8-29-13 12:05 PM EDT | Email Article
http://at.marketwire.com/accesstracking/AccessTrackingLogServlet?docid=0895160001&sourceType=1 http://www.ccnmatthews.com/logos/20110328-lingo0328.jpg

TORONTO, ONTARIO -- (Marketwired) -- 08/29/13 -- 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 second quarter ended June 30, 2013. All figures are reported in Canadian Dollars, and are in accordance with International Financial Reporting Standards unless otherwise noted.

During the quarter, the Company earned revenues of $715,618 and total comprehensive income of $107,080. The operating expenses reduced from $645,172 to $365,160 for the comparable period, an overall reduction of 43%. Lingo Media also increased the income per share to $0.005 as compared to a loss of $(0.004) for the period ended June 30, 2012.

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 
    --  advanced negotiations for renewal of co-publishing agreements for
        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: 
    
    --  accelerated the 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, Business Traveler, Master, Kids, and Placement
        Test 
    --  advanced re-development of Speak2Me with Advancina LLC, our
        strategic partner, to enhance and update Speak2Me.cn's product
        offering 
    --  continued testing of new product features and technology
        applications by gauging user input, feedback and acceptance 

Financial Highlights for the Second Quarter Ended June 30, 2013


----------------------------------------------------------------------------
Second Quarter Ended June 30                               2013        2012 
----------------------------------------------------------------------------
----------------------------------------------------------------------------
Revenue                                             $   715,618 $   737,163 
----------------------------------------------------------------------------
Operating Expenses                                      365,160     645,172 
----------------------------------------------------------------------------
Amortization, share-based payments, depreciation                            
 and impairment                                         124,453     109,589 
----------------------------------------------------------------------------
Finance charges, taxes, foreign                           5,765      (3,095)
----------------------------------------------------------------------------
Income tax expense                                       96,958      84,418 
----------------------------------------------------------------------------
Exchange differences on translating                      16,202     (14,245)
----------------------------------------------------------------------------
Total Expenses                                          608,538     821,839 
----------------------------------------------------------------------------
Total Comprehensive Income (loss)                       107,080     (84,676)
----------------------------------------------------------------------------
----------------------------------------------------------------------------

--  Revenue for the second quarter totalled $715,618 compared to $737,163
    for the same period in 2012, a decrease of 3%. 

----------------------------------------------------------------------------
Second Quarter Ended June 30                    2013        2012     Change 
----------------------------------------------------------------------------
----------------------------------------------------------------------------
Print-based English Language Learning    $   620,055 $   553,213       12.1%
----------------------------------------------------------------------------
Online English Language Learning              95,563     183,950      -48.0%
----------------------------------------------------------------------------
Total Revenue                                715,618     737,163       -2.9%
----------------------------------------------------------------------------
----------------------------------------------------------------------------

--  The decrease in online English Language Learning revenue is primarily
    due to ELL Technologies' strategic decision in Q3 2012 to initiate
    complete overhaul and redevelopment of its product portfolio and to
    gradually phase out sales of its legacy software. The Company continues
    the redesign of its product 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. The final phase of this
    redevelopment process is expected to be completed by the end of Q3, with
    pre-sales currently underway and full sales and marketing efforts will
    resume in Q4. 
--  Operating expenses for the quarter ended June 30, 2013 totalled $365,160
    as compared to $645,172 in 2012, a 43% decrease. Operating expenses
    decreased significantly as a result of reduced sales and marketing cost
    while the ELL Technologies' products are undergoing a complete redesign.
    The Company plans to resume its sales and marketing efforts in fourth
    quarter. 
--  Total comprehensive income totalled $107,080 or $0.005 per share based
    on 20.9 million shares outstanding compared to a total comprehensive
    loss of $(84,676) or $(0.004) loss per share based on 20.5 million
    shares outstanding. 

The financial statements for the period ended June 30, 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. 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.

Follow Lingo Media On:

Facebook: https://www.facebook.com/LingoMedia

Twitter: https://twitter.com/LingoMediaCorp

YouTube: https://www.youtube.com/lingomedialm

RSS: http://feeds.feedburner.com/LingoMedia

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 Corporation
Michael Kraft
President & CEO
(416) 927-7000 Ext. 23 or Toll Free: (866) 927-7011
(416) 927-1222 (FAX)
mkraft@lingomedia.com
www.lingomedia.com

Add a Comment

News   More...

Start Premium Trial Register For Free

P F Fund Financial Data (13,000+ funds)
P F Stock Financial Data (7,000+ stocks)
P F Stock and Fund Screeners (basic)
P F Investing Articles and Market Commentary
P F Articles Archive (>30 days)
P F Discuss (dozens of stock, fund, bond, and general bulletin boards)
P F Portfolio Manager (basic)
P F Morningstar Investment Classroom
P F Access Your Portfolio Anytime, Anywhere via Your Mobile Device
P   Morningstar Fund Analyst Reports (full research on 1,700 funds, ETFs, and CEFs)
P   Morningstar Stock Analyst Reports (full research on more than 1,100 stocks)
P   Portfolio Manager (advanced with 10 X-Ray analyses, including recommendations)
P   Portfolio Monitor (monthly and on-demand personalized portfolio statements)
P   Morningstar Proprietary Stock Information (stock star ratings, buy/sell prices, economic moat ratings, and more)
P   Morningstar 5-Star Stock and Fund Favorites & Red Flags eNewsletters
P   Premium Stock and Fund Screeners (advanced with nearly infinite ways to find the best securities for you)
P   Discounts on Morningstar newsletters, books, seminars, and more

Sign-up to Morningstar


Basic Access

Articles and Videos
Morningstar video reports, articles, data, and tools. Dig into our lineup of e-newsletters and investing classroom courses outlining sensible strategies for maximizing your investments.
Morningstar Discuss
Follow the buzz on individual stocks or fund families. Plus, read the latest posts from Morningstar members and analysts.
Portfolio Manager
Track your investments and watch lists with our Portfolio Manager. Customize your view with our comprehensive stock, fund, and ETF data.

Access these features and more when you sign up for Free Membership.
Join Morningstar today. It's Free.

Unlimited Access

Analyst Research
Gather in-depth, actionable insight on over 3,700 stock and mutual funds covered by Morningstar analysts. View our mutual fund Analyst Reports favored by professionals, savvy experienced investors, and new investors researching options for retirement savings, college plans, or other investment needs.
Portfolio X-Ray®
Ensure your portfolio is positioned exactly how you want with Morningstar's X-Ray Interpreter and Stock Intersection tools. A Barron's "Best of the Web" award winner for five years running, X-Ray Interpreter goes under the hood of your portfolio to provide a useful allocation, sector, and geographic analysis. And you can discover how much of a stock you really own, individually and through mutual funds, with Stock Intersection.
Investment Picks
Find new 5-star stocks (greatly undervalued companies) to consider daily. Our 5-star stock rating is a proven winner, consistently beating benchmarks like the S&P 500. Plus, browse our Fund Analyst Picks and Stewardship Grades to find shareholder-friendly mutual funds that are poised for outperformance.
Portfolio Monitor
Get a clear view of your investments with personalized reports about your portfolio. Receive monthly statements and generate reports on-demand to help you stay on track to meet your investment goals.

Access these features and more when you sign up for Premium Membership.
Start your free 14-day trial today online
Your subscription may be tax deductible. Please contact your tax advisor.

Content Partners
Morningstar - 2013/8/29 - Lingo Media Reports Second Quarter Results
Name |  Ticker |  Star Rating |  Market Cap |  Stock Type |  Sector |  Industry Star Rating |  Investment Style |  Total Assets |  Category |  Top Holdings |  Top Sectors |  Symbol |  Title Star Rating |  Category |  Total Assets |  Top Holdings |  Top Sectors |  Symbol |  Name Topic |  Sector |  Key Indicators |  User Interest |  Market Cap |  Industry Name |  Ticker |  Star Rating |  Market Cap |  Stock Type |  Sector |  Industry Star Rating |  Investment Style |  Total Assets |  Category |  Top Holdings |  Top Sectors |  Symbol / Ticker |  Title Star Rating |  Category |  Total Assets |  Symbol / Ticker |  Name Title |  Date |  Author |  Collection |  Popularity |  Interest Title |  Date |  Company |  Symbol |  Interest |  Popularity Title |  Date |  Company |  Symbol |  Interest |  Popularity Title |  Date |  Author |  Collection |  Interest |  Popularity

Previous: Linear, a Nortek Company, Wins Security Industry Association’s Prestigious Best New Product Award for New Z-Wave Garage Door Controller  |  Next: Link to Verizon Visual 411, Find and Contact Businesses, Score Money-Saving Coupons - and Get a Chance to Win $2,500!