Business News
Lingo Media Reports First Quarter Results
Monday 01. June 2009 - Lingo Media Corporation (TSX VENTURE:LM)(OTCBB:LMDCF) ("Lingo Media" or the "Company"), a leader in online and print-based English language learning solutions, and Speak2Me Inc. ("Speak2Me") its wholly owned subsidiary, a state-of-the-art online English language learning service, announces its financial results for the three months ended March 31, 2009. All figures are reported in Canadian dollars, and are in accordance with Canadian GAAP unless otherwise noted.
Business Highlights
– Strengthened management team with the addition of Steven Chiu as Speak2Me President, Greater China in February. Mr. Chiu is focused on revenue generation from Speak2Me’s Conversational AdvertisingTM and Speak2Me’s Business English training products, and is building a sales team in China that is aggressively developing sales pipelines.
– Showcased Speak2Me’s Business English 101 corporate training premium content and custom training services as invited guest speakers at the 3rd Chinese Enterprises Outbound Investor Conference in Beijing. Addressed the widely-acknowledged need for business English training to the audience of more than 100 investors during this key event co-hosted by the China Council for the Promotion of International Trade and China’s Ministry of Commerce.
– Launched www.speak2me.com/advertising landing page to promote Speak2Me’s Conversational Advertising platform. The site will be used as a proactive sales tool to increase advertising leads for our unique Conversational Advertising offering in China.
– Completed research commissioned with Hotspex, a market research company that services global Fortune 100 companies, to understand the impact that Speak2Me Conversational Advertising has on brand awareness and purchase intent. Preliminary findings indicate that consumers that went through a branded Conversational Advertising lesson resulted in significant increased purchase intent and brand recognition. These findings validate the benefits and return-on-investment of Conversational Advertising, thereby strengthening Speak2Me’s value proposition.
– Speak2Me developed additional Conversational Advertising immersive lessons for Mercedes Benz (China) to further support its smart car launch in China.
Michael Kraft, President & CEO of Lingo Media said, “Lingo Media continues to drive revenue from its book publishing business, Lingo Learning whose long term relationships in China are instrumental in developing opportunities for our new and exciting subsidiary Speak2Me. At Speak2Me, we are committed to our vision to deliver the best technology-based solutions for learning spoken English. We have launched a landing page at www.speak2me.com/advertising for advertisers to learn more about Speak2Me’s Conversational Advertising platform. We are committed to developing Speak2Me into an interactive English learning experience that is fun, effective and relevant.”
Financial Highlights
First quarter revenue from continuing operations was $55,320 compared to $nil in Q1-08. Loss from continuing operations for the quarter ended March 31, 2009 was $455,135 or $0.04 per share compared to a loss from operations of $394,019 or $0.04 per share for the quarter ended March 31, 2008. Gain from discontinued operations from the quarter ended March 31, 2009 was $351,109 or $0.03 per share compared to a loss from discontinued operations of $59,535 or $0.01 per share for the quarter ended March 31, 2008. Net loss for the quarter ended March 31, 2009 was $104,026 or $0.01 per share compared to a net loss of $453,552 or $0.05 per share for the quarter ended March 31, 2008.