OTTAWA, Feb. 21, 2013 /CNW/ - 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
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