ZIM Corporation Reports Third Quarter 2015 Financial Results

Fri, 2015-02-20 15:26 -- zim-admin

Ottawa, Canada – February 18, 2015 - 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, 2014. 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, 2014 was $382,051, an increase from the $357,334 for the same period last year. Net income for the quarter ended December 31, 2014 was $6,491 or a basic and diluted income per share of $0.000 compared to net loss for the same period last year of $62,989 or a basic and diluted loss per share of $0.000. The increase in income, for the quarter, and nine-month period is a reflection of lower cost of revenue related to consulting projects, decreased selling, general and administrative expenses and the effects of a stronger U.S. dollar.

“I am pleased with the results for this quarter” said Dr. Michael Cowpland, President and CEO of ZIM. Growth in our enterprise software business grew quarter over quarter, and year over year, while our ongoing cost control contributed to improved bottom line performance. We completed a number of our Brazilian consulting projects that were delayed last year and we continue with customer trials of our new IDE and Database product Zim 8.50.”

ZIM had cash and cash equivalents of $1,509,657 at December 31, 2014 as compared to cash and cash equivalents of $1,386,737 at March 31, 2014.

About ZIM

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 forwardlooking 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 2 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.

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ZIM Corporation