CORRECTION FROM SOURCE: Lingo Media Reports 2012 Fourth Quarter and Year End Results

CORRECTION FROM SOURCE: Lingo Media Reports 2012 Fourth Quarter and Year End 
Results 
TORONTO, ONTARIO -- (Marketwired) -- 04/26/13 --  
This document corrects and replaces the release sent today at 11:19
PM ET. In the second table under the Financial Highlight for the Year
Ended December 31, 2012, there was an extra 6 beside Total Expenses.
We should read 6,866,595 instead of 6,6,866,595. 
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           6,866,595 
----------------------------------------------------------------------------
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 millio
n
    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 
Contacts:
Lingo Media
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
 
 
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