ZIM Corporation Reports Second Quarter 2014 Financial Results

Fri, 2013-11-22 18:29 -- zim-admin

Ottawa, Canada – November 22, 2013 - ZIM Corporation (OTCBB: ZIMCF), a provider of software products and services for the database and mobile markets: today announced its financial results for its second quarter ended September 30, 2013. 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, 2013 was $296,024, a decrease from the $399,740 for the same period last year. Net loss for the quarter ended September 30, 2013 was $112,239 or a basic and diluted loss per share of $0.001 compared to net loss for the same period last year of $85,854 or a basic and diluted loss per share of $0.001. The decrease in net income principally reflects the decrease in database software maintenance and consulting sales, foreign exchange fluctuations and withholding taxes on the transfer of funds from Brazil.

“As previously reported, project delays related to our enterprise database software and consulting services continue to negatively impact our revenues” said Dr. Michael Cowpland, President and CEO of Zim. “We have accelerated our progress on resolving these delays and anticipate delivering a considerable portion of these projects in the current fiscal year. In addition Zim released a beta version of ZimQt technology which enables our customers to develop powerful Enterprise database applications for any platform including mobile or embedded devices. With multi OS support for Android, iOS, Linux Windows and OSx.”

During the quarter we signed new projects to our existing work in progress resulting in an increased total work in progress and committed purchase orders of almost $600,000 USD.

ZIM had cash and cash equivalents of $1,562,977 at September 30, 2013 as compared to cash and cash equivalents of $1,591,507 at March 31, 2013.

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.

This news release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934, with respect to ZIM’s use of its cash from operations. All forward-looking statements made in this 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 forward-looking statements are subject to risks and uncertainties that may cause actual results to differ materially from those described or implied by any forward-looking statements. New risks can arise and it is not possible for management to predict all such risks, nor can it
assess the impact of all such risks on our business or the extent to which any factor, or combination of factors, may cause actual results to differ materially from those contained in any forward-looking statements. Given these risks and uncertainties, investors should not place undue reliance on forward-looking statements as a prediction of actual results. All forward-looking statements speak only as of the date of this news release. We undertake no obligation to revise or update publicly any forward-looking statements in order to reflect any event or circumstance that may arise after the date of this news release, other than as required by law. Please refer to ZIM’s filings with the SEC for additional information regarding risks and uncertainties. Copies of these filings are available through the SEC's website at www.sec.gov.

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