ZIM Corporation announces fiscal year 2008 financial results
OTTAWA, June 24 /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 fiscal year ended March 31, 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 year ended March 31, 2007 was $2,068,065, a decrease from $2,195,184 in the prior year. As previously announced, ZIM's decrease in revenue is primarily attributable to the decline in revenue from our SMS aggregation services as a result of management's decision to no longer focus on this market. Net income for the year ended March 31, 2008 was $82,536 or a basic and diluted income per share of $0.001. The net loss for the year ended March 31, 2006 was $1,936,187 or a basic and diluted loss per share of $0.02. The increase in net income for the year ended March 31, 2008 was attributable to a decrease in costs of revenue relating to the decrease in revenues associated with SMS aggregation, no further amortization of intangible assets related to the acquisition of AIS (which were fully amortized in 2007) and reduced operating costs ZIM had cash of $299,943 at March 31, 2008, as compared to a cash balance of $441,637 at March 31, 2007 with no other outstanding debt. "I'm pleased with the progress that we made in fiscal 2008" said Dr. Michael Cowpland, President and CEO of ZIM. "Our operational improvements, expense reductions and focus on higher margin business segments are definitely reflected in our year end results and should continue to benefit the company going forward. ZIM is continuing its pursuit of 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 internet TV programming and services (also referred to as IPTV) and a mobile content and service provider. 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.
SOURCE ZIM CORPORATION
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