Zim Corporation Reports Fiscal Year 2009 Financial Results

Wed, 2009-07-15 00:00 -- zim-admin

Ottawa, Canada - July 15, 2009 - 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, 2009. 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, 2009 was $1,831,541, a decrease from revenue of $1,990,680 for the year ended March 31, 2008. Net income for the year ended March 31, 2009 was $153,513, an 86% increase, from $82,536 for the year ended March 31, 2008. The improvement in 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 24% reduction in operating expenses when compared to the last fiscal year.

"We produced solid net income and cash results this year" said Dr. Michael Cowpland, President and CEO of ZIM. "Despite the ongoing challenges of the global economy we increased our profitability, have generated over 80% more net income and more than $340,000 in cash this year. We had good success at reengaging with many of 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 $640,214 as at March 31, 2009 as compared to $299,943 as at March 31, 2008 with no outstanding long term debt. ZIM has working capital of $705,857 as at March 31, 2009.

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