OTTAWA, July 10, 2013 /PRNewswire/ - ZIM Corporation
(OTCBB: ZIMCF), a provider of software products and services for
the database and mobile markets: today announced its financial
results for its fiscal year ended March 31,
2013. All figures presented are calculated in accordance
with generally accepted accounting principles (GAAP) in
the United States and presented in
US dollars.
Revenue from ongoing operations for the year ended March 31, 2013 was $1,310,481, a decrease compared to revenue of
$1,798,677 for the year ended
March 31, 2012. Net less from ongoing
operations for the year ended March 31,
2013 was $192,115, or a basic
and diluted loss per share of $0.002,
a decrease, from $474,457 the year
ended March 31, 2012, or a basic and
diluted income per share of $0.004.
The decline in revenue and income is a direct result of delays in
the completion of two projects that are scheduled for completion in
the next fiscal year and an impairment charge related to
investments of $98,464.
ZIM also announced it has discontinued its mobile content. Net
loss related to discontinued operations was $8,904 for the year ended March 31, 2013, as compared to a net loss of
$23,408 for the year ended
March 31, 2012.
"Project delays and the impairment of our assets have resulted
in a very challenging year at ZIM " said Dr. Michael Cowpland, President and CEO of ZIM.
"However, we enter fiscal 2014 with a backlog of over $500,000 and anticipate fiscal 2014 project
deliveries to enhance our revenues."
ZIM had cash and cash equivalents of $1,591,507 as at March 31,
2013 as compared to $1,762,171
as at March 31, 2012 with no
outstanding long term debt. ZIM had working capital of $1,895,111 as at March 31,
2013.
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
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
