ZIM Corporation announces fiscal year 2011 Financial Results

Tue, 2011-07-19 23:17 -- zim-admin

Ottawa, Canada - July 19, 2011 - ZIM Corporation (OTCBB: ZIMCF), a provider of software products and services for the database and mobile markets: today announced its financial results for its fiscal year ended March 31, 2011. 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, 2011 was $2,009,771, an increase from revenue of $1,597,465 for the year ended March 31, 2010. Net income for the year ended March 31, 2011 was $366,797, or a basic and diluted income per share of $0.003, a 20% increase, from $304,767 for the year ended March 31, 2010, or a basic and diluted income per share of $0.003. The improvement in earnings is due mainly to increased sales of enterprise software and migration technologies combined with continued cost containment that produced a positive income from operations.

"I am very pleased with our results for fiscal year 2011" said Dr. Michael Cowpland, President and CEO of ZIM. "We increased sales by almost 26%, grew net income by 20% and generated in excess of $610,000 in cash. All of which directly reflects our increased investment in R&D and acquisition activity in FY2011. Our financial and operational position improves our ability to take advantage of opportunities moving forward."

ZIM had cash and cash equivalents of $1,770,990 as at March 31, 2011 as compared to $1,160,881 as at March 31, 2010 with no outstanding long term debt. ZIM had working capital of $1,888,157 as at March 31, 2011.

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.

For more information:

E-mail: investorrelations@zim.biz
ZIM Corporation

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