Ottawa, Canada - July 19, 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 fiscal year ended March 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 year ended March 31, 2011 was $2,009,771, an increase from revenue of $1,597,465 for the year ended March 31, 2010. Net income for the year ended March 31, 2011 was $366,797, or a basic and diluted income per share of $0.003, a 20% increase, from $304,767 for the year ended March 31, 2010, or a basic and diluted income per share of $0.003. The improvement in earnings is due mainly to increased sales of enterprise software and migration technologies combined with continued cost containment that produced a positive income from operations.
"I am very pleased with our results for fiscal year 2011" said Dr. Michael Cowpland, President and CEO of ZIM. "We increased sales by almost 26%, grew net income by 20% and generated in excess of $610,000 in cash. All of which directly reflects our increased investment in R&D and acquisition activity in FY2011. Our financial and operational position improves our ability to take advantage of opportunities moving forward."
ZIM had cash and cash equivalents of $1,770,990 as at March 31, 2011 as compared to $1,160,881 as at March 31, 2010 with no outstanding long term debt. ZIM had working capital of $1,888,157 as at March 31, 2011.
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:
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.