ZIM Corporation reports second quarter 2009 financial results

Nov 14, 2008, 11:19 ET from ZIM CORPORATION

OTTAWA, Nov. 14 /PRNewswire-FirstCall/ - ZIM Corporation (OTCBB: ZIMCF), a provider of software products and services for the database, mobile and IPTV markets; today announced its financial results for its second quarter ended September 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 September 30, 2008 was $544,043, an increase of 22% from $446,686 for the quarter ended September 30, 2007. The improvement in revenue is primarily attributable to the increased sales from new software licenses, maintenance and consulting services related to our enterprise database products.

Net income for the quarter ended September 30, 2008 was $1,961 as compared to a net loss for the quarter ended September 30, 2007 of $101,207.

"I am pleased with our results this quarter" said Dr. Michael Cowpland, President and CEO of ZIM. "Despite very difficult global economic conditions, we are benefitting from our focus on our higher margin business segments and reduction in costs. We've made positive progress in the enterprise market and remain committed to controlling our cost structure as we focus on building our sales"

ZIM had cash of $457,326 as at September 30, 2008 as compared to $209,741 for the period ending September 30, 2007 and $ 401,525 at June 30, 2008 with no other outstanding debt.

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.