SYS-CON MEDIA Authors: Carmen Gonzalez, Yeshim Deniz, Sean Houghton, Glenn Rossman, Ignacio M. Llorente

News Feed Item

Lingo Media Reports 2012 Fourth Quarter and Year End Results

TORONTO, ONTARIO -- (Marketwired) -- 04/27/13 -- Lingo Media Corporation (TSX VENTURE:LM)(OTCBB:LMDCF) ("Lingo Media" or the "Company"), an ESL industry acquistion company that is 'Changing the way the world learns English', announces its financial results for the fourth quarter and year ended December 31, 2012. 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:

--  renewed agreements to develop, publish, distribute and sell 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 
--  co-published our 400 millionth unit 
--  completed product revisions for all eight levels of PEP Primary English
    program 
--  completed product revisions for the full set of 12 levels of Starting
    Line program  
--  secured approval for product revisions from China's State Ministry of
    Education for the first four levels of PEP Primary English and for the
    first six levels of Starting Line program.  
--  initiated sales of our new Quartet blended-learning program

--  Online English Language Learning:

--  initiated and advanced the redesign of the 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 . 
--  integrated a new and improved speech recognition technology 
--  completed the development of new English Proficiency Assessment Platform
--  signed a sales contract with La Presna in Panama to provide 10,000
    Scholar Online licenses to be used to expand their readership and ad
    revenues 
--  secured a pilot program with Madrid Local Police in Spain to provide
    Scholar and Worksheets with specialized content based on the real life
    needs of the police 
--  signed sales contracts with Intel Corp. to market and sell the Scholar
    CD's through their direct-to-consumer channel in Columbia 
--  secured first sale of 5,000 licenses of new Kids Online in Turkey

Corporate Highlights


--  negotiated a one year extension to the term of the $890,000 loan
    outstanding for a further one year term to September 8, 2013 
--  awarded the silver prize as Outstanding SME at the Canada China Business
    Excellence Awards on November 27, 2012 at a ceremony in Montreal, Canada
    to officially recognize the enterprise that best exemplifies the
    innovative inclusion of China in its growth and overall strategies. 
--  launched our acquistion and M&A strategy and several ESL and other
    education assets are under review

Financial Highlights for the Fourth Quarter Ended December 31, 2012


----------------------------------------------------------------------------
Fourth Quarter Ended December 31                  2012                 2011 
----------------------------------------------------------------------------
Revenue                                      $ 891,747            $ 960,851 
----------------------------------------------------------------------------
Operating Expenses                             561,944              480,833 
----------------------------------------------------------------------------
Amortization, share-based payments,                                         
 and depreciation                              146,344              626,400 
----------------------------------------------------------------------------
Impairment loss                                      -              703,600 
----------------------------------------------------------------------------
Finance charges, taxes, foreign                                             
 exchange                                      144,848              275,246 
----------------------------------------------------------------------------
Total Expenses                                 853,136            2,086,079 
----------------------------------------------------------------------------
Total comprehensive loss                        38,611           (1,125,228)
----------------------------------------------------------------------------

--  Revenue for the fourth quarter ended December 31, 2012 totalled $891,747
    compared to $960,851 for the same period in 2011. The Company has been
    redesigning the user interface, learning management system and the
    multi-browser delivery system for desktops and tablets for its ELL
    Technologies suite of products including Scholar, Business, Business
    Traveler, Master, Kids, and Placement Test. The redesign is expected to
    be completed and full sales efforts will resume before the end of the
    second quarter. 
--  Operating expenses for the quarter ended December 31, 2012 totalled
    $561,944 as compared to $480,833 in 2011. 
--  Total comprehensive income totalled $38,611 or $0.002 per share based on
    20.9 million shares outstanding compared to a total comprehensive loss
    of $1,125,228 or $0.05 loss per share based on 20.5 million shares
    outstanding. 

Financial Highlights for the Year Ended December 31, 2012


----------------------------------------------------------------------------
Year Ended December 31                             2012                2011 
----------------------------------------------------------------------------
Revenue                                     $ 2,016,261         $ 2,066,969 
----------------------------------------------------------------------------
Operating Expenses                            2,394,292           2,482,304 
----------------------------------------------------------------------------
Amortization, share-based payments,                                         
 and depreciation                               618,785           3,084,339 
----------------------------------------------------------------------------
Impairment loss                                       -             703,600 
----------------------------------------------------------------------------
Finance charges, taxes, foreign                                             
 exchange                                       367,921             596,352 
----------------------------------------------------------------------------
Total Expenses                                3,380,998        6, 6,866,595 
----------------------------------------------------------------------------
Total comprehensive loss                     (1,364,737)         (4,799,626)
----------------------------------------------------------------------------

--  Revenue for the year ended December 31, 2012 totalled $2.02 million, a
    decrease of 4% compared to $2.07 million for the same period in 2011. 


--  Total comprehensive loss for 2012 was $1.36 million or $0.07 loss per
    share based on 20.6 million shares compared to a total comprehensive
    loss of $4.80 million or $0.25 loss per share based on 18.8 million
    shares as at December 31, 2011. The loss decreased as a result of
    decreased expenditures related to cost rationalization, reduced
    financial expenses and share-based compensation, along with a
    significant reduction in the amortization of intangibles. 
--  Operating expenses for the year ended December 31, 2012 totalled $2.39
    million compared to $2.48 million in 2011.

The audited financial statements for the year ended December 31, 2012 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
Connected devices and the Internet of Things are getting significant momentum in 2014. In his session at Internet of @ThingsExpo, Jim Hunter, Chief Scientist & Technology Evangelist at Greenwave Systems, examined three key elements that together will drive mass adoption of the IoT before the end of 2015. The first element is the recent advent of robust open source protocols (like AllJoyn and WebRTC) that facilitate M2M communication. The second is broad availability of flexible, cost-effective ...
Scott Jenson leads a project called The Physical Web within the Chrome team at Google. Project members are working to take the scalability and openness of the web and use it to talk to the exponentially exploding range of smart devices. Nearly every company today working on the IoT comes up with the same basic solution: use my server and you'll be fine. But if we really believe there will be trillions of these devices, that just can't scale. We need a system that is open a scalable and by using ...
The 3rd International Internet of @ThingsExpo, co-located with the 16th International Cloud Expo - to be held June 9-11, 2015, at the Javits Center in New York City, NY - announces that its Call for Papers is now open. The Internet of Things (IoT) is the biggest idea since the creation of the Worldwide Web more than 20 years ago.
"SAP had made a big transition into the cloud as we believe it has significant value for our customers, drives innovation and is easy to consume. When you look at the SAP portfolio, SAP HANA is the underlying platform and it powers all of our platforms and all of our analytics," explained Thorsten Leiduck, VP ISVs & Digital Commerce at SAP, in this SYS-CON.tv interview at 15th Cloud Expo, held Nov 4-6, 2014, at the Santa Clara Convention Center in Santa Clara, CA.
SAP is delivering break-through innovation combined with fantastic user experience powered by the market-leading in-memory technology, SAP HANA. In his General Session at 15th Cloud Expo, Thorsten Leiduck, VP ISVs & Digital Commerce, SAP, discussed how SAP and partners provide cloud and hybrid cloud solutions as well as real-time Big Data offerings that help companies of all sizes and industries run better. SAP launched an application challenge to award the most innovative SAP HANA and SAP HANA...
How do APIs and IoT relate? The answer is not as simple as merely adding an API on top of a dumb device, but rather about understanding the architectural patterns for implementing an IoT fabric. There are typically two or three trends: Exposing the device to a management framework Exposing that management framework to a business centric logic Exposing that business layer and data to end users. This last trend is the IoT stack, which involves a new shift in the separation of what stuff happe...
DevOps is all about agility. However, you don't want to be on a high-speed bus to nowhere. The right DevOps approach controls velocity with a tight feedback loop that not only consists of operational data but also incorporates business context. With a business context in the decision making, the right business priorities are incorporated, which results in a higher value creation. In his session at DevOps Summit, Todd Rader, Solutions Architect at AppDynamics, discussed key monitoring techniques...
SYS-CON Events announced today that Gridstore™, the leader in hyper-converged infrastructure purpose-built to optimize Microsoft workloads, will exhibit at SYS-CON's 16th International Cloud Expo®, which will take place on June 9-11, 2015, at the Javits Center in New York City, NY. Gridstore™ is the leader in hyper-converged infrastructure purpose-built for Microsoft workloads and designed to accelerate applications in virtualized environments. Gridstore’s hyper-converged infrastructure is the ...
The 3rd International @ThingsExpo, co-located with the 16th International Cloud Expo - to be held June 9-11, 2015, at the Javits Center in New York City, NY - announces that it is now accepting Keynote Proposals. The Internet of Things (IoT) is the most profound change in personal and enterprise IT since the creation of the Worldwide Web more than 20 years ago. All major researchers estimate there will be tens of billions devices - computers, smartphones, tablets, and sensors - connected to th...
"There is a natural synchronization between the business models, the IoT is there to support ,” explained Brendan O'Brien, Co-founder and Chief Architect of Aria Systems, in this SYS-CON.tv interview at the 15th International Cloud Expo®, held Nov 4–6, 2014, at the Santa Clara Convention Center in Santa Clara, CA.
Fundamentally, SDN is still mostly about network plumbing. While plumbing may be useful to tinker with, what you can do with your plumbing is far more intriguing. A rigid interpretation of SDN confines it to Layers 2 and 3, and that's reasonable. But SDN opens opportunities for novel constructions in Layers 4 to 7 that solve real operational problems in data centers. "Data center," in fact, might become anachronistic - data is everywhere, constantly on the move, seemingly always overflowing. Net...
An entirely new security model is needed for the Internet of Things, or is it? Can we save some old and tested controls for this new and different environment? In his session at @ThingsExpo, New York's at the Javits Center, Davi Ottenheimer, EMC Senior Director of Trust, reviewed hands-on lessons with IoT devices and reveal a new risk balance you might not expect. Davi Ottenheimer, EMC Senior Director of Trust, has more than nineteen years' experience managing global security operations and asse...
The 4th International DevOps Summit, co-located with16th International Cloud Expo – being held June 9-11, 2015, at the Javits Center in New York City, NY – announces that its Call for Papers is now open. Born out of proven success in agile development, cloud computing, and process automation, DevOps is a macro trend you cannot afford to miss. From showcase success stories from early adopters and web-scale businesses, DevOps is expanding to organizations of all sizes, including the world's large...
SYS-CON Media announced that Centrify, a provider of unified identity management across cloud, mobile and data center environments that delivers single sign-on (SSO) for users and a simplified identity infrastructure for IT, has launched an ad campaign on Cloud Computing Journal. The ads focus on security: how an organization can successfully control privilege for all of the organization’s identities to mitigate identity-related risk without slowing down the business, and how Centrify provides ...
The Internet of Things promises to transform businesses (and lives), but navigating the business and technical path to success can be difficult to understand. In his session at @ThingsExpo, Sean Lorenz, Technical Product Manager for Xively at LogMeIn, demonstrated how to approach creating broadly successful connected customer solutions using real world business transformation studies including New England BioLabs and more.