ZIM Corporation posted year-end results late Wednesday that saw revenue drop, but just slightly from 2014 numbers.
Revenue for the fiscal year ending March 31 was US$1.1 million, compared with $1.3 million in fiscal 2014. The Ottawa-based software company (OTCBB:ZIMCF) attributed the drop to a decline in SMS messaging revenue and the exchange rate between the weaker Brazilian real compared with the U.S. dollar.
ZIM’s net loss for the year was $236,748, an improvement from the loss of $351,342 posted in fiscal 2014.
“We made good progress in 2015,” president and CEO Michael Cowpland said in a statement. “We resolved the delays incurred on several database consulting projects and cleared our backlog of work in South America.”
Mr. Cowpland also said the firm made progress with development and customer trials of its new product and is “well-positioned” to launch its latest version of ZIM next year.
As of March 31, ZIM had $1 million in cash and cash equivalents and working capital of $1.2 million.