ZIM Corporation announces fiscal year 2008 Financial Results

Tue, 2008-06-24 00:00 -- zim-admin

Ottawa, Canada - June 24 , 2008 - ZIM Corporation (OTCBB: ZIMCF), a provider of software products and services for the database, mobile and IPTV markets; today announced its results for the fiscal year ended March 31, 2008. 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 year ended March 31, 2007 was $2,068,065, a decrease from $2,195,184 in the prior year. As previously announced, ZIM's decrease in revenue is primarily attributable to the decline in revenue from our SMS aggregation services as a result of management’s decision to no longer focus on this market.

Net income for the quarter ended December 31, 2007 was $155,758, or a basic and diluted earnings per share of $0.002. The net loss for the quarter ended December 31, 2006 was $507,117, or a basic and diluted loss per share of $0.006.

Net income for the year ended March 31, 2008 was $82,536 or a basic and diluted income per share of $0.001. The net loss for the year ended March 31, 2006 was $1,936,187 or a basic and diluted loss per share of $0.02. The increase in net income for the year ended March 31, 2008 was attributable to a decrease in costs of revenue relating to the decrease in revenues associated with SMS aggregation, no further amortization of intangible assets related to the acquisition of AIS (which were fully amortized in 2007) and reduced operating costs.

ZIM had cash of $299,943 at March 31, 2008, as compared to a cash balance of $441,637 at March 31, 2007 with no other outstanding debt.

"I’m pleased with the progress that we made in fiscal 2008" said Dr. Michael Cowpland, President and CEO of ZIM. "Our operational improvements, expense reductions and focus on higher margin business segments are definitely reflected in our year end results and should continue to benefit the company going forward. ZIM is continuing its pursuit of opportunities related to our ZIM Integrated Development Environment (IDE) software, Internet TV and Mobile Content and Applications platforms".

About ZIM

ZIM is a provider of internet TV programming and services (also referred to as IPTV) and a mobile content and service provider. For more information on ZIM and its customers, partners and products, visit: www.zim.biz.

For more information:

E-mail: investorrelations@zim.biz
ZIM Corporation

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