OTTAWA, Feb. 12 /CNW Telbec/ - 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, 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 December 31, 2008 was $499,202, a slight
decrease from comparable revenue of $500,914 for the quarter ended December
31, 2007. Net income for the quarter ended December 31, 2008 was $203,620, a
31% increase from $155,758 for the quarter ended December 31, 2007. The
improvement in net earnings is primarily attributable to the increased sales
from new software licenses, maintenance and consulting services related to our
enterprise database products coupled with a 42% decrease in operating expenses
when compared to the same quarter last year.
"We produced solid results this quarter" said Dr. Michael Cowpland,
President and CEO of ZIM. "Despite the ongoing challenges of the global
economy we had a profitable quarter and generated a significant increase in
net income and over $170,000 in net cash flow. We had good success at
reengaging with our enterprise database customers resulting in increased sales
in this segment of our business. We remain cautious in light of the current
market conditions and will continue managing the company's expenses and cash
ZIM had cash and cash equivalents of $628,906 as at December 31, 2008 as
compared to $273,507 as at December 31, 2007 with no outstanding debt.
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.
For further information:
For further information: John Chapman, ZIM Corporation, (613) 727-1397 x