ZIM Corporation announces first quarter 2009 Financial Results

Fri, 2008-08-15 00:00 -- zim-admin

Ottawa, Canada - August 15, 2008 - ZIM Corporation (OTCBB: ZIMCF), a provider of software products and services for the database, mobile and IPTV markets; today announced its results for the quarter ended June 30, 2008. 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 June 30, 2008 was $439,330, a decrease from $538,027 for the same period last year. As previously announced, ZIM's decrease in revenue is primarily attributable to the decline in revenue from our Mobile segment.

Net loss for the quarter ended June 30, 2008 was $35,411 or a basic and diluted loss per share of $NIL. The net loss for the same period last year was $97,397 or a basic and diluted loss per share of $0.001. The decrease in net loss is a reflection of the Company’s reduction in selling and general administrative expenses, increased gross margins and an increase in revenue from maintenance and consulting services related to our database products.

ZIM had cash of $401,525 at June 30, 2008 as compared to cash of $299,943 as at March 31, 2008 with no other outstanding debt.

"We are continuing to benefit from our operational improvements and expense reductions" said Dr. Michael Cowpland, President and CEO of ZIM. "Our current cost structure continues to improve and supports our continuing efforts in pursuing opportunities related to our ZIM Integrated Development Environment (IDE) software, Internet TV and Mobile Content and Applications platforms".

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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