Net profit for the quarter ended March 31 was C$233,619, or C$0.01 a share, compared to a net loss of C$314,522, or C$0.00 loss per share, in 2019, according to a statement.
Income before amortization, share-based payments, depreciation, finance charges and taxes was C$246,057, compared to the loss of C$328,441 in 1Q 2019.
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However, revenue for the quarter fell slightly to C$97,124, compared to C$111,964 in the year-ago period.
Lingo Media noted that operating and development expenses (recovery) for the quarter totaled C$198,931, compared to the expenses of C$321,939 in Q1 2019. The recovery of costs was primarily due to grant funding from the Province of Ontario's Interactive Digital Media Tax Credit in the amount of C$904,940.
"We are very pleased with the addition of key distributors in our core markets,” said CEO Gali Bar-Ziv.
“These distributors have already begun introducing our suite of solutions to their customer base. Our continued investment in technology and content is positioning us for growth in the coming quarters.
Bar-Ziv said that while the coronavirus (COVID-19) pandemic has impacted some of its channel partners, “we do see a growing reception by educational institutions and their students for remote and e-learning now and in the future, which we intend to capitalize on."
The Toronto-based company offers a suite of products designed to teach English online or in print to a global population.
Here some 1Q operational highlights:
- Entered into an agreement to sell English for Success to Liberty University.
- Entered into an agreement with one of the largest global language learning providers in Colombia to market its Campus program as a white label solution to their customer base.
- Added advanced functionality for distributors to manage their clients' relationships through monitoring inventory of licenses and other key metrics.
- Signed new distributor in Costa Rica, Learning 506.
- Signed new distributor in Mexico, CAFÉ SAS.
- Advanced development of its teaching methodology course.
- Expanded the existing market for PEP Primary English program (print-based) into an additional province in China.
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