Lingo Media Reports Financial Results for the First Quarter Ended March 31, 2020

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Lingo Media Reports Financial Results for the First Quarter Ended March 31, 2020

Canada NewsWire

TORONTO, May 29, 2020 /CNW/ - Lingo Media Corporation (TSX-V: LM; OTCQB: LMDCF; FSE: LIMA) ("Lingo Media" or the "Company"), an EdTech company that is 'Changing the way the world learns languages' through innovative online and print-based technologies and solutions, announces its financial results for the first quarter ended March 31, 2020.  All figures are reported in Canadian Dollars and are in accordance with International Financial Reporting Standards unless otherwise noted.

Q1 2020 Operational Highlights

  • Online English Language Learning:
    • entered into an agreement to sell English for Success to Liberty University
    • entered into an agreement with one of the largest global language learning providers in Colombia to market its Campus program as a white label solution to their customer base
    • added advanced functionality for distributors to manage their clients' relationships through monitoring inventory of licenses and other key metrics.
    • signed new distributor in Costa Rica, Learning 506
    • signed new distributor in Mexico, CAFÉ S.A.S.
    • advanced development of its teaching methodology course
  • Print-Based English Language Learning:
    • expanded the existing market for PEP Primary English program into an additional province in China

Q1 2020 Financial Highlights

First Quarter Ended March 31st  


2020


2019

Revenue

$

97,124

$

111,964

Operating and development expenses (recovery)


(198,931)


321,939

Income (Loss) before amortization,

share-based payments, depreciation, finance charges

and taxes


 

 

246,057


 

 

(267,696)

Amortization, share-based payments, and depreciation


30,785


32,168

Finance charges, taxes, foreign exchange


31,651


14,658

Total expenses (recovery)


(136,495)


426,486

Net income (loss)


233,619


(314,522)

Total comprehensive income (loss)


399,080


(328,899)

Earnings (Loss) per share

$

0.01

$

(0.00)

 

  • Revenue for the period ended March 31, 2020 totalled $97,124 as compared to $111,964 in Q1 2019.
  • Operating and development expenses (recovery) for the period ended March 31, 2020 totaled ($198,931) compared to the expenses of $321,939 in Q1 2019. The recovery of costs in Q1 2020 was primarily due to the receipt of grant funding from the Province of Ontario's Ontario Interactive Digital Media Tax Credit ("OIDMTC") in the amount of $904,940.
  • Net profit for the quarter ended March 31, 2020 was $233,619 or $0.01 earnings per share (basic) based on 35.5 million shares as compared to a net loss of ($314,522) for 2019 or ($0.00) loss per share (basic) based on 35.5 million shares.
  • Income before amortization, share-based payments, depreciation, finance charges and taxes was $246,057 compared to the loss of ($328,441) in 2019.

"We are very pleased with the addition of key distributors in our core markets. These distributors have already begun introducing our suite of solutions to their customer base. Our continued investment in technology and content is positioning us for growth in the coming quarters," said Gali Bar-Ziv, President & CEO of Lingo Media. "While COVID-19 started impacting some of our channel partiers in March, we do see a growing reception by educational institutions and their students for remote and e-learning now and in the future, which we intend to capitalize on."

The unaudited condensed interim financial statements for the quarter ended March 31, 2020 and Management Discussion & Analysis are available at www.sedar.com.

About Lingo Media (TSX-V: LM; OTCQB: LMDCF)

Lingo Media is a global EdTech company that is 'Changing the way the world learns language', 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 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 the U.S. and continues to both 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

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 statementsLingo 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

SOURCE Lingo Media Corporation

Cision View original content: http://www.newswire.ca/en/releases/archive/May2020/29/c6821.html

Copyright CNW Group 2020

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