Q2 2023 Operational Highlights
- Online English Language Learning:
- Conducted two webinars as part of ELL's webinar series with hundreds of attendees.
- Finalized V.1 of ELL's AcadeMe Junior program:
- 8 Levels, 240 lesson interactive program using lessons built on movie scenes from
Disney , Disney Pixar, Fox, Sony, and Marvel - Project based learning, soft CLIL (STEAM related content) & CEFR
- Includes teacher access, reporting, and comprehensive lesson plans
- Integrated Planet Pop content from ELT Songs on the ELL platform.
- 348 Lessons, songs-based learning content (which generated 6 million views via ELT Songs)
- Aligned to Cambridge Young Learners curriculum.
- Utilized in-player student engagement.
- Certified 2 learning centers in
Ecuador to act asAssessment Centers for ELL's Assessment Platform - Entered into a partnership with ELT Songs to establish a joint venture 85% owned by ELL to be the global distributor of
Sustainable Development Goals program based on theUnited Nations 17 SDG mandate. - Content-Based English Language Learning:
- Continued to develop content for the latest revision of the PEP books.
Q2 2023 Financial Highlights
Second Quarter Ended | 2023 | 2022 |
Revenue | $ 967,747 | $ 980,664 |
Operating and development expenses | 585,706 | 434,834 |
Income before amortization, share-based payments, depreciation, finance charges and taxes | 382,041 | 545,830 |
Amortization, share-based payments, and depreciation | 14,232 | 20,208 |
Finance charges, taxes, foreign exchange | (16,028) | (26,657) |
Net profit | 383,837 | 552,278 |
Total comprehensive income | $ 390,668 | $ 536,024 |
Earnings per share | $ 0.01 | $ 0.02 |
- Revenue for the second quarter ended
June 30, 2023 , totaled$967,747 as compared to$980,664 in Q2 2022. - Operating and development expenses for the quarter ended
June 30, 2023 , totaled$585,706 compared to$434,834 in Q2 2022. Included as a reduction of selling, general and administrative expenses are government grants of$52,685 relating to the Company's publishing and software projects as compared to$107,721 for the same period in 2022. The Company invested$187,279 in product development in the second quarter of the fiscal year compared to the investment of$78,662 in Q2 2022. - Net profit for the quarter ended
June 30, 2023 , was$383,837 or$0.01 earnings per share (basic) based on 35.6 million shares or$0.01 earning per share (diluted) based on 39 million shares as compared to a net profit of$552,278 for Q2 2022 or$0.02 earnings per share (basic) based on 35.5 million shares or$0.02 earnings per share (diluted) based on 36.1 million shares. - Income before amortization, share-based payments, depreciation, finance charges and taxes was
$382,041 in Q2 2023 compared to the income of$545,830 in Q2 2022.
Financial Highlights for the Six-Month Period Ended
Six Month Period Ended | 2023 | 2022 |
Revenue | ||
Operating and development expenses | 1,217,811 | 846,233 |
Income (loss) before amortization, share-based payments, depreciation, finance charges and taxes | (3,017) | 293,577 |
Amortization, share-based payments and depreciation | 28,654 | 53,305 |
Finance charges, taxes and foreign exchange | 7,327 | 22,169 |
Net profit | (38,998) | 218,102 |
Total comprehensive income (loss) | $ (31,660) | $ 209,186 |
Earnings (Loss) per share | $ (0.00) | $ 0.01 |
- Revenue for the six-month period ended
June 30, 2023 , totaled$1,214,794 compared to$1,139,810 for the same period in 2022. - Operating and development expenses for the six-month period ended
June 30, 2023 , totaled$1,217,811 as compared to$846,233 for the same period in 2022. Included as a reduction of selling, general and administrative expenses are government grants of$104,481 relating to the Company's publishing and software projects. During 2022 same period, the Company recorded total grants of$175,097 . The Company invested$331,973 in product development in 2023 compared to$134,167 in 2022 for the period endedJune 30 . The development cost is mainly attributed to the development of AcadeMe Junior and Planet Pop products. - Net loss for the six-month period was
$(38,998) as compared to net profit of$218,102 for the same period in 2022. - Loss before amortization, share-based payments, depreciation, finance charges and taxes was
$(3,017) , as compared to$293,577 for the same period in 2022.
"Our commitment to improving and developing new products is coming to fruition with the releases of AcadeMe Junior, a
The unaudited condensed interim financial statements for the quarter ended
About
The Company provides online and print-based solutions through two distinct business units: Everybody Loves Languages Inc. and
Everybody Loves Languages has established successful relationships with key government and industry organizations internationally, with a presence in LATAM and
Follow Everybody Loves Languages on social media:
Facebook: https://www.facebook.com/everybodyloveslanguages
Twitter: 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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