Lingo Media earns $979,103 in Q2 Lingo Media earns $979,103 in Q2
Lingo Media Corp (C:LM)
Shares Issued 27,479,177
Last Close 8/26/2015 $0.29
Thursday August 27 2015 - News Release
Mr. Michael Kraft reports
LINGO MEDIA REPORTS NET INCOME OF $993,552 OR $0.04 PER SHARE FOR SECOND QUARTER 2015
Lingo Media Corp. has relased its financial results for the second quarter ended June 30, 2015. For the quarter, the Company reported revenue of $1.79 Million and net comprehensive income of $993,552 or $0.04 per share. All figures are reported in Canadian Dollars, and are in accordance with International Financial Reporting Standards unless otherwise noted.
Michael Kraft, President & CEO of Lingo Media, stated, "We are pleased to report record financial results for the second quarter of 2015. This performance is attributable to an increase in revenue from digital learning which increased approximately 776% year-over-year. In the quarter, digital revenue as a percentage of total revenue was greater than print-based revenue for the first time in our operating history. This is a direct result of our enhanced sales and marketing effort which led to securing new sales contracts in Colombia, Mexico, Peru and other Latin American markets. The EdTech market for English language learning continues to present us with favourable sales growth opportunities in Latin America and globally."
Operational Highlights Print-Based English Language Learning:launched primary-level, PEP Primary English program into additional provinces in ChinaOnline 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 coursessignificantly expanded our digital English language learning library by entering a licensing agreement to digitize and globally distribute the best-selling general English program in Canada, Connecting Doorscompleted digitization of Connecting Doors content, released as a Software-as-a-Service platform where it will generate licensing and maintenance fees under the brand Campus for young adults from junior middle school through to undergraduates (ages 13 and up) and can extend to adult learnersadvanced the development of English Academy, a new ELL Technologies' program for the primary school market for 8 - 12 years old, which will complete our suite of products for K-12.continued the re-design of ELL Technologies' Winnie's World, for the pre-kindergarten and kindergarten levels (ages 4-7)supported existing software sales contracts in China and Europe secured new software licensing contracts for ELL Technologies' programs in Colombia, Mexico and Peru
Michael Kraft continued, "During the second half of 2015, we expect our revenue growth and profitability to trend in a similar fashion as to the first half of 2015. We look forward to providing our shareholders with updates as we continue to achieve sales and earnings milestones."
Financial Highlights for the Second Quarter Ended June 30, 2015 ---------------------------------------------------------------------------- Second Quarter Ended June 30 2015 2014 ---------------------------------------------------------------------------- Revenue $ 1,794,659 $ 877,879 ---------------------------------------------------------------------------- Operating expenses 422,569 319,430 ---------------------------------------------------------------------------- Amortization, share-based payments and depreciation 183,145 148,535 ---------------------------------------------------------------------------- Finance charges, taxes and foreign exchange 209,842 192,281 ---------------------------------------------------------------------------- Total expenses 815,556 660,246 ---------------------------------------------------------------------------- Net profit 979,103 217,633 ---------------------------------------------------------------------------- Total comprehensive income $ 993,552 $ 200,534 ---------------------------------------------------------------------------- Earnings per share $ 0.04 $ 0.01 ----------------------------------------------------------------------------
Revenue for the second quarter ended June 30, 2015 totalled $1,794,659 compared to $877,879 for the same period in 2014, a 104% increase. Operating expenses for the quarter ended June 30, 2015 totalled $422,569 as compared to $319,430 for the same period in 2014, due to expanded sales and marketing initiatives.Net profit for the quarter was $979,103 as compared to $217,633 for the same period in 2014, primarily a result of an increase in revenue of $916,780. Total comprehensive income for the quarter was $993,552 or $0.04 earnings per share based on 25.9 million shares compared to a total comprehensive income of $200,534 or $0.01 earnings per share based on 21.8 million shares for the same period in 2014.Income before amortization, share-based payments, depreciation, finance charges and taxes was $1,372,090 compared to $558,449 in 2014.
Financial Highlights for the Six Month Period Ended June 30, 2015 ---------------------------------------------------------------------------- Six Month Period Ended June 30 2015 2014 ---------------------------------------------------------------------------- Revenue $ 2,446,286 $ 1,113,930 ---------------------------------------------------------------------------- Operating expenses 742,032 594,874 ---------------------------------------------------------------------------- Amortization, share-based payments and depreciation 394,143 281,685 ---------------------------------------------------------------------------- Finance charges, taxes and foreign exchange 105,579 72,604 ---------------------------------------------------------------------------- Total expenses 1,241,754 949,163 ---------------------------------------------------------------------------- Net profit 1,204,532 164,767 ---------------------------------------------------------------------------- Total comprehensive income $ 1,140,150 $ 18,969 ---------------------------------------------------------------------------- Earnings per share $ 0.05 $ 0.00 ----------------------------------------------------------------------------
Revenue for the six months ended June 30, 2015 totalled $2,446,286 compared to $1,113,930 for the same period in 2014, a 120% increase. Operating expenses for the six months ended June 30, 2015 totalled $742,032 as compared to $594,874 for the same period in 2014, a result of expanded sales and marketing initiatives.Net profit for the six months was $1,204,532 as compared to net profit $164,767 for the same period in 2014 is primarily attributed to the revenue increase of $1,332,356. Total comprehensive income for the six months was $1,140,150 or $0.05 earnings per share based on 23.3 million shares compared to a total comprehensive income of $18,969 or $0.00 earnings per share based on 21.8 million shares for the same period in 2014.Income before amortization, share-based payments, depreciation, finance charges and taxes was $1,704,254 compared to $519,056 in 2014.
The unaudited interim financial statements for the period ended June 30, 2015 and Management Discussion & Analysis are available at www.sedar.com.
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