TORONTO, ON--(Marketwired - April 29, 2016) - Lingo Media Corporation (TSX VENTURE: LM) (OTCQB: LMDCF) ("Lingo Media" or the "Company"), an EdTech company that is 'Changing the way the world learns English' through innovative online and print-based technologies and solutions, announces its financial results for the fourth quarter and year ended December 31, 2015. All figures are reported in Canadian Dollars and are in accordance with International Financial Reporting Standards unless otherwise noted.
"We are pleased to report record financial results for 2015. Our revenue growth was in excess of 96% while profitability was significantly improved, resulting in net profit of $2,532,057 or $0.10 per share (basic) and $0.09 per share (fully diluted). The English learning EdTech market is presenting us with very favourable growth opportunities in Latin America and beyond. We look forward to providing shareholders with updates as we continue to build the business and explore market expansion opportunities," said Michael Kraft, President & CEO of Lingo Media.
2015 Operational Highlights
Corporate Highlights
Financial Highlights for the Year Ended December 31, 2015
Year Ended December 31st | 2015 | 2014 | ||||
Revenue | $ | 4,925,735 | $ | 2,512,464 | ||
Operating expenses | 1,442,574 | 1,332,823 | ||||
Income before amortization, share-based payments, depreciation, finance charges and taxes | 3,483,161 | 1,286,079 | ||||
Amortization, share-based payments, and depreciation | 881,337 | 655,906 | ||||
Finance charges, taxes, foreign exchange | 69,767 | 379,722 | ||||
Total expenses | 2,393,678 | 2,368,451 | ||||
Net profit | 2,532,057 | 144,013 | ||||
Earnings per share (basic) | $ | 0.10 | $ | 0.01 | ||
Earnings per share (fully diluted) | $ | 0.09 | $ | 0.01 | ||
Financial Highlights for the Fourth Quarter Ended December 31, 2015
Fourth Quarter Ended December 31st | 2015 | 2014 | ||||
Revenue | $ | 1,276,248 | $ | 1,176,066 | ||
Operating expenses | 238,087 | 465,078 | ||||
Income before amortization, share-based payments, depreciation, finance charges and taxes | 1,038,161 | 710,988 | ||||
Amortization, share-based payments,and depreciation | 309,031 | 188,867 | ||||
Finance charges, taxes, foreign exchange | 95,905 | 363,729 | ||||
Total expenses | 643,023 | 1,017,674 | ||||
Net profit | 633,225 | 158,392 | ||||
Earnings per share (basic) | $ | 0.02 | $ | 0.01 | ||
The audited financial statements for the year ended December 31, 2015 and Management Discussion & Analysis are available at www.sedar.com.
About Lingo Media (TSX VENTURE: LM) (OTCQB: LMDCF)
Lingo Media is a global EdTech company that is 'Changing the way the world learns English', developing and marketing products for learners of English through various life stages, from classroom to boardroom. By integrating education and technology, the company empowers English language educators to easily transition from traditional teaching methods to digital learning.
Lingo Media provides both online and print-based solutions through two distinct business units: ELL Technologies and Lingo Learning. ELL Technologies provides online training and assessment for English language learning, while Lingo Learning is a print-based publisher of English language learning programs in China.
Lingo Media has formed successful relationships with key government and industry organizations internationally, with a particularly strong presence in Latin America and China, and continues to both extend its global reach and expand its product offerings.
To learn more, visit us at www.lingomedia.com
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
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.
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
For further information, contact:
Lingo Media
Michael Kraft
President & CEO
Tel: (+1) 416-927-7000 Ext. 23
Toll Free: 1-866-927-7011
Email: [email protected]