Zim Corporation Announces Third Quarter 2009 Financial Results

Thu, 2009-02-12 00:00 -- zim-admin

Ottawa, Canada - February 12, 2009 - 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 December 31, 2008 was $499,202, a slight decrease from comparable revenue of $500,914 for the quarter ended December 31, 2007. Net income for the quarter ended December 31, 2008 was $203,620, a 31% increase from $155,758 for the quarter ended December 31, 2007. The improvement in net earnings is primarily attributable to the increased sales from new software licenses, maintenance and consulting services related to our enterprise database products coupled with a 42% decrease in operating expenses when compared to the same quarter last year.

"We produced solid results this quarter" said Dr. Michael Cowpland, President and CEO of ZIM. "Despite the ongoing challenges of the global economy we had a profitable quarter and generated a significant increase in net income and over $170,000 in net cash flow. We had good success at reengaging with our enterprise database customers resulting in increased sales in this segment of our business. We remain cautious in light of the current market conditions and will continue managing the company's expenses and cash accordingly."

ZIM had cash and cash equivalents of $628,906 as at December 31, 2008 as compared to $273,507 as at December 31, 2007 with no 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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