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
In his session at @DevOpsSummit at 20th Cloud Expo, Kelly Looney, director of DevOps consulting for Skytap, showed how an incremental approach to introducing containers into complex, distributed applications results in modernization with less risk and more reward. He also shared the story of how Skytap used Docker to get out of the business of managing infrastructure, and into the business of delivering innovation and business value. Attendees learned how up-front planning allows for a clean sep...
In IT, we sometimes coin terms for things before we know exactly what they are and how they’ll be used. The resulting terms may capture a common set of aspirations and goals – as “cloud” did broadly for on-demand, self-service, and flexible computing. But such a term can also lump together diverse and even competing practices, technologies, and priorities to the point where important distinctions are glossed over and lost.
Internet-of-Things discussions can end up either going down the consumer gadget rabbit hole or focused on the sort of data logging that industrial manufacturers have been doing forever. However, in fact, companies today are already using IoT data both to optimize their operational technology and to improve the experience of customer interactions in novel ways. In his session at @ThingsExpo, Gordon Haff, Red Hat Technology Evangelist, shared examples from a wide range of industries – including en...
Detecting internal user threats in the Big Data eco-system is challenging and cumbersome. Many organizations monitor internal usage of the Big Data eco-system using a set of alerts. This is not a scalable process given the increase in the number of alerts with the accelerating growth in data volume and user base. Organizations are increasingly leveraging machine learning to monitor only those data elements that are sensitive and critical, autonomously establish monitoring policies, and to detect...
Enterprise architects are increasingly adopting multi-cloud strategies as they seek to utilize existing data center assets, leverage the advantages of cloud computing and avoid cloud vendor lock-in. This requires a globally aware traffic management strategy that can monitor infrastructure health across data centers and end-user experience globally, while responding to control changes and system specification at the speed of today’s DevOps teams. In his session at 20th Cloud Expo, Josh Gray, Chie...
To get the most out of their data, successful companies are not focusing on queries and data lakes, they are actively integrating analytics into their operations with a data-first application development approach. Real-time adjustments to improve revenues, reduce costs, or mitigate risk rely on applications that minimize latency on a variety of data sources. Jack Norris reviews best practices to show how companies develop, deploy, and dynamically update these applications and how this data-first...
Intelligent Automation is now one of the key business imperatives for CIOs and CISOs impacting all areas of business today. In his session at 21st Cloud Expo, Brian Boeggeman, VP Alliances & Partnerships at Ayehu, will talk about how business value is created and delivered through intelligent automation to today’s enterprises. The open ecosystem platform approach toward Intelligent Automation that Ayehu delivers to the market is core to enabling the creation of the self-driving enterprise.
"At the keynote this morning we spoke about the value proposition of Nutanix, of having a DevOps culture and a mindset, and the business outcomes of achieving agility and scale, which everybody here is trying to accomplish," noted Mark Lavi, DevOps Solution Architect at Nutanix, in this SYS-CON.tv interview at @DevOpsSummit at 20th Cloud Expo, held June 6-8, 2017, at the Javits Center in New York City, NY.
"We're here to tell the world about our cloud-scale infrastructure that we have at Juniper combined with the world-class security that we put into the cloud," explained Lisa Guess, VP of Systems Engineering at Juniper Networks, in this SYS-CON.tv interview at 20th Cloud Expo, held June 6-8, 2017, at the Javits Center in New York City, NY.
SYS-CON Events announced today that Grape Up will exhibit at SYS-CON's 21st International Cloud Expo®, which will take place on Oct. 31 – Nov 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA. Grape Up is a software company specializing in cloud native application development and professional services related to Cloud Foundry PaaS. With five expert teams that operate in various sectors of the market across the U.S. and Europe, Grape Up works with a variety of customers from emergi...
"We're a cybersecurity firm that specializes in engineering security solutions both at the software and hardware level. Security cannot be an after-the-fact afterthought, which is what it's become," stated Richard Blech, Chief Executive Officer at Secure Channels, in this SYS-CON.tv interview at @ThingsExpo, held November 1-3, 2016, at the Santa Clara Convention Center in Santa Clara, CA.
In his session at 20th Cloud Expo, Mike Johnston, an infrastructure engineer at Supergiant.io, discussed how to use Kubernetes to set up a SaaS infrastructure for your business. Mike Johnston is an infrastructure engineer at Supergiant.io with over 12 years of experience designing, deploying, and maintaining server and workstation infrastructure at all scales. He has experience with brick and mortar data centers as well as cloud providers like Digital Ocean, Amazon Web Services, and Rackspace. H...
You know you need the cloud, but you’re hesitant to simply dump everything at Amazon since you know that not all workloads are suitable for cloud. You know that you want the kind of ease of use and scalability that you get with public cloud, but your applications are architected in a way that makes the public cloud a non-starter. You’re looking at private cloud solutions based on hyperconverged infrastructure, but you’re concerned with the limits inherent in those technologies.
Consumers increasingly expect their electronic "things" to be connected to smart phones, tablets and the Internet. When that thing happens to be a medical device, the risks and benefits of connectivity must be carefully weighed. Once the decision is made that connecting the device is beneficial, medical device manufacturers must design their products to maintain patient safety and prevent compromised personal health information in the face of cybersecurity threats. In his session at @ThingsExpo...
SYS-CON Events announced today that Massive Networks will exhibit at SYS-CON's 21st International Cloud Expo®, which will take place on Oct 31 – Nov 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA. Massive Networks mission is simple. To help your business operate seamlessly with fast, reliable, and secure internet and network solutions. Improve your customer's experience with outstanding connections to your cloud.