Welcome!

News Feed Item

Lingo Media Reports 2013 Fourth Quarter and Year End Results

TORONTO, ONTARIO -- (Marketwired) -- 04/30/14 -- 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 fourth quarter and year ended December 31, 2013. 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:

    --  secured approval for balance of product revisions for PEP Primary
        English levels 7 and 8 of eight level program from China's State
        Ministry of Education
    --  secured approval for balance of product revisions for Starting Line
        levels 9 thru 12 of twelve level program from China's State Ministry
        of Education
    --  negotiated seven year renewals of co-publishing agreements for both
        recently approved 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

--  Online English Language Learning:

    --  completed the final stages of redesign of the product user
        interface, learning management system and the multi-browser delivery
        system for desktops and tablets for ELL Technologies' suite of
        products including - Scholar, Business, Master, Kids, and Placement
        Test
    --  continued to advance the re-development of Speak2Me with Advancina
        LLC, our strategic partner, to enhance and update Speak2Me.cn's
        product offering

Corporate Highlights


--  negotiated a one year extension to the term of the $880,000 loan
    outstanding for a further one year term to September 8, 2015

Financial Highlights for the Fourth Quarter Ended December 31, 2013


----------------------------------------------------------------------------
Fourth Quarter Ended December 31                            2013        2012
----------------------------------------------------------------------------
Revenue                                              $ 1,024,555 $   891,747
----------------------------------------------------------------------------
Operating expenses                                       163,374     561,944
----------------------------------------------------------------------------
Amortization, share-based payments, and depreciation     125,826     146,344
----------------------------------------------------------------------------
Finance charges, taxes, foreign exchange                 114,686      66,902
----------------------------------------------------------------------------
Total expenses                                           403,886     775,190
----------------------------------------------------------------------------
Net profit                                               620,669     116,557
----------------------------------------------------------------------------
Total Comprehensive Income                           $   558,765 $    38,611
----------------------------------------------------------------------------

--  Revenue for the fourth quarter ended December 31, 2013 totalled
    $1,024,555 compared to $891,747 for the same period in 2012.
--  Operating expenses for the quarter ended December 31, 2013 totalled
    $163,374 as compared to $561,944 in 2012.
--  Net profit for the quarter was $620,669 as compared to $116,557 for the
    same period in 2012.
--  Total comprehensive income for the fourth quarter was $558,765 or $0.028
    earnings per share based on 21.2 million shares compared to a total
    comprehensive income of $38,611 or $0.002 earnings per share based on
    20.9 million shares for the same period in 2012.

Financial Highlights for the Year Ended December 31, 2013


----------------------------------------------------------------------------
Year Ended December 31                                   2013          2012
----------------------------------------------------------------------------
Revenue                                           $ 2,008,066  $  2,016,261
----------------------------------------------------------------------------
Operating expenses                                  1,136,786     2,394,292
----------------------------------------------------------------------------
Amortization, share-based payments, and
 depreciation                                         500,599       618,785
----------------------------------------------------------------------------
Finance charges, taxes, foreign exchange              347,738       365,710
----------------------------------------------------------------------------
Total expenses                                      1,985,123     3,378,787
----------------------------------------------------------------------------
Net profit (loss)                                      22,943    (1,362,526)
----------------------------------------------------------------------------
Total Comprehensive Loss                          $   (56,311) $ (1,364,737)
----------------------------------------------------------------------------

--  Revenue for the year ended December 31, 2013 totalled $2.00 million, as
    compared to $2.02 million in 2012.
--  Operating expenses for the year ended December 31, 2013 totalled $1.14
    million compared to $2.39 million in 2012.
--  Profit from operations for the year ended December 31, 2013 was $370,681
    as compared to a loss from operations of $(996,816) in 2012.
--  Net profit for the year ended December 31, 2013 was $22,943 as compared
    to a net loss of $(1,362,526) for 2012. This improvement in
    profitability is primarily attributed to a reduction in selling, general
    and administrative expenses of $1.17 million.
--  Total comprehensive loss for 2013 was $(56,331) or $0.00 loss per share
    based on 21.2 million shares compared to a total comprehensive loss of
    $(1.36 million) or $0.07 loss per share based on 20.9 million shares as
    at December 31, 2012.

The audited financial statements for the year ended December 31, 2013 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
Video experiences should be unique and exciting! But that doesn’t mean you need to patch all the pieces yourself. Users demand rich and engaging experiences and new ways to connect with you. But creating robust video applications at scale can be complicated, time-consuming and expensive. In his session at @ThingsExpo, Zohar Babin, Vice President of Platform, Ecosystem and Community at Kaltura, discussed how VPaaS enables you to move fast, creating scalable video experiences that reach your aud...
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 Soli...
"Once customers get a year into their IoT deployments, they start to realize that they may have been shortsighted in the ways they built out their deployment and the key thing I see a lot of people looking at is - how can I take equipment data, pull it back in an IoT solution and show it in a dashboard," stated Dave McCarthy, Director of Products at Bsquare Corporation, in this SYS-CON.tv interview at @ThingsExpo, held November 1-3, 2016, at the Santa Clara Convention Center in Santa Clara, CA.
What happens when the different parts of a vehicle become smarter than the vehicle itself? As we move toward the era of smart everything, hundreds of entities in a vehicle that communicate with each other, the vehicle and external systems create a need for identity orchestration so that all entities work as a conglomerate. Much like an orchestra without a conductor, without the ability to secure, control, and connect the link between a vehicle’s head unit, devices, and systems and to manage the ...
An IoT product’s log files speak volumes about what’s happening with your products in the field, pinpointing current and potential issues, and enabling you to predict failures and save millions of dollars in inventory. But until recently, no one knew how to listen. In his session at @ThingsExpo, Dan Gettens, Chief Research Officer at OnProcess, discussed recent research by Massachusetts Institute of Technology and OnProcess Technology, where MIT created a new, breakthrough analytics model for ...
IoT is rapidly changing the way enterprises are using data to improve business decision-making. In order to derive business value, organizations must unlock insights from the data gathered and then act on these. In their session at @ThingsExpo, Eric Hoffman, Vice President at EastBanc Technologies, and Peter Shashkin, Head of Development Department at EastBanc Technologies, discussed how one organization leveraged IoT, cloud technology and data analysis to improve customer experiences and effici...
Everyone knows that truly innovative companies learn as they go along, pushing boundaries in response to market changes and demands. What's more of a mystery is how to balance innovation on a fresh platform built from scratch with the legacy tech stack, product suite and customers that continue to serve as the business' foundation. In his General Session at 19th Cloud Expo, Michael Chambliss, Head of Engineering at ReadyTalk, discussed why and how ReadyTalk diverted from healthy revenue and mor...
The 20th International Cloud Expo has announced that its Call for Papers is open. Cloud Expo, to be held June 6-8, 2017, at the Javits Center in New York City, brings together Cloud Computing, Big Data, Internet of Things, DevOps, Containers, Microservices and WebRTC to one location. With cloud computing driving a higher percentage of enterprise IT budgets every year, it becomes increasingly important to plant your flag in this fast-expanding business opportunity. Submit your speaking proposal ...
In this strange new world where more and more power is drawn from business technology, companies are effectively straddling two paths on the road to innovation and transformation into digital enterprises. The first path is the heritage trail – with “legacy” technology forming the background. Here, extant technologies are transformed by core IT teams to provide more API-driven approaches. Legacy systems can restrict companies that are transitioning into digital enterprises. To truly become a lead...
"MathFreeOn.com is a line coding platform for engineers and scientists. When they want to solve an engineering problem and they have to use software - they have to pay a lot of money for licenses - but with MathFreeOn you don't have to pay a lot of money. Just go to our site and write the code and you can check the result right away," explained Simon Lee, CMO of MathFreeOn, in this SYS-CON.tv interview at 19th Cloud Expo, held November 1-3, 2016, at the Santa Clara Convention Center in Santa Cla...
You have great SaaS business app ideas. You want to turn your idea quickly into a functional and engaging proof of concept. You need to be able to modify it to meet customers' needs, and you need to deliver a complete and secure SaaS application. How could you achieve all the above and yet avoid unforeseen IT requirements that add unnecessary cost and complexity? You also want your app to be responsive in any device at any time. In his session at 19th Cloud Expo, Mark Allen, General Manager of...
The Internet of Things (IoT) promises to simplify and streamline our lives by automating routine tasks that distract us from our goals. This promise is based on the ubiquitous deployment of smart, connected devices that link everything from industrial control systems to automobiles to refrigerators. Unfortunately, comparatively few of the devices currently deployed have been developed with an eye toward security, and as the DDoS attacks of late October 2016 have demonstrated, this oversight can ...
In his session at 19th Cloud Expo, Claude Remillard, Principal Program Manager in Developer Division at Microsoft, contrasted how his team used config as code and immutable patterns for continuous delivery of microservices and apps to the cloud. He showed how the immutable patterns helps developers do away with most of the complexity of config as code-enabling scenarios such as rollback, zero downtime upgrades with far greater simplicity. He also demoed building immutable pipelines in the cloud ...
As data explodes in quantity, importance and from new sources, the need for managing and protecting data residing across physical, virtual, and cloud environments grow with it. Managing data includes protecting it, indexing and classifying it for true, long-term management, compliance and E-Discovery. Commvault can ensure this with a single pane of glass solution – whether in a private cloud, a Service Provider delivered public cloud or a hybrid cloud environment – across the heterogeneous enter...
Bert Loomis was a visionary. This general session will highlight how Bert Loomis and people like him inspire us to build great things with small inventions. In their general session at 19th Cloud Expo, Harold Hannon, Architect at IBM Bluemix, and Michael O'Neill, Strategic Business Development at Nvidia, discussed the accelerating pace of AI development and how IBM Cloud and NVIDIA are partnering to bring AI capabilities to "every day," on-demand. They also reviewed two "free infrastructure" pr...