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.
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.