Lingo Media Reports First Quarter Results

Lingo Media Reports First Quarter Results 
TORONTO, ONTARIO -- (Marketwired) -- 05/29/13 -- 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 first quarter ended March 31, 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 reduced its operating expenses to
$351,609 from $679,018 for the comparable period, an overall
reduction of 48%. Lingo Media also reduced the loss per share to
$0.02 as compared to $0.03 for the period ended March 31, 2012. 
Operational Highlights 


 
--  Print-Based English Language Learning:
    
    --  secured approval for product revisions from China's State Ministry
        of Education for levels 5 and 6 of PEP Primary English 8 level
        program.  
    --  secured approval for product revisions from China's State Ministry
        of Education for levels 6, 7 and 8 of Starting Line 12 level program
    --  initiated 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 
    --  advanced sales of our new Scholar blended-learning program
        
--  Online English Language Learning:
    
    --  continued to redesign 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 
    --  initiated re-development of Speak2Me with Advancina LLC, our
        strategic partner, to enhance and update Speak2Me.cn's product
        offering 
    --  commenced testing of new product features and technology
        applications to gauge user input, feedback and acceptance 

 
Financial Highlights for the First Quarter Ended March 31, 2013 


 
----------------------------------------------------------------------------
First Quarter Ended March 31,                              2013        2012 
----------------------------------------------------------------------------
Revenue                                              $  137,754  $  257,927 
----------------------------------------------------------------------------
Operating expenses                                      351,609     679,018 
----------------------------------------------------------------------------
Amortization, share-based payments, and depreciation    120,315     131,336 
----------------------------------------------------------------------------
Interest, foreign exchange, and income taxes             64,781      76,194 
----------------------------------------------------------------------------
Total expenses                                          536,705     886,548 
----------------------------------------------------------------------------
Total comprehensive loss                               (398,951)   (628,621)
----------------------------------------------------------------------------
 
--  Revenue for the first quarter totalled $137,754 compared to $257,927 for
    the same period in 2012, a decrease of 46%. The decrease in revenue is
    primarily due to ELL Technologies' strategic decision in Q3 2012 to
    initiate 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 Q2, with
    pre-sales currently underway and full sales and marketing efforts will
    resume in Q3. 
--  Operating expenses for the quarter ended March 31, 2013 totalled
    $351,609 as compared to $679,018 in 2012, a 48% 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 third quarter. 
--  Total comprehensive loss totalled $398,951 or $0.02 per share based on
    20.9 million shares outstanding compared to a total comprehensive loss
    of $628,621 or $0.03 loss per share based on 20.5 million shares
    outstanding. 

 
The financial statements for the period ended March 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. 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 
Facebook: www.facebook.com/LingoMedia
Twitter: www.twitter.com/LingoMediaCorp
 
 
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