OTTAWA, Nov. 15 /PRNewswire-FirstCall/ - ZIM Corporation (OTCBB:
ZIMCF), a provider of software products and services for the
database and mobile markets, today announced its financial results
for its second quarter ended September 30, 2010. All figures
presented are calculated in accordance with generally accepted
accounting principles (GAAP) in the United States and presented in
US dollars.
Revenue for the quarter ended September 30, 2010 was $499,593,
an increase of almost 35% from $370,660 for the same period last
year. The increase in revenue is primarily attributable to
increased sales of software and consulting services related to
Zim's enterprise products.
Net income for the quarter ended September 30, 2010 was $152,197
or a basic and diluted income per share of $0.001. The net
loss for the same period last year was $34,352 or a basic and
diluted loss per share of $0.000. The increase in net income
principally reflects an increase in sales combined with continued
cost containment that produced an income from operations of
$41,418.
"We produced solid results this quarter with the growth of our
top line revenue," said Dr. Michael Cowpland, President and CEO of
ZIM. "I am especially pleased that we generated positive income and
cash flow from ongoing operations as a result of our growth
strategy for our enterprise database business."
ZIM had cash and cash equivalents of $1,539,366 at June 30, 2010
as compared to cash and cash equivalents of $1,160,881 at March 31,
2010. The increase is due mainly to increased net income and
receipt of tax credits.
About ZIM
ZIM is a provider of software products and services for the
database and mobile markets. ZIM products and services are used by
enterprises in the design, development and management of business,
database and mobile applications. Certain of ZIM's mobile products
are also provided to the consumer market. For more information on
ZIM and its customers, partners and products, visit:
www.zim.biz.
This news release contains forward-looking statements within the
meaning of Section 27A of the Securities Act of 1933 and Section
21E of the Securities Exchange Act of 1934, with respect to ZIM's
use of its cash from operations. All forward-looking statements
made in this press release relating to expectations about future
events or results are made as of, and are based upon information
available to ZIM as of, the date hereof. These
forward-looking statements are subject to risks and uncertainties
that may cause actual results to differ materially from those
described or implied by any forward-looking statements. New risks
can arise and it is not possible for management to predict all such
risks, nor can it assess the impact of all such risks on our
business or the extent to which any factor, or combination of
factors, may cause actual results to differ materially from those
contained in any forward-looking statements. Given these risks and
uncertainties, investors should not place undue reliance on
forward-looking statements as a prediction of actual results. All
forward-looking statements speak only as of the date of this news
release. We undertake no obligation to revise or update publicly
any forward-looking statements in order to reflect any event or
circumstance that may arise after the date of this news release,
other than as required by law. Please refer to ZIM's filings with
the SEC for additional information regarding risks and
uncertainties. Copies of these filings are available through the
SEC's website at www.sec.gov.
SOURCE ZIM CORPORATION
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