Published On: Sun, Aug 31st, 2014

Lingo Media Corporation USA (OTCMKTS:LMDCF): 2Q14 Financial Results

On Friday, August 29, 2014, Lingo Media Corporation USA (OTCMKTS:LMDCF) reported its 2Q14 financial results for the period ended June 30, 2014. The company reported revenues of CAD 877,879, total comprehensive income of CAD 200,534 and operating expenses of CAD 365,160 for 2Q14. During 2Q13, the company’s revenues amounted to CAD 715,618, total comprehensive income was CAD 107,080 and operating expenses were CAD 365,160. The company’s earnings increased to CAD 0.01 per share during 2Q14 as compared to CAD 0.005 per share during 2Q13. The company’s net profit increased to CAD 217,633 during 2Q14 as compared to CAD 123,282 during 2Q13.

Lingo Media Corporation USA (OTCMKTS:LMDCF) reported amortization, share-based payments and depreciations related expenses of CAD 148,535 during 2Q14 as compared to CAD 124,453 during 2Q13. The company’s finance charges, taxes and foreign exchange amounted to CAD 192,281 during 2Q14 as compared to CAD 102,723 during 2Q13. The company’s total expenses increased significantly to CAD 660,246 during 2Q14 as compared to CAD 592,336 during 2Q13.

Lingo Media’s 2Q14 revenues increased 22 percent as compared to 2Q13 revenues. Majority of the revenues were contributed from Print-based English Language learning, which increased 25 percent year over year to CAD 772,975 during 2Q14 as compared to CAD 620,055 during 2Q13. Online English Language Learning contributed CAD 104,904 to 2Q14 revenues, increasing 10 percent year over year from CAD 95,563 during 2Q13.

Lingo Media Corporation USA (OTCMKTS:LMDCF) attributed the increase in online English language learning revenue during 2Q14 to ELL Technologies’ strategic decision to redevelop and completely overhaul its product portfolio, while gradually phasing out sales of the legacy software. The company accomplished the redesign of its learning management system, product user interface and the multi-browser delivery system for tablets and desktops for the ELL Technologies portfolio for Master and Kids. The company expects the final phase to be completed during the current quarter with product redevelopment for “Scholar, Business and Placement Test”. The company expects sales and marketing for the fully redeveloped products to resume by 4Q14.

© Copyright 2016 OTC News Magazine. All rights reserved.