Ottawa, Canada - February 14, 2011 - ZIM Corporation (OTCBB: ZIMCF), a provider of software products and services for the database and mobile markets: today announced its financial results for its third quarter ended December 31, 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 December 31, 2010 was $503,425, an increase of almost 17% from $418,068 for the same period last year. ZIM's increase in revenue is primarily attributable to increase sales of software and consulting services related to our database products and services.
Net income for the quarter ended December 31, 2010 was $123,493 or a basic and diluted income per share of $0.001. The net income for the same period last year was $101,167 or a basic and diluted loss per share of $0.001. The increase in net income principally reflects an increase in sales combined with continued cost containment that produced an income from operations of $48,421.
"I am pleased with our results this quarter" said Dr. Michael Cowpland, President and CEO of ZIM. "We produced solid top and bottom line growth and are benefitting from our recent technology acquisition announced in October 2010.I am especially pleased that we continue to generate income from operations as we focus on building our enterprise database business."
ZIM had cash and cash equivalents of $1,690,832 at December 31, 2010 as compared to cash and cash equivalents of $1,160,881 at March 31, 2010. This increase is due mainly to net income and receipt of tax credits.
ZIM also announces the appointment of Ernst and Young LLP as the companys registered public accounting firm.
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.
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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, including statements related to the success of ZIM’s aggregation services and ZIM’s ability to enter the mobile content market. 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. Factors that might cause such a difference include, but are not limited to, ZIM’s limited operating history, ZIM’s history of operating losses and expected future operating losses, ZIM’s ability to obtain additional financing when needed, ZIM’s ability to continue as a going concern, ZIM’s reliance on wireless carriers to market and use its applications and services, possible fee increases by third party service providers, the potential loss of services of Dr. Michael Cowpland and other key personnel, rapid developments in technology, including developments by competitors, possible internal controls deficiencies and possible accounting adjustments resulting from our quarter-end accounting and review procedures, ZIM's ability to maintain current reporting under the Securities Exchange Act of 1934, and ZIM’s ability to successfully integrate any acquisition. 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. ZIM assumes no obligation to revise or update publicly the forward-looking statements included in this news release, other than as required by law.