Zim reports quartly results:
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ZIM Corporation reports third quarter 2008 financial results
15:20 EST Thursday, February 14, 2008
OTTAWA, Feb. 14 /PRNewswire-FirstCall/ - ZIM Corporation (OTCBB: ZIMCF), a provider of software products and services for the database, mobile and IPTV markets, today announced its financial results for its third quarter ended December 31, 2007. 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, 2007 was $698,562, an increase from $517,969 for the quarter ended December 31, 2006. A one-time recognition of revenue in the premium SMS segment of $197,948 is included in revenue and resulted from a review of outstanding payables and receivables and subsequent settlement of outstanding amounts. This was partially offset by the previously disclosed decline in revenue from our SMS aggregation services caused by the continuing saturation of the aggregation market which the Company expects to continue.
Net income for the quarter ended December 31, 2007 was $155,758, or a basic and diluted earnings per share of $0.002. The net loss for the quarter ended December 31, 2006 was $507,117, or a basic and diluted loss per share of $0.006.
"Results from this quarter reflect our efforts to improve operations and focus on our higher margin product segments. We've made good progress in reducing our operating expenses and continue to look for additional savings as we pursue opportunities related to our Internet TV, Mobile, and Database products and services" said Dr. Michael Cowpland, President and CEO of ZIM.
ZIM had cash of $273,507 as at December 31, 2007 as compared to $441,637 for the period ending December 31, 2006 and $209,741 at September 30, 2007. As at December 31, 2007, ZIM had no amounts due to financial institutions.
