ZIM Corporation announces second quarter 2009 Financial Results

Fri, 2008-11-14 00:00 -- zim-admin

Ottawa, Canada - November 14, 2008 - ZIM Corporation (OTCBB: ZIMCF), a provider of software products and services for the database, mobile and IPTV markets; today announced its financial results for its second quarter ended September 30, 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 quarter ended September 30, 2008 was $544,043, an increase of 22% from $446,686 for the quarter ended September 30, 2007. The improvement in revenue is primarily attributable to the increased sales from new software licenses, maintenance and consulting services related to our enterprise database products.

Net income for the quarter ended September 30, 2008 was $1,961 as compared to a net loss for the quarter ended September 30, 2007 of $101,207.

"I am pleased with our results this quarter" said Dr. Michael Cowpland, President and CEO of ZIM. "Despite very difficult global economic conditions, we are benefitting from our focus on our higher margin business segments and reduction in costs. We’ve made positive progress in the enterprise market and remain committed to controlling our cost structure as we focus on building our sales"

ZIM had cash of $457,326 as at September 30, 2008 as compared to $209,741 for the period ending September 30, 2007 and $ 401,525 at June 30, 2008 with no other outstanding debt.

About ZIM

ZIM is a provider of software products and services for the database, mobile and IPTV markets. ZIM products and services are used by enterprises in the design, development and management of business, database and IPTV 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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