OTTAWA, Nov. 13, 2012 /PRNewswire/
- ZIM Corporation (OTCBB: ZIMCF), a provider of software products
and services for the database and mobile markets: today announced
its financial results for its first quarter ended September 30, 2012. 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, 2012 was $399,740, a
decrease from the $402,145 for the
same period last year. Net loss for the quarter ended
September 30, 2012 was $85,854 or a basic and diluted loss per share of
$0.001 compared to net loss for the
same period last year of $44,466 or a
basic and diluted loss per share of $0.001. The decrease in net income principally
reflects the decrease in software maintenance and consulting
revenue, foreign exchange fluctuations and non cash stock based
compensation expense. When the non cash stock based compensation is
excluded from earnings the net income for the quarter is
$17,498 compared to a net loss of
$21,207 for the same period last
year.
"We experienced a stable quarter on the revenue front compared
to the same quarter last year" said Dr. Michael Cowpland, President and CEO of Zim.
"We recovered to more normal revenue levels compared to our
first quarter and, excluding the stock based compensation, our
earnings increased and were positive."
ZIM had cash and cash equivalents of $1,494,796 at June 30,
2012 as compared to cash and cash equivalents of
$1,762,171 at March 31, 2012.
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
