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Zim sees 23% rise in fiscal net income

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Published on July 20, 2012; Published on July 20, 2012
OBJ Staff

Containing costs helped boost Zim Corp.'s net income despite a drop in revenues over the fiscal year, the firm stated late Thursday.

Net income rose to $451,049 in the year ending March 31 compared to $366,797 in 2011.

At the same time, revenue declined to $1.9 million compared with $2 million the year before, although the company said the fall was due to two orders that will come through early in the next fiscal year.

"Even though we had the project delays we were able to grow net income ... as well as enter the new fiscal year with a sales back order," stated CEO Michael Cowpland.

"Our improved net income performance directly reflects our continued productivity gains, and our strong financial and operational position improves our ability to take advantage of opportunities moving forward."

Zim's cash and cash equivalents were $1.762 million as of March 31, compared with $1.77 million the year before. The company carries no long-term debt.

The Ottawa-based firm bills itself as a software product provider for databases and mobile.

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