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TORONTO, May 28, 2021 /CNW/ - Lingo Media Corporation (TSXV: LM) (OTC: LMDCF) (FSE: LIMA) ("Lingo Media" or the "Company"), an EdTech company that is 'Changing the way the world learns languages' through innovative online and print-based technologies and solutions, announces its financial results for the first quarter ended March 31, 2021. All figures are reported in Canadian Dollars and are in accordance with International Financial Reporting Standards unless otherwise noted.
Q1 2021 Operational Highlights
Online English Language Learning:
Print-Based English Language Learning:
Q1 2021 Financial Highlights
First Quarter Ended March 31st
Operating and development expenses (recovery)
Income (loss) before amortization,
share-based payments, depreciation, finance charges and taxes
Amortization, share-based payments, and depreciation
Finance charges, taxes, foreign exchange
Net profit (loss)
Total comprehensive income (loss)
Earnings (loss) per share
Revenue for the first quarter ended March 31, 2021 totalled $149,080 as compared to $97,013 in Q1 2020.
Operating and development expenses for the quarter ended March 31, 2020 totaled $392,605 compared to the expenses recovery of $(198,931) in Q1 2020. In Q1 2020, the Company received an Ontario Interactive Digital Media Tax Credit ("OIDMTC") of $904,940 which was recorded as reduction of Selling, General and Administrative Expenses.
Net loss for the quarter ended March 31, 2021 was $(416,677) or $(0.01) loss per share (basic) based on 35.5 million shares or $(0.01) loss per share (diluted) based on 39.5 million shares as compared to a net profit of $399,080 for Q1 2020 or $0.01 earnings per share (basic and diluted) based on 35.5 million.
Loss before amortization, share-based payments, depreciation, finance charges and taxes were $(295,525) in Q1 2021 compared to the income of $246,057 in Q1 2020.
"During Q1-21, we added customers and expanded our general online course offerings. We are focused on expanding our eLearning revenues and have added experienced sales personnel to our team. With our expanded capabilities and feedback from satisfied clients and distributors, we expect sales growth in our current quarter and beyond, said Gali Bar-Ziv, President & CEO of Lingo Media.
The unaudited condensed interim financial statements for the quarter ended March 31, 2021 and Management Discussion & Analysis are available at www.sedar.com.
About Lingo Media (TSX-V: LM; OTCQB: LMDCF)
Lingo Media is a global EdTech company that is 'Changing the way the world learns language', developing and marketing products for learners of English through various life stages, from classroom to boardroom. By integrating education and technology, the company empowers English language educators to easily transition from traditional teaching methods to digital learning.
Lingo Media provides both online and print-based solutions through two distinct business units: ELL Technologies and Lingo Learning. ELL Technologies provides online training and assessment for language learning, while Lingo Learning is a print-based publisher of English language learning programs in China.
Lingo Media has formed successful relationships with key government and industry organizations internationally, with a particularly strong presence in Latin America and China and the U.S. and continues to both extend its global reach and expand its product offerings.
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Portions of this press release may include "forward-looking statements" within the meaning of securities laws. These statements are made in reliance upon Sections 21E and 27A of the Securities Exchange Act of 1934, which involve known and unknown risks, uncertainties or other factors that could cause actual results to differ materially from the results, performance, or expectations implied by these forward-looking statements. 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. Lingo Media has tried to identify these forward-looking statements by using words such as "may," "should," "expect," "hope," "anticipate," "believe," "intend," "plan," "estimate" and similar expressions. Lingo Media's expectations, among other things, are dependent upon general economic conditions, the continued and growth in demand for its products, retention of its key management and operating personnel, its need for and availability of additional capital as well as other uncontrollable or unknown factors. No assurance can be given that the actual results will be consistent with the forward-looking statements. Except as otherwise required by US Federal securities laws, Lingo Media undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events, changed circumstances or any other reason. 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
SOURCE Lingo Media Corporation
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