Everybody Loves Languages Reports Q4 2024 & Fiscal 2024 Financial Results
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 fourth quarter and year ended December 31, 2024. All figures are reported in Canadian Dollars and are in accordance with International Financial Reporting Standards unless otherwise noted.
Revenue for the year ended December 31, 2024 totalled $2,433,632 as compared to $2,392,384 in 2023.
Operating and development expenses for the year ended December 31, 2024, totalled $2,132,532 compared to $2,156,001 in 2023.
Net income for the year ended December 31, 2024, totalled $358,794 or $0.01 earnings per share (basic) based on 35.6 million shares and $0.01 earnings per share (diluted) based on 36.5 million shares as compared to $40,573 for 2023 or $0.00 earnings per share (basic and fully diluted) based on 35.6 million shares and $0.00 earnings per share (diluted) based on 39.2 million shares.
Income before amortization, share-based payments, depreciation, finance charges and taxes was $301,100 compared to $220,234 in 2023.
Financial Highlights for the Fourth Quarter Ended December 31, 2024
Revenue for the fourth quarter ended December 31, 2024, totalled $995,094 compared to $1,053,724 for the same period in 2023.
Operating and development expenses for the quarter ended December 31, 2024, totalled $576,659 as compared to $494,215 in 2023.
Net profit for the quarter was $524,734 or $0.01 earnings per share (basic) on 35.6 million shares and $0.01 (fully diluted) on 36.5 million shares as compared to $362,103 for the same period for 2023 or $0.01 earnings per share (basic and diluted) on 35.6 million shares and $0.01 (fully diluted) on 39.2 million shares.
Income before amortization, share-based payments, depreciation, finance charges and taxes was $418,435 compared to $543,360 in 2023.
Corporate Highlights
On February 20, 2024, at the Annual and Special Meeting, the shareholders approved all matters. The shareholders re-elected Messrs. Gali Bar-Ziv, Khurram Qureshi, Robert Martellacci, Laurent Mareschal and Tommy (Weibing) Gong as directors of the Company. The directors held a board meeting subsequent to the Annual Meeting and re-appointed Gali Bar-Ziv as President & CEO and Khurram Qureshi as Chief Financial Officer.
In August 2024, the Company granted an aggregated of 2,000,000 RSUs to certain directors, officers, employees, and consultants of the Company, of which 1,365,000 RSUs are granted to the directors and officers. The RSUs shall vest in accordance with the prescribed period under the RSU plan.
Operational Highlights
Online-Based English Language Learning:
Entered into an exclusive distribution agreement with Trendi Trends & Innovotion for the school market in Colombia. The contract provides for a two-year annual minimum commitment.
Through its JV, Everybody Loves Languages Ltd. the Company entered into an exclusive distribution agreement for its portfolio of products in South Korea.
Participated in Canada Trade Missions to Indonesia and Phillipines.
Onboarded new distributors in Colombia, Peru, and Uruguay
Content-based English Language Learning:
Continue the development of content and materials for Grade 3 to Grade 6 textbooks for China market.
In collaboration with People Education Press, attended a conference and training session of our material for more than a thousand teachers in China.
Continued the development of the latest revision of the PEP books and additional supplementary materials
Product Highlights
ELL's AcadeMe Junior program:
Created 2200 new Disney inspired illustrations which were implemented in the content
Developed 8 booklets with 400+ printable worksheets
Launched Gamification features
Developed student and teacher reports
Initiated development of a mobile version
English AcadeMe
Delivered 240 new lessons
English for Success:
Enhanced 600 lessons in the Portuguese world languages
Launched a mobile version of English for Success
Financial Highlights for the Year Ended December 31, 2024
Year Ended December 31 st
2024
2023
Revenue
$
2,433,632
$
2,392,384
Operating and development expenses
2,132,532
2,172,150
Income before amortization, share-based payments, depreciation, finance charges and taxes
301,100
220,234
Share - based payments and depreciation
46,347
97,354
Finance charges, taxes and foreign exchange
(104,041)
82,307
Net income (loss)
358,794
40,573
Profit (Loss) for the year attributable to:
Non-controlling interest
(62,433)
(59,938)
Shareholders of Everybody Loves Languages Corp.
421,227
100,511
Total comprehensive income
313,394
52,356
Total comprehensive income for the year attributable to:
Non-controlling interest
(62,433)
(59,938)
Shareholders of Everybody Loves Languages Corp.
375,827
112,294
Earnings per share (basic)
$
0.01
$
0.00
Earnings per share (fully diluted)
$
0.01
$
0.00
Expand
Financial Highlights for the Fourth Quarter Ended December 31, 2024
'We are continually expanding and enhancing our content across the entire portfolio, while developing new features and capabilities for users, teachers, and administrators. Collaborating with distributors and agents remains vital to our success, and growing ELL's network and presence across new territories continues to be a major focus for us,' said Gali Bar-Ziv, President & CEO of Everybody Loves Languages.
The audited financial statements for the year ended December 31, 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:
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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