OTTAWA, Feb. 14, 2014 /PRNewswire/ - 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, 2013. 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, 2013 was $357,334, an
increase from the $334,577 for the
same period last year. Net loss for the quarter ended
December 31, 2013 was $62,989 or a basic and diluted loss per share of
$0.000 compared to net income for the
same period last year of $91,087 or a
basic and diluted income per share of $0.001. The decrease in net income principally
reflects the decrease in database software license sales as well as
increased cost of sales and labour on consulting projects in
Brazil.
"As previously reported we have been negatively impacted by
project delays related to our enterprise database software and
consulting services." said Dr. Michael
Cowpland, President and CEO of Zim. "However, we resolved a
number of these delays which resulted in increased revenue this
quarter. We remain confident in delivering a considerable portion
of our remaining projects in the current fiscal year."
During the quarter new contracts were signed resulting in an
increased backorder of almost $400,000
USD.
ZIM had cash and cash equivalents of $1,604,466 at December 31,
2013 as compared to cash and cash equivalents of
$1,591,507 at March 31, 2013.
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
