SYS-CON MEDIA Authors: Roberto Medrano, Dmitriy Stepanov, Gilad Parann-Nissany, Srinivasan Sundara Rajan, Sean Houghton

News Feed Item

Lingo Media Reports 2013 Fourth Quarter and Year End Results

TORONTO, ONTARIO -- (Marketwired) -- 04/30/14 -- 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 fourth quarter and year ended December 31, 2013. 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:

    --  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
    --  negotiated seven year renewals of co-publishing agreements for both
        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:

    --  completed the final stages of 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, Master, Kids, and Placement
        Test
    --  continued to advance the re-development of Speak2Me with Advancina
        LLC, our strategic partner, to enhance and update Speak2Me.cn's
        product offering

Corporate Highlights


--  negotiated a one year extension to the term of the $880,000 loan
    outstanding for a further one year term to September 8, 2015

Financial Highlights for the Fourth Quarter Ended December 31, 2013


----------------------------------------------------------------------------
Fourth Quarter Ended December 31                            2013        2012
----------------------------------------------------------------------------
Revenue                                              $ 1,024,555 $   891,747
----------------------------------------------------------------------------
Operating expenses                                       163,374     561,944
----------------------------------------------------------------------------
Amortization, share-based payments, and depreciation     125,826     146,344
----------------------------------------------------------------------------
Finance charges, taxes, foreign exchange                 114,686      66,902
----------------------------------------------------------------------------
Total expenses                                           403,886     775,190
----------------------------------------------------------------------------
Net profit                                               620,669     116,557
----------------------------------------------------------------------------
Total Comprehensive Income                           $   558,765 $    38,611
----------------------------------------------------------------------------

--  Revenue for the fourth quarter ended December 31, 2013 totalled
    $1,024,555 compared to $891,747 for the same period in 2012.
--  Operating expenses for the quarter ended December 31, 2013 totalled
    $163,374 as compared to $561,944 in 2012.
--  Net profit for the quarter was $620,669 as compared to $116,557 for the
    same period in 2012.
--  Total comprehensive income for the fourth quarter was $558,765 or $0.028
    earnings per share based on 21.2 million shares compared to a total
    comprehensive income of $38,611 or $0.002 earnings per share based on
    20.9 million shares for the same period in 2012.

Financial Highlights for the Year Ended December 31, 2013


----------------------------------------------------------------------------
Year Ended December 31                                   2013          2012
----------------------------------------------------------------------------
Revenue                                           $ 2,008,066  $  2,016,261
----------------------------------------------------------------------------
Operating expenses                                  1,136,786     2,394,292
----------------------------------------------------------------------------
Amortization, share-based payments, and
 depreciation                                         500,599       618,785
----------------------------------------------------------------------------
Finance charges, taxes, foreign exchange              347,738       365,710
----------------------------------------------------------------------------
Total expenses                                      1,985,123     3,378,787
----------------------------------------------------------------------------
Net profit (loss)                                      22,943    (1,362,526)
----------------------------------------------------------------------------
Total Comprehensive Loss                          $   (56,311) $ (1,364,737)
----------------------------------------------------------------------------

--  Revenue for the year ended December 31, 2013 totalled $2.00 million, as
    compared to $2.02 million in 2012.
--  Operating expenses for the year ended December 31, 2013 totalled $1.14
    million compared to $2.39 million in 2012.
--  Profit from operations for the year ended December 31, 2013 was $370,681
    as compared to a loss from operations of $(996,816) in 2012.
--  Net profit for the year ended December 31, 2013 was $22,943 as compared
    to a net loss of $(1,362,526) for 2012. This improvement in
    profitability is primarily attributed to a reduction in selling, general
    and administrative expenses of $1.17 million.
--  Total comprehensive loss for 2013 was $(56,331) or $0.00 loss per share
    based on 21.2 million shares compared to a total comprehensive loss of
    $(1.36 million) or $0.07 loss per share based on 20.9 million shares as
    at December 31, 2012.

The audited financial statements for the year ended December 31, 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 (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
"Matrix is an ambitious open standard and implementation that's set up to break down the fragmentation problems that exist in IP messaging and VoIP communication," explained John Woolf, Technical Evangelist at Matrix, in this SYS-CON.tv interview at @ThingsExpo, held Nov 4–6, 2014, at the Santa Clara Convention Center in Santa Clara, CA.
SYS-CON Events announced today Isomorphic Software, the global leader in high-end, web-based business applications, will exhibit at SYS-CON's DevOps Summit 2015 New York, which will take place on June 9-11, 2015, at the Javits Center in New York City, NY. Isomorphic Software is the global leader in high-end, web-based business applications. We develop, market, and support the SmartClient & Smart GWT HTML5/Ajax platform, combining the productivity and performance of traditional desktop software ...
DevOps Summit 2015 New York, 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 widespread success of cloud computing is driving the DevOps revolution in enterprise IT. Now as never before, development teams must communicate and collaborate in a dynamic, 24/7/365 environment. There is no time to wait for long development cycles that produce software that is obsolete...
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 – is now accepting Hackathon proposals. Hackathon sponsorship benefits include general brand exposure and increasing engagement with the developer ecosystem. At Cloud Expo 2014 Silicon Valley, IBM held the Bluemix Developer Playground on November 5 and ElasticBox held the DevOps Hackathon on November 6. Both events took place on the expo fl...
We are reaching the end of the beginning with WebRTC, and real systems using this technology have begun to appear. One challenge that faces every WebRTC deployment (in some form or another) is identity management. For example, if you have an existing service – possibly built on a variety of different PaaS/SaaS offerings – and you want to add real-time communications you are faced with a challenge relating to user management, authentication, authorization, and validation. Service providers will w...
The term culture has had a polarizing effect among DevOps supporters. Some propose that culture change is critical for success with DevOps, but are remiss to define culture. Some talk about a DevOps culture but then reference activities that could lead to culture change and there are those that talk about culture change as a set of behaviors that need to be adopted by those in IT. There is no question that businesses successful in adopting a DevOps mindset have seen departmental culture change, ...
There's Big Data, then there's really Big Data from the Internet of Things. IoT is evolving to include many data possibilities like new types of event, log and network data. The volumes are enormous, generating tens of billions of logs per day, which raise data challenges. Early IoT deployments are relying heavily on both the cloud and managed service providers to navigate these challenges. In her session at Big Data Expo®, Hannah Smalltree, Director at Treasure Data, discussed how IoT, Big D...
The Internet of Things is tied together with a thin strand that is known as time. Coincidentally, at the core of nearly all data analytics is a timestamp. When working with time series data there are a few core principles that everyone should consider, especially across datasets where time is the common boundary. In his session at Internet of @ThingsExpo, Jim Scott, Director of Enterprise Strategy & Architecture at MapR Technologies, discussed single-value, geo-spatial, and log time series dat...
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.
The security devil is always in the details of the attack: the ones you've endured, the ones you prepare yourself to fend off, and the ones that, you fear, will catch you completely unaware and defenseless. The Internet of Things (IoT) is nothing if not an endless proliferation of details. It's the vision of a world in which continuous Internet connectivity and addressability is embedded into a growing range of human artifacts, into the natural world, and even into our smartphones, appliances, a...
The Internet of Things will put IT to its ultimate test by creating infinite new opportunities to digitize products and services, generate and analyze new data to improve customer satisfaction, and discover new ways to gain a competitive advantage across nearly every industry. In order to help corporate business units to capitalize on the rapidly evolving IoT opportunities, IT must stand up to a new set of challenges. In his session at @ThingsExpo, Jeff Kaplan, Managing Director of THINKstrateg...
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...
DevOps Summit 2015 New York, 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 widespread success of cloud computing is driving the DevOps revolution in enterprise IT. Now as never before, development teams must communicate and collaborate in a dynamic, 24/7/365 environment. There is no time to wait for long development cycles that produce software that is obsolete...
WebRTC defines no default signaling protocol, causing fragmentation between WebRTC silos. SIP and XMPP provide possibilities, but come with considerable complexity and are not designed for use in a web environment. In his session at @ThingsExpo, Matthew Hodgson, technical co-founder of the Matrix.org, discussed how Matrix is a new non-profit Open Source Project that defines both a new HTTP-based standard for VoIP & IM signaling and provides reference implementations.
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.