ZIM CORPORATION REPORTS FIRST QUARTER 2019 FINANCIAL RESULTS
Ottawa, Canada – August 21, 2018 - ZIM Corporation (OTCBB: ZIMCF), a provider ofsoftware products and services for the database and mobile markets: today announced itsfinancial results for its first quarter ended June 30, 2018. All figures presented arecalculated in accordance with generally accepted accounting principles (GAAP) in the UnitedStates and presented in US dollars.
Revenue for the quarter ended June 30, 2018 was $209,509, an increase from the$149,295 for the same period last year. The increase in revenue was attributable toincreased sales of software licenses.
Net income for the quarter ended June 30, 2018 was $654,530 or a basic and dilutedearnings per share of $0.080 compared to net loss for the same period last year of $47,540or a basic and diluted loss per share of $0.006. The increase in net income reflects theadoption of FASB 2016-01 and the unrealized gain on our equity investments of $598,041.In addition, the company had positive income from operations resulting from the increase inrevenues.
“I am very pleased with positive operating income this quarter” said Dr. Michael Cowpland,President and CEO of Zim. “We have made significant progress with modernizing ourdatabase product platform and are encouraged with the customer feedback and interest weare receiving. This coupled with the performance of our equity investments resulted in astrong quarter.”
ZIM had cash and cash equivalents of $484,020 at June 30, 2018 as compared to cash andcash equivalents of $418,507 at March 31, 2018.
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 andmanagement of business, database and mobile applications. 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 ofthe Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934, withrespect to ZIM’s use of its cash from operations. All forward-looking statements made inthis 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 forwardlookingstatements are subject to risks and uncertainties that may cause actual results todiffer materially from those described or implied by any forward-looking statements. Newrisks can arise and it is not possible for management to predict all such risks, nor can itassess the impact of all such risks on our business or the extent to which any factor, orcombination of factors, may cause actual results to differ materially from those contained inany forward-looking statements. Given these risks and uncertainties, investors should notplace undue reliance on forward-looking statements as a prediction of actual results. All2forward-looking statements speak only as of the date of this news release. We undertake noobligation to revise or update publicly any forward-looking statements in order to reflect anyevent or circumstance that may arise after the date of this news release, other than asrequired by law. Please refer to ZIM’s filings with the SEC for additional informationregarding risks and uncertainties. Copies of these filings are available through the SEC'swebsite at www.sec.gov.
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