Lingo Media this morning posted an increase of 441% in third-quarter revenue, reported its fourth straight quarter of profitability, and highlighted several operational highlights for the three months ended September 30, 2015.
Revenue for the quarter increased to CAD$1.2 million, compared to revenue of CAD$222,468 reported in the same period last year. Net income was CAD$631,730, or $0.023 earnings per share, compared to a loss of CAD$255,659, or a loss of $0.012 per share, for the third quarter of 2014. Net profit for the 2015 quarter was CAD$694,300, compared to a net loss of CAD$179,146 for the same period in 2014.
“Q3-15 is the fourth consecutive profitable quarter for the company representing revenue growth of 441% and a significant increase in profitability year-over-year for the quarter. It is noteworthy that the revenue and profit in this quarter was almost entirely derived from the rapidly growing digital-learning software division. The legacy text book publishing income is generated throughout the year but is recorded seasonally in Q2 and Q4 as royalty revenues,” Lingo Media president and CEO Michael Kraft stated in the news release.
Lingo Media is an EdTech (educational technology) company committed to ‘Changing the way the world learns English’ through the combination of information technologies and pedagogical insights designed to increase accessibility to education and personalize the learning experience. Lingo Media has established a strong presence in China’s education market of more than 300 million students by forming solid relationships with key government and industry organizations.
The company offers courses in English, both over the Internet and in traditional printed form, through its two distinct business units: ELL Technologies and Lingo Learning, both of which made significant advances in the third quarter of 2015. ELL Technologies is a global online English-language training company while Lingo Learning is a print-based publisher of English-language learning programs in China.
Through these businesses, Lingo Media continues to conduct extensive teacher training initiatives and workshops, and in the third quarter passed an important milestone by co-publishing the 550 millionth unit of its basic English course with People’s Education Press in China, the publishing arm of China’s Ministry of Education.
Additional quarterly achievements stem from the company’s aggressive forays in Latin America.
As part of its strategy to penetrate this market, Lingo Media in July of this year negotiated a contract under which students who complete ELL Technologies’ online English language programs will be given Sistema Corporativo Proulex-Comlex (Proloux) certification. Proloux is a subsidiary of the University of Guadalajara, Mexico’s second largest university.
In addition, Lingo Media is launching an advertising blitzkrieg in key Mexican cities and has inked an agreement with ISA Corporativo, which manages advertising for Mexico City Airport and the subway systems of Mexico City, Guadalajara and Monterrey.
Lingo Media is also making inroads in Columbia. The company secured software licensing contracts with the municipal government of Caldas Department, Columbia, and in the third quarter was awarded a large government contract with SENA, an organization under the Ministry of Labour of Colombia to build the world’s largest digital library of English language learning resources.
Lingo Media noted that it was also selected by the Peruvian Navy to provide software licenses to ELL Technologies’ training products, and successfully completed the development of ELL Technologies’ Winnie’s World, in HTML5 for the pre-kindergarten and the kindergarten market.
“In line with our sales strategy, we have successfully launched our ELL Technologies’ suite of software products into the government, educational institution and corporate markets. While Latin America remains our initial market focus, demand is emerging from other regions. The Company is pursuing strategic partnerships for global distribution as part of its plan as the EdTech market for English language learning continues to grow worldwide,” concluded Kraft.
For more information on the company, visit www.lingomedia.com
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