ZIM Corporation Reports Second Quarter 2011 Financial Results

Mon, 2010-11-15 11:56 -- zim-admin

Ottawa, Canada - November 15, 2010 - Zim Corporation (OTCBB: ZIMCF), a provider of software products and services for the database and mobile markets, today announced its its financial results for its second quarter ended September 30, 2010. 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, 2010 was $499,593, an increase of almost 35% from $370,660 for the same period last year. The increase in revenue is primarily attributable to increased sales of software and consulting services related to Zim’s enterprise products..

Net income for the quarter ended September 30, 2010 was $152,197 or a basic and diluted income per share of $0.001. The net loss for the same period last year was $34,352 or a basic and diluted loss per share of $0.000. The increase in net income principally reflects an increase in sales combined with continued cost containment that produced an income from operations of $41,418.

"We produced solid results this quarter with the growth of our top line revenue" said Dr. Michael Cowpland, President and CEO of ZIM. "I am especially pleased that we generated positive income and cash flow from ongoing operations as a result of our growth strategy for our enterprise database business."

ZIM had cash and cash equivalents of $1,539,366 at June 30, 2010 as compared to cash and cash equivalents of $1,160,881 at March 31, 2010. The increase is due mainly to increased net income and receipt of tax credits.
 

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

Category: