Lingo Media Corporation (TSX-V:LM) has reported second-quarter 2021 revenue of C$1,030,518, a 5% year-over-year increase, as the company expanded the existing market for its Primary English Program (PEP) into an additional province in China.
Lingo Media also recorded a net profit of C$707,561 for the quarter ending June 30, 2021, up from C$624,329 during the same period last year.
“We are pleased to see the maintenance and growth of our recurring royalty stream from our PEP business in China even in the face of COVID,” Lingo Media CEO Gali Bar-Ziv said in a statement.
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“Our team also launched a new mobile solution, Ola App (available in Apple and Android stores) and we will continue to enhance and expand our mobile learning solutions,” Bar-Ziv added.
Ola App allows students to access hundreds of additional hours of speaking and pronunciation practice from their smartphones with Speak2Me and Studio features.
The company also noted that it rebranded ELL Technologies to Everybody Loves Languages during the quarter and launched its new website and corporate identity, which Lingo said is expected to better position and build its brand in the education market.
Lingo Media provides both online and print-based solutions through two distinct business units: Everybody Loves Languages (formerly ELL Technologies) and Lingo Learning, a print-based publisher of English language learning programs in China.
Contact Sean at sean@proactiveinvestors.com