Zim Corporation Announces Fiscal Year 2010 Results

Thu, 2010-07-22 00:00 -- zim-admin

Ottawa, Canada - July 22, 2010 - 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, 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 year ended March 31, 2010 was $1,597,465, a decrease from revenue of $1,831,541 for the year ended March 31, 2009.

Net income for the year ended March 31, 2010 was $304,767, a 99% increase, from $153,513 for the year ended March 31, 2009. The improvement in earnings is due mainly to other income realized from an out of court settlement of an unrecognized claim in the amount of $171,400.

"I am very pleased with our bottom line results for fiscal year 2010. " said Dr. Michael Cowpland, President and CEO of ZIM. "Despite a decrease in sales caused by challenging market conditions, we doubled our net income and generated in excess of $520,000.00 in cash while increasing investment in R&D activities. We are well positioned to take advantage of opportunities moving forward. "

ZIM had cash and cash equivalents of $1,160,881 as at March 31, 2010 as compared to $640,214 as at March 31, 2009 with no outstanding long term debt. ZIM has working capital of $1,276,874 as at March 31, 2010.

About ZIM

ZIM is a provider of software products and services for the database, mobile and IPTV markets. ZIM products and services are used by enterprises in the design, development and management of business, database and IPTV 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

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