Lingo Media earns $225,429 in Q1 2015 Lingo Media earns $225,429 in Q1 2015
Lingo Media Corp (C:LM)
Shares Issued 27,379,177
Last Close 5/27/2015 $0.235
Thursday May 28 2015 - News Release
Mr. Michael Kraft reports
LINGO MEDIA REPORTS FIRST QUARTER 2015 RESULTS
Lingo Media Corp. has released its financial results for the first quarter ended March 31, 2015. All figures are reported in Canadian Dollars, and are in accordance with International Financial Reporting Standards unless otherwise noted.
"We are pleased with our results for Q1 2015 with revenue growth of 176% and significant improvement in profitability. Management expects this financial trending to continue throughout the balance of 2015 with revenue increases to be reported in Q2 and Q4, as a result of seasonality in semi-annual legacy royalty revenues combined with increased revenues from our elearning division's new products and new markets. The ESL EdTech market is presenting us with favourable sales growth opportunities in Latin America along with M&A opportunities. We look forward to providing our shareholders with updates as we continue to grow our company with solid cash flow and profitability," said Michael Kraft, President & CEO of Lingo Media.
Operational Highlights
Print-Based English Language Learning:expanded the market for PEP Primary English program into new provinces Online English Language Learning:completed the development of two leading-edge technology tools, Lesson Builder and Course Builder enabling educators to easily create, convert, edit, and arrange online lessons and courses advanced the development of Academy, a new ELL Technologies' program for the primary school market expanded sales and marketing activities of ELL Technologies' redesigned Master and Scholarprograms
Corporate Highlights
completed a strategic alliance with a software research and development company, Vizualize Technologies Corporation, specializing in EdTech
Financial Highlights for the First Quarter Ended March 31, 2015 ---------------------------------------------------------------------------- First Quarter Ended March 31st 2015 2014 ---------------------------------------------------------------------------- Revenue $ 651,627 $ 236,051 ---------------------------------------------------------------------------- Operating expenses 319,463 275,444 ---------------------------------------------------------------------------- Income before amortization, share-based payments, depreciation, finance charges and taxes 332,164 (39,393) ---------------------------------------------------------------------------- Amortization, share-based payments, and depreciation 210,998 133,150 ---------------------------------------------------------------------------- Finance charges, taxes, foreign exchange (104,263) (119,677) ---------------------------------------------------------------------------- Net Profit (Loss) 225,429 (52,866) ---------------------------------------------------------------------------- Total Comprehensive Income $ 146,598 $(181,565) ----------------------------------------------------------------------------
Revenue for the first quarter ended March 31, 2015 totalled $651,627 compared to $236,051 for the same period in 2014, a 176% increase. Operating expenses for the quarter ended March 31, 2015 totalled $319,463 as compared to $275,444 for the same period in 2014, due to increased operations including expanded sales & marketing initiatives.Net profit for the quarter was $225,429 as compared to net loss $(52,866) for the same period in 2014 is primarily attributed to the increase in revenue of $415,576. Total comprehensive income for the first quarter was $146,598 or $0.01 earnings per share based on 22.1 million shares compared to a total comprehensive loss of $(181,565) or $(0.00) loss per share based on 21.4 million shares for the same period in 2014.Income before amortization, share-based payments, depreciation, finance charges and taxes was $332,164 compared to loss of $(39,393) in 2014.
The unaudited financial statements for the quarter ended March 31, 2015 and Management Discussion & Analysis are available at www.sedar.com.
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