Lingo Media sees 2Q revenue and profit increase as educators adapt to online learning

Lingo Media Corporation (CVE:LM) (OTCQB:LMDCF), the education technology company, boosted its second-quarter revenue and profit as educators adapted to virtual learning solutions in the face of the coronavirus pandemic. The Toronto-based company posted revenue of C$977,000 for the three-month period ended June 30, 2020, up from the $895,000 it posted a year prior. Net profit came in at C$624,000, or $0.02 per share, compared to the $431,000, or $0.01 a share, it saw in 2Q 2019. During the latest quarter, Lingo enhanced its online English language learning capabilities with new reporting functionality and an improved chat feature, it told shareholders. The firm also secured two sales contracts in Japan – its first in the country – and sales contracts with two Colombian universities. READ: Lingo Media turns year-over-year 1Q net profit on addition of new customers and key distributors On the print-based learning side, the company expanded its existing market for its PEP Primary English program into an additional province in China. Lingo also gave shareholders a glimpse into its six-month results, which saw the firm deliver C$1,074,513 for the six-month period ended June 30 compared to the $1 million it posted during the same year-ago period. Lingo CEO Gali Bar-Ziv told shareholders that the education company was “very pleased" with the results for the first six months, as it added key distributors in its core markets. “COVID has introduced us with both challenges, as well as opportunities,” Bar-Ziv said in a statement Friday. “While our markets initially experienced difficulties adjusting to the new reality of remote learning, we have been seeing enhanced acceptance by institutions to adopt additional e-learning solutions. We expect to see further opportunities in the marketplace as a result.” The company offers both online and print-based solutions through two distinct business units: ELL Technologies, which provides online training and assessment for language learning, and Lingo Learning, a print-based publisher of English language learning programs in China. Contact Angela at angela@proactiveinvestors.com Follow her on Twitter @AHarmantas