Lingo Media Reports 2013 Fourth Quarter and Year End Results

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 


 
 
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Fourth Quarter Ended December 31                            2013        2012
----------------------------------------------------------------------------
Revenue                                              $ 1,024,555 $   891,747
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Operating expenses                                       163,374     561,944
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Amortization, share-based payments, and depreciation     125,826     146,344
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Finance charges, taxes, foreign exchange                 114,686      66,902
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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 


 
 
-----------------------------------------------------------------------
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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. 
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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