The Toronto-based education technology company posted a profit of approximately C$120,000 in the fourth quarter of 2018 compared to a loss of $5.8 million or $0.17 per share during the year-ago quarter.
Revenues during the period were $714,000 compared to $755,000 during the year-ago period.
In September 2018, Lingo’s subsidiary ELL Technologies Ltd secured a sales contract with FOCUS Your Mind Colombia to implement its new online English language learning program, one of several agreements in the country.
“In 2018, we rebuilt the foundation to take significant steps forward in 2019 and beyond. We believe that our strategic assets, management team, and growing distribution channels will allow us to scale sales and growth to deliver value to shareholders,” said Gali Bar-Ziv, president and CEO of Lingo Media in a statement.
“The company is advancing strategic distribution initiatives for our suite of online training solutions and also pursuing M&A opportunities in the EdTech space.”
For the full year 2018 period, the company posted revenues of $1.9 million compared to $2.7 million in FY 2017 and decreased its loss to $104,000 from $6.2 million in 2017.
Lingo Media develops and markets English language learning products and services for both corporate and educational customers.
It 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.
Shares of Lingo were down around 7% on Wednesday to C$0.14 in Toronto and sat at US$0.11 on the OTC markets.
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