ZIM Corporation Reports Fiscal Year 2011 Financial Results
OTTAWA, July 19, 2011 /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 fiscal year ended March 31, 2011. 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, 2011 was $2,009,771, an increase from revenue of $1,597,465 for the year ended March 31, 2010. Net income for the year ended March 31, 2011 was $366,797, or a basic and diluted income per share of $0.003, a 20% increase, from $304,767 for the year ended March 31, 2010, or a basic and diluted income per share of $0.003. The improvement in earnings is due mainly to increased sales of enterprise software and migration technologies combined with continued cost containment that produced a positive income from operations.
"I am very pleased with our results for fiscal year 2011" said Dr. Michael Cowpland, President and CEO of ZIM. "We increased sales by almost 26%, grew net income by 20% and generated in excess of $610,000 in cash. All of which directly reflects our increased investment in R&D and acquisition activity in FY2011. Our financial and operational position improves our ability to take advantage of opportunities moving forward."
ZIM had cash and cash equivalents of $1,770,990 as at March 31, 2011 as compared to $1,160,881 as at March 31, 2010 with no outstanding long term debt. ZIM had working capital of $1,888,157 as at March 31, 2011.
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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