OTTAWA, Aug. 12, 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 first quarter ended June 30,
2013. 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 June 30,
2013 was $269,497, a decrease
from the $297,244 for the same period
last year. The decrease in revenue was primarily attributable
to project delays in our enterprise database software and
consulting services business and a weakening Brazilian real.
Net loss for the quarter ended June 30,
2013 was $114,890 or a basic
and diluted loss per share of $0.001
compared to net loss for the same period last year of $64,150 or a basic and diluted loss per share of
$0.001. The decrease in net income
principally reflects the decrease in database software maintenance
and consulting sales, foreign exchange fluctuations and withholding
taxes on the transfer of funds from Brazil.
"As previously reported - our revenues have been impacted by
project delays related to our enterprise database software and
consulting services" said Dr. Michael
Cowpland, President and CEO of Zim."We are making good
progress with resolving these delays and anticipate delivering
these projects throughout the remainder of this fiscal year"
ZIM had cash and cash equivalents of $1,258,338 at June 30,
2013 as compared to cash and cash equivalents of
$1,591,507 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
