Zim Corporation announces first quarter 2009 financial results

Aug 18, 2008, 01:00 ET from ZIM CORPORATION

    OTTAWA, Aug. 18 /PRNewswire-FirstCall/ - 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
     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.
     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.