OTTAWA, Feb. 14 /PRNewswire-FirstCall/ - 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
company's registered public accounting firm.
About ZIM
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.
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, with respect to ZIM's
use of its cash from operations. 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. New risks
can arise and it is not possible for management to predict all such
risks, nor can it assess the impact of all such risks on our
business or the extent to which any factor, or combination of
factors, may cause actual results to differ materially from those
contained in any forward-looking statements. Given these risks and
uncertainties, investors should not place undue reliance on
forward-looking statements as a prediction of actual results. All
forward-looking statements speak only as of the date of this news
release. We undertake no obligation to revise or update publicly
any forward-looking statements in order to reflect any event or
circumstance that may arise after the date of this news release,
other than as required by law. 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.
SOURCE ZIM CORPORATION
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