Lingo Media Corporation (CVE:LM) (OTC:LMDCF), the edtech group, reported increased profit and revenue in its fourth quarter and said it is encouraged by the current "stay and learn at home" reality amid the coronavirus (COVID-19) pandemic.
The English language teaching focused group, which operates in several jurisdictions and offers both online and print solutions, saw its net profit for the three months to end December come in at C$338,619 compared to C$119,279 in the same period in 2018, on revenue of C$831,508 versus C$713,150 a year earlier.
The group's quarterly income before amortization, share-based payments, depreciation, finance charges and taxes was $431,813 compared to $262,220 in 2018.
READ: Lingo Media's ELL Technologies revamps e-learning language platform with new features for teachers and distributors
For the year as a whole, the group swung to a net profit of C$162,566 from a loss of C$104,156 in 2018, while revenue came in at C$1.95 million (2018: C$1.94 million).
"In 2019, we added resources by investing in our sales and marketing team to pursue opportunities and relationships in existing, as well as new channels and new territories." Gali Bar-Ziv, Ligo Media's president and chief executive said in the results statement.
"We are encouraged with the recent adoption of remote and e-learning trends in the markets that we service to deal with the current stay and learn at home reality".
Among the operational highlights of 2019, the group said it had entered a distribution agreement with JPH Consultoria Academica in Guatemala and renewed agreement with FloridaBlanca in Colombia for an additional year
It also renewed its agreement with Innovalingua de Mexico SAS de CV in Mexico and inked new distribution deals in Ecuador and Mexico
Lingo Media also completed the development of its chat functionality in its new Learning Management System (LMS) and the development of resource allocation functionality for teachers in the new LMS.
Contact the author at firstname.lastname@example.org