compared to $960,851 for the same period in 2011. The Company has been
    redesigning the user interface, learning management system and the
    multi-browser delivery system for desktops and tablets for its ELL
    Technologies suite of products including Scholar, Business, Business
    Traveler, Master, Kids, and Placement Test. The redesign is expected to
    be completed and full sales efforts will resume before the end of the
    second quarter. 
--  Operating expenses for the quarter ended December 31, 2012 totalled
    $561,944 as compared to $480,833 in 2011. 
--  Total comprehensive income totalled $38,611 or $0.002 per share based on
    20.9 million shares outstanding compared to a total comprehensive loss
    of $1,125,228 or $0.05 loss per share based on 20.5 million shares
    outstanding. 

Financial Highlights for the Year Ended December 31, 2012


----------------------------------------------------------------------------
Year Ended December 31                             2012                2011 
----------------------------------------------------------------------------
Revenue                                     $ 2,016,261         $ 2,066,969 
----------------------------------------------------------------------------
Operating Expenses                            2,394,292           2,482,304 
----------------------------------------------------------------------------
Amortization, share-based payments,                                         
 and depreciation                               618,785           3,084,339 
----------------------------------------------------------------------------
Impairment loss                                       -             703,600 
----------------------------------------------------------------------------
Finance charges, taxes, foreign                                             
 exchange                                       367,921             596,352 
----------------------------------------------------------------------------
Total Expenses                                3,380,998        6, 6,866,595 
----------------------------------------------------------------------------
Total comprehensive loss                     (1,364,737)         (4,799,626)
----------------------------------------------------------------------------

--  Revenue for the year ended December 31, 2012 totalled $2.02 million, a
    decrease of 4% compared to $2.07 million for the same period in 2011. 


--  Total comprehensive loss for 2012 was $1.36 million or $0.07 loss per
    share based on 20.6 million shares compared to a total comprehensive
    loss of $4.80 million or $0.25 loss per share based on 18.8 million
    shares as at December 31, 2011. The loss decreased as a result of
    decreased expenditures related to cost rationalization, reduced
    financial expenses and share-based compensation, along with a
    significant reduction in the amortization of intangibles. 
--  Operating expenses for the year ended December 31, 2012 totalled $2.39
    million compared to $2.48 million in 2011.

The audited financial statements for the year ended December 31, 2012 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 (www.elltechnologies.com). 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.

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
You think you know what’s in your data. But do you? Most organizations are now aware of the business intelligence represented by their data. Data science stands to take this to a level you never thought of – literally. The techniques of data science, when used with the capabilities of Big Data technologies, can make connections you had not yet imagined, helping you discover new insights and ask new questions of your data. In his session at @ThingsExpo, Sarbjit Sarkaria, data science team lead ...
SYS-CON Events announced today the Kubernetes and Google Container Engine Workshop, being held November 3, 2016, in conjunction with @DevOpsSummit at 19th Cloud Expo at the Santa Clara Convention Center in Santa Clara, CA. This workshop led by Sebastian Scheele introduces participants to Kubernetes and Google Container Engine (GKE). Through a combination of instructor-led presentations, demonstrations, and hands-on labs, students learn the key concepts and practices for deploying and maintainin...
Security, data privacy, reliability, and regulatory compliance are critical factors when evaluating whether to move business applications from in-house, client-hosted environments to a cloud platform. Quality assurance plays a vital role in ensuring that the appropriate level of risk assessment, verification, and validation takes place to ensure business continuity during the migration to a new cloud platform.
Extracting business value from Internet of Things (IoT) data doesn’t happen overnight. There are several requirements that must be satisfied, including IoT device enablement, data analysis, real-time detection of complex events and automated orchestration of actions. Unfortunately, too many companies fall short in achieving their business goals by implementing incomplete solutions or not focusing on tangible use cases. In his general session at @ThingsExpo, Dave McCarthy, Director of Products...
Security, data privacy, reliability and regulatory compliance are critical factors when evaluating whether to move business applications from in-house client hosted environments to a cloud platform. In her session at 18th Cloud Expo, Vandana Viswanathan, Associate Director at Cognizant, In this session, will provide an orientation to the five stages required to implement a cloud hosted solution validation strategy.
WebRTC is bringing significant change to the communications landscape that will bridge the worlds of web and telephony, making the Internet the new standard for communications. Cloud9 took the road less traveled and used WebRTC to create a downloadable enterprise-grade communications platform that is changing the communication dynamic in the financial sector. In his session at @ThingsExpo, Leo Papadopoulos, CTO of Cloud9, discussed the importance of WebRTC and how it enables companies to focus...
Up until last year, enterprises that were looking into cloud services usually undertook a long-term pilot with one of the large cloud providers, running test and dev workloads in the cloud. With cloud’s transition to mainstream adoption in 2015, and with enterprises migrating more and more workloads into the cloud and in between public and private environments, the single-provider approach must be revisited. In his session at 18th Cloud Expo, Yoav Mor, multi-cloud solution evangelist at Cloudy...
UpGuard has become a member of the Center for Internet Security (CIS), and will continue to help businesses expand visibility into their cyber risk by providing hardening benchmarks to all customers. By incorporating these benchmarks, UpGuard's CSTAR solution builds on its lead in providing the most complete assessment of both internal and external cyber risk. CIS benchmarks are a widely accepted set of hardening guidelines that have been publicly available for years. Numerous solutions exist t...
A critical component of any IoT project is what to do with all the data being generated. This data needs to be captured, processed, structured, and stored in a way to facilitate different kinds of queries. Traditional data warehouse and analytical systems are mature technologies that can be used to handle certain kinds of queries, but they are not always well suited to many problems, particularly when there is a need for real-time insights.
Verizon Communications Inc. (NYSE, Nasdaq: VZ) and Yahoo! Inc. (Nasdaq: YHOO) have entered into a definitive agreement under which Verizon will acquire Yahoo's operating business for approximately $4.83 billion in cash, subject to customary closing adjustments. Yahoo informs, connects and entertains a global audience of more than 1 billion monthly active users** -- including 600 million monthly active mobile users*** through its search, communications and digital content products. Yahoo also co...
"Software-defined storage is a big problem in this industry because so many people have different definitions as they see fit to use it," stated Peter McCallum, VP of Datacenter Solutions at FalconStor Software, in this SYS-CON.tv interview at 18th Cloud Expo, held June 7-9, 2016, at the Javits Center in New York City, NY.
Extreme Computing is the ability to leverage highly performant infrastructure and software to accelerate Big Data, machine learning, HPC, and Enterprise applications. High IOPS Storage, low-latency networks, in-memory databases, GPUs and other parallel accelerators are being used to achieve faster results and help businesses make better decisions. In his session at 18th Cloud Expo, Michael O'Neill, Strategic Business Development at NVIDIA, focused on some of the unique ways extreme computing is...
"We're bringing out a new application monitoring system to the DevOps space. It manages large enterprise applications that are distributed throughout a node in many enterprises and we manage them as one collective," explained Kevin Barnes, President of eCube Systems, in this SYS-CON.tv interview at DevOps at 18th Cloud Expo, held June 7-9, 2016, at the Javits Center in New York City, NY.
Amazon has gradually rolled out parts of its IoT offerings in the last year, but these are just the tip of the iceberg. In addition to optimizing their back-end AWS offerings, Amazon is laying the ground work to be a major force in IoT – especially in the connected home and office. Amazon is extending its reach by building on its dominant Cloud IoT platform, its Dash Button strategy, recently announced Replenishment Services, the Echo/Alexa voice recognition control platform, the 6-7 strategic...
The best-practices for building IoT applications with Go Code that attendees can use to build their own IoT applications. In his session at @ThingsExpo, Indraneel Mitra, Senior Solutions Architect & Technology Evangelist at Cognizant, provided valuable information and resources for both novice and experienced developers on how to get started with IoT and Golang in a day. He also provided information on how to use Intel Arduino Kit, Go Robotics API and AWS IoT stack to build an application tha...