Zim’s rising revenues, combined with some favourable accounting changes, led to profits for the Ottawa company in the second fiscal quarter of 2018.
Zim, the Ottawa-based database software firm led by veteran tech executive Michael Cowpland, recorded revenues of $209,509 for the three-month period ending June 30, an increase of roughly $60,000 from the year previous. The revenue jump came from higher software license sales, the company said in a release earlier this week.
Net income was even higher, however, at $654,530 – up from a loss of $47,540 last year. While higher revenues helped drive this profit, a change in accounting standards and a previously-unrealized gain on equity investments accounted for most of the income.
OBJ360 (Sponsored)
Why your next investment should be Canadian art
Ahead of its highly anticipated Give to Get Art Auction on May 29th, the Ottawa Art Gallery (OAG) offers some expert advice on investing in art. Art can inspire, spark
Stay Ahead of the Curve: The New Issue of Kingston Business Journal is Here
Are you looking for insightful analysis on the forces shaping the economic landscape of Eastern Ontario? The latest edition of the Kingston Business Journal (KBJ) is now available digitally, offering
Cowpland said in a statement that he’s pleased with the progress the company has made in modernizing its database platform, and that customer feedback has been encouraging.
