Lingo Media Corporation
TSX VENTURE : LM
OTC Bulletin Board : LMDCF

Lingo Media Corporation

November 30, 2010 08:45 ET

Lingo Media Reports Third Quarter Results

TORONTO, ONTARIO--(Marketwire - Nov. 30, 2010) - Lingo Media Corporation (TSX VENTURE:LM)(OTCBB:LMDCF) ("Lingo Media" or the "Company"), a leader in online and print-based English language learning solutions, announces its financial results for the third quarter ended September 30, 2010. All figures are reported in Canadian dollars, and are in accordance with Canadian GAAP unless otherwise noted.

Business Highlights 

  • Lingo Learning co-published its 350 millionth unit with People's Education Press, the Chinese Government's State Ministry of Education's publishing arm
  • Speak2Me started building out its Study Abroad channel
  • Parlo consumer site, www.MyParlo.com, launched its affiliate marketing program with Australia Network
  • ELL Technologies has been successfully integrated and launched its South American expansion plan with a distributor and end customers in Columbia with plans to expand in Columbia and to other South American countries.
  • Presented at US investor conferences including Global Hunter Securities 2010 China Conference and Rodman & Renshaw Annual Global Investment Conference
  • Appointed Ryan Robertson as Chief Financial Officer. Mr. Robertson brings accounting and finance experience and completes our executive team
  • Closed a $1,000,000 loan financing
  • Expanded our board of directors through the appointments of Tommy Weibing Gong and the Hounourable Jerry S. Grafstein, Q.C.
  • Subsequent to Q3, Lingo Media entered into an agreement with La Mark and Brazil's largest mobile phone service provider to offer ELL Technologies' online subscription-based English courses under the brand Kantoo. The mobile carrier will offer these products on multiple channels including its data products and accessories, on its website, and online campaigns in Brazil. 

Financial Highlights

In the quarter ended September 30, 2010, Lingo Media earned revenues of $413,330 compared to the quarter ended September 30, 2009 of $183,624, an increase of 125%.

Total general and administrative costs for the quarter ended September 30, 2010 was $722,739 compared to $572,806 for the same period in 2009. Increases are primarily attributed to Parlo's expanded operations and the additional operating costs of ELL Technologies, the Company's recent acquisition.

For the third quarter ended September 30, 2010, Lingo Media recorded a net loss of $1,047,165 or $0.08 per share compared to a net loss of $1,050,338 or $0.08 per share during the same period last year. Included in the net loss for Q3, 2010, are amortization of software and web development costs of $596,648 compared to $463,421 for the same period in 2009. Total assets for the period ended September 30, 2010 were $6,277,645.

The financial statements for the nine months ended September 30, 2010 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 a diversified online and print-based education products and services company 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 marketed under the Q Group brand (www.qgroupplc.com). Parlo is a fee-based online ELL training and assessment service (www.parlo.com). Speak2Me is a free-to-consumer advertising-based online ELL service in China (www.speak2me.com/advertising). 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 in China 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.

Contact Information