OTTAWA, Nov. 13, 2012 /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 first quarter ended September 30, 2012. 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 September 30, 2012 was $399,740, a decrease from the $402,145 for the same period last year. Net loss for the quarter ended September 30, 2012 was $85,854 or a basic and diluted loss per share of $0.001 compared to net loss for the same period last year of $44,466 or a basic and diluted loss per share of $0.001. The decrease in net income principally reflects the decrease in software maintenance and consulting revenue, foreign exchange fluctuations and non cash stock based compensation expense. When the non cash stock based compensation is excluded from earnings the net income for the quarter is $17,498 compared to a net loss of $21,207 for the same period last year.
"We experienced a stable quarter on the revenue front compared to the same quarter last year" said Dr. Michael Cowpland, President and CEO of Zim. "We recovered to more normal revenue levels compared to our first quarter and, excluding the stock based compensation, our earnings increased and were positive."
ZIM had cash and cash equivalents of $1,494,796 at June 30, 2012 as compared to cash and cash equivalents of $1,762,171 at March 31, 2012.
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