Lingo Media Corporation ($LM:CA) ($LMDCF), a developer and marketer of English language learning products, announced their Q3 financial results. The company’s third quarter, which ended Sept. 30, 2015, has been historically soft. However, thanks to rapid growth within Lingo’s digital-learning software division, the company is now celebrating their fourth consecutive profitable quarter.
“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,” said Michael Kraft, President and CEO of Lingo Media. “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 textbook publishing income is generated throughout the year but is recorded seasonally in Q2 and Q4 as royalty revenues."
English has become the international language of business, therefore, bilingual career professionals are in high demand, particularly in customer service, journalism, marketing, law enforcement, and healthcare. Lingo Media, in their mission to change the way the world learns English, has built their international presence with innovative software and significant contracts.
"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,” said Kraft. “While Latin America remains our initial market focus, demand is emerging from other regions.”
2015 has proven to be a landmark year for Lingo Media. In October, the company’s subsidiary, ELL Technologies Ltd., landed a monumental a multi-million dollar software custom development contract with eDistribution SAS to provide a full library of more than 20,000 lessons, learning objects and digital resources to Colombia's National Learning Service (SENA). In September, ELL Technologies also released the inaugural title of its pre-reader level Kids program, Winnie’s World. Additional operational highlights include:
● Partnering with Proloux, a subsidiary of the University of Guadalajara, to provide accredited certification for ELL Technologies’ software programs.
● Entering into an agreement with ISA Corporativo for advertising services throughout Mexico’s metro stations in exchange for software licenses.
● Selection by the Peruvian Navy to provide software licenses to ELL Technologies’ training products
● Securing software licensing contracts for ELL Technologies’ programs with municipal government in Caldas Department, Colombia.
● Co-publishing their 550 millionth unit of PEP Primary English and Starting Line programs with People’s Education Press in China.
● Conducting extensive teacher training initiatives and workshops.
Lingo Media continues to pave the path for upcoming bilingual professionals through innovative language learning software and strategic partnerships. The company is positioned to close 2015 with record numbers and move into 2016 as a strong presence in the ELL market. “The company is pursuing strategic partnerships for global distribution,” said Kraft, “as part of its plan as the EdTech market for English language learning continues to grow worldwide."
To learn more about Lingo Media and ELL Technologies, visit www.lingomedia.com.
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