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Lingo Media Corp continues to expand offering; posts Q3 results

The Toronto-based company has reported its third-quarter results to end September

Lingo Media Corporation -
The net loss for the three months was C$342,182 or C$0.01 loss per share, compared to a loss of $156,550 for the same period last year

Lingo Media Corporation (CVE:LM) (OTCMKTS:LMDCF), the Edtech group, says it continues to build new business, which it expects to turn into sales in 2020. 

The Toronto-based company has reported its third-quarter results to end September - a period, in which it signed new distribution agreements in Ecuador and Mexico and expanded its Primary English program into a further province in China. 

The group also hired a sales manager to expand sales in Latin America. 

READ: Lingo Media mulling M&A opportunities as it advances its English language learning offerings

"During the 3rd quarter, we have implemented a number of functionality and feature upgrades to our platform which provides us with greater flexibility and expanded offering to teachers and students," said Bar-Ziv, the president and CEO of Lingo Media.

"We have been working with our channel partners to renew existing contracts and to build new business. In addition, we have expanded our distribution network and we expect these new relationships to materialize into sales contracts in 2020."

The net loss for the three months was C$342,182 or C$0.01 loss per share (basic), compared to a loss of C$156,550 for the same period last year. That was on revenue of C$117,545, compared to C$186,518 in the same period last year.

Operating and development expenses for the quarter totalled C$310,853, up from C$297,242 in the same quarter of 2018.

Lingo Media provides both online and print-based solutions through its two business units, ELL Technologies and Lingo Learning. ELL Technologies provides online training and assessment for English language learning, while Lingo Learning is a print-based publisher of English language learning programs in China.

Contact the author at [email protected]

Quick facts: Lingo Media Corporation

Price: 0.055 CAD

Market: TSX-V
Market Cap: $1.95 m

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