ZIM Corporation reports third quarter 2013 financial results
OTTAWA, Feb. 21, 2013 /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, 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 December 31, 2012 was $334,577, a decrease from the $483,869 for the same period last year. Net income for the quarter ended December 31, 2012 was $91,087 or a basic and diluted income per share of $0.001 compared to net income for the same period last year of $211,604 or a basic and diluted income per share of $0.002. The decrease in revenue and net income resulted from a decrease in mobile content revenue combined with the delay in revenue recognition of work in progress on consulting projects related to our migration software and services and a weakening of the Brazilian real.
"We are experiencing delays in recognizing revenue with our migration projects due to work interruptions on the client side and a need for additional resources. Our backorder for new work has grown to over $600,000 and we intend to add additional resources in response to this." said Dr. Michael Cowpland, President and CEO of Zim. "Notwithstanding our decline in revenue, we maintained our cost structure and delivered another positive quarter."
ZIM had cash and cash equivalents of $1,796,649 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