Ottawa, Canada - February 17, 2012 - 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 December 31, 2011. 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, 2011 was $483,869, a decrease from $503,425 for the same period last year. The decrease in revenue is primarily attributable to a decrease in SMS messaging and mobile content revenue.
Net income for the quarter ended December 31, 2011 was $211,604 or a basic and diluted income per share of $0.002. The net income for the same period last year was $123,493 or a basic and diluted income per share of $0.001. The increase in net income principally reflects an increase in enterprise software sales, software revenue recognition and receipt of income tax credits related to research and development.
"As expected, we continue to experience declines in our mobile content and message delivery business however, we are seeing modest growth in our enterprise software business segment" said Dr. Michael Cowpland, President and CEO of ZIM. "This growth is encouraging and is a reflection of the interest that our customers continue to show in our enterprise software products and services."
ZIM had cash and cash equivalents of $1,643,202 at December 31, 2011 as compared to cash and cash equivalents of $1,770,990 at March 31, 2011. The decline in cash and cash equivalents principally reflects the investment in Connecting People for Health Co-operative Ltd and also includes a non-realized cash loss related to the volatility of foreign exchange rates.
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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