OTTAWA, June 24 /CNW Telbec/ - ZIM Corporation (OTCBB: ZIMCF), a provider
of software products and services for the database, mobile and IPTV markets;
today announced its results for the fiscal year ended March 31, 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 year ended March 31, 2007 was $2,068,065, a decrease from
$2,195,184 in the prior year. As previously announced, ZIM's decrease in
revenue is primarily attributable to the decline in revenue from our SMS
aggregation services as a result of management's decision to no longer focus
on this market.
Net income for the year ended March 31, 2008 was $82,536 or a basic and
diluted income per share of $0.001. The net loss for the year ended March 31,
2006 was $1,936,187 or a basic and diluted loss per share of $0.02. The
increase in net income for the year ended March 31, 2008 was attributable to a
decrease in costs of revenue relating to the decrease in revenues associated
with SMS aggregation, no further amortization of intangible assets related to
the acquisition of AIS (which were fully amortized in 2007) and reduced
ZIM had cash of $299,943 at March 31, 2008, as compared to a cash balance
of $441,637 at March 31, 2007 with no other outstanding debt.
"I'm pleased with the progress that we made in fiscal 2008" said
Dr. Michael Cowpland, President and CEO of ZIM. "Our operational improvements,
expense reductions and focus on higher margin business segments are definitely
reflected in our year end results and should continue to benefit the company
going forward. ZIM is continuing its pursuit of opportunities related to our
ZIM Integrated Development Environment (IDE) software, Internet TV and Mobile
Content and Applications platforms".
ZIM is a provider of internet TV programming and services (also referred
to as IPTV) and a mobile content and service provider. 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.
For further information:
For further information: John Chapman, ZIM Corporation, (613) 727-1397
ext. 121, firstname.lastname@example.org