Lingo Media Reports Second Quarter Results

Lingo Media Reports Second Quarter Results 
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, 201
3 


 
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Second Quarter Ended June 30                               2013        2012 
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Revenue                                             $   715,618 $   737,163 
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Operating Expenses                                      365,160     645,172 
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Amortization, share-based payments, depreciation                            
 and impairment                                         124,453     109,589 
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Finance charges, taxes, foreign                           5,765      (3,095)
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Income tax expense                                       96,958      84,418 
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Exchange differences on translating                      16,202     (14,245)
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Total Expenses                                          608,538     821,839 
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Total Comprehensive Income (loss)                       107,080     (84,676)
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--  Revenue for the second quarter totalled $715,618 compared to $737,163
    for the same period in 2012, a decrease of 3%. 
 
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Second Quarter Ended June 30                    2013        2012     Change 
----------------------------------------------------------------------------
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Print-based English Language Learning    $   620,055 $   553,213       12.1%
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Online English Language Learning              95,563     183,950      -48.0%
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Total Revenue                                715,618     737,163       -2.9%
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--  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
 
 
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