Lingo Media Corp invests in digital for future growth

Lingo Media Corp (CVE:LM) said its first quarter saw it invest around $875,000 in its digital content, to position the company for future growth.

The three months to end March contained a number of operational highlights, including  striking a software licensing contract for ELL Technologies’ programs with a new distributor group in Peru, it added.

The group also extended the publishing royalty contract by three years with People’s Education Press in China till August 2022.

Summing up, Michael Kraft, president and chief executive of Lingo, said: “Our on-the-ground presence with a new strategic hire in Mexico City is gaining significant traction, aggressively signing up distributors, managing sales channels and advancing our sales pipeline throughout Mexico and Central America.

“At the same time, we continue our efforts through various initiatives to expand our sales in Peru and Colombia.

“We are on the right track with a very deep and active sales pipeline. Management also remains excited about the proposed merger with Schoold, announced at the end March, and will be providing an update in the coming weeks.”

The firm’s cash position increased to $300,042 compared to $84,303 as at the year-end, and its book value increased by $1.7mln to $6.4million or 18 cents a share, compared to end March last year.

Net profit for the period came in at $3,945  compared to $50,830 in the same period last year, on revenue of $597,977.

Income before amortization, share-based payments, depreciation, finance charges and taxes was $328,359 against $493,936 in 2016.

Lingo Media provides both on-line and print-based solutions through two distinct business units –  ELL Technologies and Lingo Learning.

ELL Technologies provides on-line training and assessment for English language learning, while Lingo Learning is a print-based publisher of English language learning programs in China.

Story by ProactiveInvestors