TORONTO, Nov. 29, 2018 (GLOBE NEWSWIRE) — Lingo Media Corporation (TSX-V: LM; OTC: LMDCF) (“Lingo Media” or the “Company”), a global provider of digital and print-based English Language Learning solutions, announces its financial results for the third quarter ended September 30, 2018. All figures are reported in Canadian Dollars and are in accordance with International Financial Reporting Standards unless otherwise noted.
“Lingo Media continues to focus on delivering software and content development to address international market opportunities in the government, academic and corporate training sectors. During the third quarter of 2018, the Company entered into numerous strategic agreements, including closing multiple sales contracts, a distribution agreement for the Chinese market, and a worldwide alliance agreement to provide bundled courses with online testing services with iTEP International,” said Gali Bar-Ziv, COO of Lingo Media. “We continue to advance a deep and active sales pipeline and have been gaining traction in the marketplace, especially in Latin America and Asia. We continue to see strong market trends for English language learners and have positioned ourselves to capitalize on this sector growth with our fully modular and scalable innovative product offerings.”
Q3 2018 Operational Highlights
- entered into a commercial alliance agreement with iTEP International LLC, the developer of the International Test of English Proficiency, to provide bundled product and online English language learning testing solutions
- closed a sales contract and entered into a strategic agreement with Focus Your Mind in Colombia; Focus Your Mind has purchased licenses and is working with ELL Technologies to implement Focus Campus, a new on-line English language learning program across its network of schools and facilities
- entered into a distribution agreement with WARP Worldwide to market, distribute, and sell ELL Technologies’ full product suite of English language learning products and programs in China
- closed sales contract with Unidades Technologicas de Santander in Colombia, secured through distribution partner, e-Training SAS
Financial Highlights for the Third Quarter Ended September 30, 2018
| Third Quarter Ended September 30th | 2018 | 2017 | ||||
| Revenue | $ | 186,518 | $ | 354,914 | ||
| Operating expenses | 227,378 | 333,087 | ||||
| Development costs | 69,864 | – | ||||
| Income / (Loss) before amortization, share-based payments, depreciation, finance charges and taxes |
(110,724 | ) | 21,827 | |||
| Amortization, share-based payments and depreciation |
16,012 | 407,748 | ||||
| Finance charges, taxes, foreign exchange |
29,814 | 88,892 | ||||
| Total expenses | 343,068 | 829,727 | ||||
| Net loss | (156,550 | ) | (474,813 | ) | ||
| Total comprehensive loss | (160,765 | ) | (475,632 | ) | ||
| Loss per share | $ | (0.00 | ) | $ | (0.01 | ) |
- Revenue for the period ended September 30, 2018 totalled $186,518, compared to $354,914 in 2017
- Operating expenses for the period ended September 30, 2018 totalled $227,378, compared to $333,087 in 2017
- Development cost for the period ended September 30, 2018 totalled $69,864, compared to $nil in 2017 as the company previously capitalized all development costs as intangible assets
- Net loss for the period ended September 30, 2018 was $156,550 or $(0.00) per share (basic) based on 35.5 million weighted number of common shares as compared to net loss of $474,813 for 2017 or $(0.01) per share (basic) on 35.5 million weighted number of common shares.
- Loss before amortization, share-based payments, depreciation, finance charges and taxes was $110,724 compared to the income before amortization, share-based payments, depreciation, finance charges and taxes $21,827 in 2017.
Financial Highlights for the Nine-Month Period Ended September 30, 2018
| Nine Month Period Ended September 30th | 2018 | 2017 | ||||
| Revenue | $ | 1,227,032 | $ | 2,021,806 | ||
| Operating expenses | 802,169 | 1,034,861 | ||||
| Development cost | 407,300 | – | ||||
| Income before amortization, share-based payments, depreciation, finance charges and taxes |
17,563 | 986,945 | ||||
| Amortization, share-based payments and depreciation |
92,300 | 1,042,952 | ||||
| Finance charges, taxes and foreign exchange |
148,698 | 371,739 | ||||
| Total expenses | 1,450,467 | 2,449,552 | ||||
| Net loss | (223,435 | ) | (472,746 | ) | ||
| Total comprehensive loss | (227,014 | ) | (429,513 | ) | ||
| Loss per share | $ | (0.01 | ) | $ | ( 0.01 | ) |
- Income before amortization, share-based payments, depreciation, finance charges and taxes were $17,563, compared to $986,945
- Revenue for the nine months ended September 30, 2018 totalled $1,227,032, compared to $2,021,806 for the same period in 2017
- Operating expenses for the nine months ended September 30, 2018 totalled $802,169, compared to $1,034,861 for the same period in 2017
- Net loss for the nine months was $223,435, compared to $472,746 for the same period in 2017
The unaudited condensed interim financial statements for the quarter ended June 30, 2018 and Management Discussion & Analysis are available at www.sedar.com.
About Lingo Media
Lingo Media is a global provider of best-in-class digital and print-based English language learning solutions that are ‘Changing the way the world learns English’.
Developed for learners of English at every level, Lingo Media’s ELL Technologies products combine a vast content library with proprietary technology. ELL Technologies’ intuitive dashboards enable students to track and manage their progress, and allow teachers to organize and interact with students, providing ongoing support. Lingo Media’s Lingo Learning division is a print-based publisher of English language learning programs in China.
Lingo Media’s product and program are marketed through established sales channels to key education, government and business organizations in Latin America and China and continues to extend its global reach and expand its product offerings.
Follow Lingo Media On:
Facebook: https://www.facebook.com/LingoMedia
Twitter: @LingoMediaCorp
YouTube: https://www.youtube.com/lingomedialm
LinkedIn: https://www.linkedin.com/company/lingo-media-corporation
RSS: http://feeds.feedburner.com/LingoMedia
For further information, contact:
| Lingo Media
Kim Nguyen, Director of Corporate Communications |
Portions of this press release may include “forward-looking statements” within the meaning of securities laws. These statements are made in reliance upon Sections 21E and 27A of the Securities Exchange Act of 1934, which involve known and unknown risks, uncertainties or other factors that could cause actual results to differ materially from the results, performance, or expectations implied by these forward-looking statements. 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. Lingo Media has tried to identify these forward-looking statements by using words such as “may,” “should,” “expect,” “hope,” “anticipate,” “believe,” “intend,” “plan,” “estimate” and similar expressions. Lingo Media’s expectations, among other things, are dependent upon general economic conditions, the continued and growth in demand for its products, retention of its key management and operating personnel, its need for and availability of additional capital as well as other uncontrollable or unknown factors. No assurance can be given that the actual results will be consistent with the forward-looking statements. Except as otherwise required by US Federal securities laws, Lingo Media undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events, changed circumstances or any other reason. 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.
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