TORONTO--(BUSINESS WIRE)--Everybody Loves Languages Corp. ("ELL") (TSX-V: ELL; OTC: LMDCF; FSE: LIMA), www.everybodyloveslanguages.com, an edtech language learning edutainment and content development company, announces its financial results for the second quarter ended June 30, 2024. All figures are reported in Canadian Dollars and are in accordance with International Financial Reporting Standards unless otherwise noted.
Q2 2024 Operational Highlights
- Online English Language Learning:
- Integrated new illustrations and images for AcadeMe Junior
- Developed new student and teacher reports for AcadeMe Junior
- Fully launched a mobile version for English for Success
- Initiated development of mobile version for the AcadeMe solutions
- Added new distributors in Peru, Ecuador, and Colombia
- Through its JV, Everybody Loves Languages Ltd. the Company entered into an exclusive distribution agreement for its portfolio of products in Korea
- Content-Based English Language Learning:
- Continued the development of additional supplementary material for the PEP books
Q2 2024 Financial Highlights
Second Quarter Ended June 30st | 2024 | 2023 | ||||
Revenue | $ | 991,288 | $ | 967,747 | ||
Operating and development expenses | 567,435 | 585,706 | ||||
Income before amortization, share-based payments, depreciation, finance charges and taxes | 423,853 | 382,041 | ||||
Amortization, share-based payments, and depreciation | 31,055 | 14,232 | ||||
Finance charges, taxes, foreign exchange | 42,520 | (16,028) | ||||
Net profit | 350,278 | 383,837 | ||||
Total comprehensive income | $ | 344,818 | $ | 390,668 | ||
Earnings per share | $ | 0.01 | $ | 0.01 |
- Revenue for the second quarter ended June 30, 2024, totaled $991,288 as compared to $967,747 in Q2 2023.
- Operating and development expenses for the quarter ended June 30, 2024, totaled $567,435 compared to $585,706 in Q2 2023. Included as a reduction of selling, general and administrative expenses are government grants of $57,274 relating to the Company's publishing and software projects as compared to $52,685 for the same period in 2023. The Company invested $142,381 in product development in the second quarter of the fiscal year compared to the investment of $187,278 in Q2 2023.
- Net profit for the quarter ended June 30, 2024, was $350,278 or $0.01 earnings per share (basic) based on 35.6 million shares or $0.01 earning per share (diluted) based on 38 million shares as compared to a net profit of $383,837 for Q2 2023 or $0.01 earnings per share (basic) based on 35.5 million shares or $0.01 earnings per share (diluted) based on 39 million shares.
- Income before amortization, share-based payments, depreciation, finance charges and taxes was $423,853 in Q2 2024 compared to the income of $382,041 in Q2 2023.
Financial Highlights for the Six-Month Period Ended June 30, 2024
Six Month Period Ended June 30 | 2024 | 2023 | ||||
Revenue | $ | 1,141,265 | $ | 1,214,794 | ||
Operating and development expenses | 1,059,660 | 1,217,811 | ||||
Income (loss) before amortization, share-based payments, depreciation, finance charges and taxes | 81,605 | (3,017) | ||||
Amortization, share-based payments and depreciation | 45,463 | 28,654 | ||||
Finance charges, taxes and foreign exchange | (13,675) | 7,327 | ||||
Net profit (loss) | 49,817 | (38,998) | ||||
Total comprehensive income (loss) | $ | 32,491 | $ | (31,660) | ||
Earnings (Loss) per share | $ | 0.00 | $ | (0.00) |
- Revenue for the six-month period ended June 30, 2024, totaled $1,141,265 compared to $1,214,794 for the same period in 2023.
- Operating and development expenses for the six-month period ended June 30, 2024, totaled $1,059,660 as compared to $1,217,811 for the same period in 2023. Included as a reduction of selling, general and administrative expenses are government grants of $109,205 relating to the Company's publishing and software projects as compared to $104,481 for the same period in 2023. The Company invested $236,887 in product development in 2024 compared to $331,873 in 2023 for the period ended June 30. The development cost is mainly attributed to the development of English AcadeMe and English AcadeMe Junior.
- Net profit for the six-month period was $49,817 as compared to net loss of $(38,998) for the same period in 2023.
- Income before amortization, share-based payments, depreciation, finance charges and taxes was 81,605, as compared to a loss of $(3,017) for the same period in 2023.
"We continue to focus on expanding our distribution network and adding new territories, such as Korea, to our list of countries which are utilizing our solutions. We are encouraged by the usage levels of our Hollywood based solutions and ensure that market feedback is implemented in changes and enhancements applied in our solutions," said Gali Bar-Ziv, President & CEO of Everybody Loves Languages.
The unaudited condensed interim financial statements for the quarter ended June 30, 2024, and Management Discussion & Analysis are available at www.sedarplus.ca.
About Everybody Loves Languages Corp. (TSX-V: ELL; OTC: LMDCF; FSE: LIMA):
Everybody Loves Languages Corp. is an edtech language-learning and content development company empowering language educators to easily transition from traditional teaching methods to digital learning by integrating education, edutainment, and technology.
The Company provides online and print-based solutions through two distinct business units: Everybody Loves Languages Inc. and Lingo Learning Inc. Everybody Loves Languages is a state-of-the-art technology platform that delivers personalized learning experiences in classrooms and online. Its programs provide innovative SaaS-based eLearning solutions, including online and offline content, a learning management system, assessments, real-time reports, speech recognition technology, and white-label tools. At the same time, Lingo Learning is the content development arm and co-publishes print-based English language learning materials in China.
Everybody Loves Languages has established successful relationships with key government and industry organizations internationally, with a presence in LATAM and China, and continues to expand its product offerings and extend its market reach.
Follow Everybody Loves Languages on social media:
Facebook: https://www.facebook.com/everybodyloveslanguages
Twitter: @elltechnologies
YouTube: Everybody Loves Languages (ELL)
LinkedIn: https://www.linkedin.com/company/elltechnologies
Portions of this press release may include "forward-looking statements" within the meaning of securities laws. These statements involve known and unknown risks, uncertainties or other factors that could cause actual results to differ materially from the results, performance, or expectations implied by these forward-looking statements. These statements are based on management's current expectations and involve certain risks and uncertainties. Actual results may vary materially from management's expectations and projections and thus readers should not place undue reliance on forward-looking statements. Everybody Loves Languages has tried to identify these forward-looking statements by using words such as "may," "should," "expect," "hope," "anticipate," "believe," "intend," "plan," "estimate" and similar expressions. Everybody Loves Languages' expectations depend upon general economic conditions, the continued and growth in demand for its products, retention of its key management and operating personnel, its need for and availability of additional capital and other uncontrollable or unknown factors. No assurance can be given that the actual results will follow the forward-looking statements. Except as otherwise required by securities laws, Everybody Loves Languages undertakes no obligation to publicly update or revise any forward-looking statements, whether because of new information, future events, changed circumstances or any other reason. Certain factors that can affect the Company's ability to achieve projected results are described in the Company's filings with the Canadian securities regulators available on www.sedarplus.ca.
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Contacts
Corporate Communications
Khurram Qureshi
Tel: (647) 831-1462
Email: kqureshi@elltechnologies.com
