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

Contacts:
Lingo Media
Michael Kraft
President & CEO
(416) 927-7000 Ext. 23 or Toll Free: (866) 927-7011
(416) 927-1222 (FAX)
[email protected]
www.lingomedia.com

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
"Storpool does only block-level storage so we do one thing extremely well. The growth in data is what drives the move to software-defined technologies in general and software-defined storage," explained Boyan Ivanov, CEO and co-founder at StorPool, in this SYS-CON.tv interview at 16th Cloud Expo, held June 9-11, 2015, at the Javits Center in New York City.
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.
Is advanced scheduling in Kubernetes achievable?Yes, however, how do you properly accommodate every real-life scenario that a Kubernetes user might encounter? How do you leverage advanced scheduling techniques to shape and describe each scenario in easy-to-use rules and configurations? In his session at @DevOpsSummit at 21st Cloud Expo, Oleg Chunikhin, CTO at Kublr, answered these questions and demonstrated techniques for implementing advanced scheduling. For example, using spot instances and co...
As Marc Andreessen says software is eating the world. Everything is rapidly moving toward being software-defined – from our phones and cars through our washing machines to the datacenter. However, there are larger challenges when implementing software defined on a larger scale - when building software defined infrastructure. In his session at 16th Cloud Expo, Boyan Ivanov, CEO of StorPool, provided some practical insights on what, how and why when implementing "software-defined" in the datacent...
A strange thing is happening along the way to the Internet of Things, namely far too many devices to work with and manage. It has become clear that we'll need much higher efficiency user experiences that can allow us to more easily and scalably work with the thousands of devices that will soon be in each of our lives. Enter the conversational interface revolution, combining bots we can literally talk with, gesture to, and even direct with our thoughts, with embedded artificial intelligence, whic...
The cloud era has reached the stage where it is no longer a question of whether a company should migrate, but when. Enterprises have embraced the outsourcing of where their various applications are stored and who manages them, saving significant investment along the way. Plus, the cloud has become a defining competitive edge. Companies that fail to successfully adapt risk failure. The media, of course, continues to extol the virtues of the cloud, including how easy it is to get there. Migrating...
The use of containers by developers -- and now increasingly IT operators -- has grown from infatuation to deep and abiding love. But as with any long-term affair, the honeymoon soon leads to needing to live well together ... and maybe even getting some relationship help along the way. And so it goes with container orchestration and automation solutions, which are rapidly emerging as the means to maintain the bliss between rapid container adoption and broad container use among multiple cloud host...
Blockchain is a shared, secure record of exchange that establishes trust, accountability and transparency across business networks. Supported by the Linux Foundation's open source, open-standards based Hyperledger Project, Blockchain has the potential to improve regulatory compliance, reduce cost as well as advance trade. Are you curious about how Blockchain is built for business? In her session at 21st Cloud Expo, René Bostic, Technical VP of the IBM Cloud Unit in North America, discussed the b...
Imagine if you will, a retail floor so densely packed with sensors that they can pick up the movements of insects scurrying across a store aisle. Or a component of a piece of factory equipment so well-instrumented that its digital twin provides resolution down to the micrometer.
In his keynote at 18th Cloud Expo, Andrew Keys, Co-Founder of ConsenSys Enterprise, provided an overview of the evolution of the Internet and the Database and the future of their combination – the Blockchain. Andrew Keys is Co-Founder of ConsenSys Enterprise. He comes to ConsenSys Enterprise with capital markets, technology and entrepreneurial experience. Previously, he worked for UBS investment bank in equities analysis. Later, he was responsible for the creation and distribution of life settle...
The need for greater agility and scalability necessitated the digital transformation in the form of following equation: monolithic to microservices to serverless architecture (FaaS). To keep up with the cut-throat competition, the organisations need to update their technology stack to make software development their differentiating factor. Thus microservices architecture emerged as a potential method to provide development teams with greater flexibility and other advantages, such as the abili...
Product connectivity goes hand and hand these days with increased use of personal data. New IoT devices are becoming more personalized than ever before. In his session at 22nd Cloud Expo | DXWorld Expo, Nicolas Fierro, CEO of MIMIR Blockchain Solutions, will discuss how in order to protect your data and privacy, IoT applications need to embrace Blockchain technology for a new level of product security never before seen - or needed.
Blockchain. A day doesn’t seem to go by without seeing articles and discussions about the technology. According to PwC executive Seamus Cushley, approximately $1.4B has been invested in blockchain just last year. In Gartner’s recent hype cycle for emerging technologies, blockchain is approaching the peak. It is considered by Gartner as one of the ‘Key platform-enabling technologies to track.’ While there is a lot of ‘hype vs reality’ discussions going on, there is no arguing that blockchain is b...
ChatOps is an emerging topic that has led to the wide availability of integrations between group chat and various other tools/platforms. Currently, HipChat is an extremely powerful collaboration platform due to the various ChatOps integrations that are available. However, DevOps automation can involve orchestration and complex workflows. In his session at @DevOpsSummit at 20th Cloud Expo, Himanshu Chhetri, CTO at Addteq, will cover practical examples and use cases such as self-provisioning infra...
As DevOps methodologies expand their reach across the enterprise, organizations face the daunting challenge of adapting related cloud strategies to ensure optimal alignment, from managing complexity to ensuring proper governance. How can culture, automation, legacy apps and even budget be reexamined to enable this ongoing shift within the modern software factory? In her Day 2 Keynote at @DevOpsSummit at 21st Cloud Expo, Aruna Ravichandran, VP, DevOps Solutions Marketing, CA Technologies, was jo...