OTTAWA, Feb. 14 /PRNewswire-FirstCall/ – 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, 2010. 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, 2010 was $503,425, an increase of almost 17% from $418,068 for the same period last year. ZIM’s increase in revenue is primarily attributable to increase sales of software and consulting services related to our database products and services.
Net income for the quarter ended December 31, 2010 was $123,493 or a basic and diluted income per share of $0.001. The net income for the same period last year was $101,167 or a basic and diluted loss per share of $0.001. The increase in net income principally reflects an increase in sales combined with continued cost containment that produced an income from operations of $48,421.
"I am pleased with our results this quarter," said Dr. Michael Cowpland, President and CEO of Zim. "We produced solid top and bottom line growth and are benefitting from our recent technology acquisition announced in October 2010. I am especially pleased that we continue to generate income from operations as we focus on building our enterprise database business."
ZIM had cash and cash equivalents of $1,690,832 at December 31, 2010 as compared to cash and cash equivalents of $1,160,881 at March 31, 2010. This increase is due mainly to net income and receipt of tax credits.
ZIM also announces the appointment of Ernst and Young LLP as the company’s registered public accounting firm.
SOURCE ZIM CORPORATION