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Intermap Technologies Reports 2014 Second Quarter Financial Results

DENVER, Aug. 11, 2014 /PRNewswire/ - (TSX: IMP) - Intermap Technologies Corporation ("Intermap" or the "Company") today reported financial results for the second quarter ended June 30, 2014. A conference call will be held tomorrow, August 12th, at 10:00 a.m. Eastern Time to discuss the results.

All amounts in this news release are in United States dollars unless otherwise noted.

Intermap reported total revenue of $2.4 million for the second quarter of 2014, a 12% increase from the first quarter of the year. Second quarter revenue of $2.4 million is compared to $8.9 million in the same period of 2013. During the second quarter of last year, $7.6 million of mapping services revenue was recognized on a new $15.0 million contract that was announced earlier in the year. No similar sized contract was closed during the first six months of the current year, making up the majority of the variance between the current year and the prior year periods. Net loss for the second quarter of 2014 was $3.5 million, or ($0.04) per share, compared to a net profit of $170 thousand, or ($0.00) per share, for the second quarter of 2013. Second quarter adjusted EBITDA, a non IFRS financial measure, was a loss of $2.8 million, a decrease from an adjusted EBITDA profit of $2.2 million for the same period in 2013. Adjusted EBITDA excludes share-based compensation, gain or loss on the disposal of equipment, and gain or loss on foreign currency translation.

"Our continued focus during the quarter was the further development of our 3DBI® (3D business intelligence) software applications," said Todd Oseth, President & CEO of Intermap. "We're pleased to report that during the quarter we successfully introduced two new 3DBI software applications; InsitePro™ and GeoPro Server™. InsitePro is a Software-as-a Service ("SaaS") product built to analyze location specific risk caused by natural catastrophes. It is a powerful tool that gives users the ability to evaluate risk for locations one-by-one or thousands at a time via innovative risk models and analytics. GeoPro Server is the centerpiece of our Orion Platform®. It functions as a geospatial-data agnostic server deriving actionable answers from "big data". The application allows users (novice, or geospatial expert) to turn disparate geospatial data into simple to use information."

Mr. Oseth added, "Shortly after the introduction of InsitePro, we announced that a Top 10 Global Reinsurer had entered into an agreement with Intermap to license the application for use in a Latin American country. We see this as a significant endorsement for the application and we are optimistic that additional licenses will follow not only from this customer, but from other potential customers around the world."

"In addition to our progress on 3DBI software applications, we continue to progress towards the closing of a major international Orion Platform spatial data infrastructure contract," added Mr. Oseth. "The availability of our recently announced 3DBI software applications plays a pivotal role in winning Orion Platform projects. These projects are primarily government sourced and are inherently very complicated. They typically carry long sales cycles due to (i) the dollar magnitude of the contract, (ii) the individual country's political landscape, (iii) the timing of budgets, (iv) the multi-agency and multi-level government approval process, (v) the complexity of the project, and (vi) the funding mechanisms required for the project (i.e. banking syndicates). We remain optimistic that we will be able to announce the signing of one or more of these contracts before the end of the year, but due to the factors mentioned above, the actual timing is very difficult to predict."

Financial Review

Consolidated revenue for the second quarter of 2014 totaled $2.4 million and included (i) $0.1 million in mapping services, (ii) $0.2 million in professional services, (iii) $1.8 million in data licensing, and (iv) $0.3 million in 3DBI software licensing. For the same period in 2013, consolidated revenue totaled $8.9 million and included (i) $7.6 million in mapping services, (ii) $0.2 million in professional services, (iii) $0.7 million in data licensing, and (iv) $0.4 million in 3DBI software licensing. Contract backlog at the end of the quarter totaled $0.4 million.

For the second quarter of 2014, personnel expense was $3.1 million, compared to $3.2 million in the previous year. The decrease was primarily due to reduced commission expense consistent with decreased revenue recognized on a year-over-year basis.

For the second quarter of 2014, purchased services and materials expense was $1.5 million, compared to $2.7 million during the same period last year. The decrease in this category of expense is primarily due to project specific costs associated with airborne data collection efforts in the previous year with no similar work under contract in the current year. Purchased services and materials includes (i) aircraft related costs, including jet fuel, (ii) professional and consulting costs, (iii) third-party support services related to airborne data collection efforts, processing and editing of the Company's data collection efforts, and (iv) software expenses (including maintenance and support).

The cash position of the Company at June 30, 2014 (cash and cash equivalents) was $3.9 million, compared to $2.4 million at December 31, 2013. Amounts receivable and unbilled revenue at June 30, 2014 was $3.1 million, compared to $6.6 million at December 31, 2013. Working capital was negative $2.6 million at June 30, 2014, compared to positive $3.9 million at December 31, 2013 (see "Intermap Reader Advisory" below).

Detailed financial results and management's discussion and analysis can be found on SEDAR at: www.sedar.com.

Second Quarter Business Highlights (Previously Announced)

  • Intermap announced the launch of InsitePro™, a SaaS based product built on its history of providing risk solutions worldwide. The application was purpose-built to visualize and analyze location-specific risk caused by natural catastrophes. It provides property and casualty carriers, insurance brokers, enterprise risk managers, and government agencies with a powerful tool to evaluate locations one-by-one, or thousands at a time via innovative risk models and analytics. InsitePro is the only risk management application that accesses Intermap's WorldFlood™ model, which forecasts uniform flood coverage anywhere in the world.

  • Intermap announced an agreement to license its InsitePro software application to a Top 10 Global Reinsurer for use in a specific Latin American country. InsitePro leverages Intermap's best-in-class NEXTMap® and NEXTMap World 30™ elevation data. Point-specific ground elevation allows users to go beyond flood models to better understand the risk of flood by determining heights above flood elevation, flow routes from rivers to buildings, and safer locations for new infrastructure and buildings. InsitePro can also display a customer's proprietary risk data or any available government data.

  • Intermap announced the commercial availability of GeoPro Server, a server purpose-built for turning big data into smart decisions. GeoPro Server allows users (novice and geospatial expert) to turn disparate geospatial data into simple to use information. The application can provide enterprises and governments with easy access to all of their geospatial and non-geospatial data via a web service or web portal without regard to the data's source or original file format. GeoPro Server offers a multi-touch display that allows users to control terabytes of data from a tablet or laptop.

  • Intermap was awarded a commercial third-party database license to use the Traffic Audit Bureau ("TAB") ratings in its AdPro® software. After successfully passing TAB's rigorous technical standards and audit committee, AdPro now provides access to the TAB Ratings Database. By leveraging standardized TAB ratings directly within AdPro, users can measure return on investment for their out-of-home campaigns utilizing a trusted ratings system similar to those used in TV and radio campaigns.

  • The Company announced a $1.0 million contract to provide digital elevation data and orthorectified radar imagery from its NEXTMap® database. The data will be used by the customer for geospatial related applications and the delivery of the data occurred during the second quarter 2014.

  • Intermap introduced its new Vice President of Sales, Jon Freeman. Mr. Freeman is a technology and sales veteran bringing twenty years of consistent sales production and executive management experience to the position along with a successful record for business development in a variety of software/high-tech industries. Mr. Freeman most recently served as Vice President Sales for Solarwinds/Confio Software Inc., a leading provider of software solutions delivering database, server, storage, and networking tools.

  • Intermap announced the appointment of David Sikes to its Board of Directors effective April 9, 2014. Mr. Sikes is a Principal for Exeter Consulting, specializing in consulting for technology start-up companies. He has held technical and executive roles in technology based companies throughout his entire career. He has also held key board positions with several technology companies including most recently ten years with an internet/Software-based/B-to-B marketing company in the automotive industry.

As of August 11, 2014, there were 91,782,665 common shares outstanding.

Important factors, including those discussed in the Company's regulatory filings (www.sedar.com) could cause actual results to differ from the company's expectations and those differences may be material. Detailed financial results and management's discussion and analysis can be found on SEDAR at: www.sedar.com.

Conference Call

Intermap will host a conference call tomorrow, August 12, 2014, at 10:00 am ET (8:00 am MT). To participate in the call, please dial +1-647-427-7450 or 1-888-231-8191 approximately 10 minutes prior to the conference call and provide conference ID 76815260. A recording of the conference call will be available through October 31, 2014. Please dial +1-416-849-0833 or 1-855-859-2056 and provide pass code 76815260 to listen to the rebroadcast. The call will also be available on Intermap's website at http://www.intermap.com/en-us/investors.aspx for replay.

About Intermap Technologies

Headquartered in Denver, Colorado - Intermap (www.intermap.com) is an industry leader in geospatial solutions on demand. Through its powerful suite of 3DBI applications and proprietary development of contiguous databases that fuse volumes of GIS data into a single source, Intermap is able to provide location based solutions for customers in diverse markets around the world that solve today's complex geospatial challenges.

Adjusted EBITDA is not a recognized performance measure under GAAP and does not have a standardized meaning prescribed by IFRS. The term EBITDA consists of net income (loss) and excludes interest, taxes, depreciation, and amortization. Adjusted EBITDA is included as a supplemental disclosure because management believes that such measurement provides a better assessment of the Company's operations on a continuing basis by eliminating certain non-cash charges and charges that are nonrecurring. The most directly comparable measure to adjusted EBITDA calculated in accordance with IFRS is net income (loss).

Intermap Reader Advisory

Certain information provided in this news release constitutes forward-looking statements. The words "anticipate", "expect", "project", "estimate", "forecast" and similar expressions are intended to identify such forward-looking statements. Although Intermap believes that these statements are based on information and assumptions which are current, reasonable and complete, these statements are necessarily subject to a variety of known and unknown risks and uncertainties. You can find a discussion of such risks and uncertainties in our Annual Information Form and other securities filings. While the Company makes these forward-looking statements in good faith, should one or more of these risks or uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary significantly from those expected. Accordingly, no assurances can be given that any of the events anticipated by the forward-looking statements will transpire or occur, or if any of them do so, what benefits that the Company will derive therefrom. All subsequent forward-looking statements, whether written or oral, attributable to Intermap or persons acting on its behalf are expressly qualified in their entirety by these cautionary statements. The forward-looking statements contained in this news release are made as at the date of this news release and the Company does not undertake any obligation to update publicly or to revise any of the forward-looking statements made herein, whether as a result of new information, future events or otherwise, except as may be required by applicable securities law.

Reference is made to the Company's audited Consolidated Financial Statements for the years ended December 31, 2013 and 2012, together with the accompanying notes, which includes a going concern disclosure and such disclosure remains applicable as of the date of the financial statements included herein.

INTERMAP TECHNOLOGIES CORPORATION
Condensed Consolidated Interim Balance Sheets
(In thousands of United States dollars)
(Unaudited)
                         
                           
                      June 30,       December 31,
                      2014       2013
                               
Assets                          
                               
Current assets:                          
  Cash and cash equivalents           $     3,920     $ 2,420
  Amounts receivable                 2,880       6,434
  Unbilled revenue                 175       151
  Work in process                 16       33
  Prepaid expenses                 449       407
                      7,440       9,445
                               
Property and equipment                 3,164       3,378
Intangible assets                 57       116
                $     10,661     $ 12,939
                               
Liabilities and Shareholders' Equity                          
                               
Current liabilities:                          
  Accounts payable and accrued liabilities           $     3,864     $ 3,953
  Convertible note                 4,710       -
  Current portion of notes payable                 1,112       1,188
  Current portion of deferred lease inducements                 133       188
  Unearned revenue and deposits                 122       110
  Income taxes payable                 7       12
  Obligations under finance leases                 118       115
                      10,066       5,566
                           
Long-term notes payable                 44       -
Deferred lease inducements                 331       202
Obligations under finance leases                 132       192
                      10,573       5,960
                               
Shareholders' equity:                          
  Share capital                 197,464       197,376
  Accumulated other comprehensive income                  38       37
  Contributed surplus                 11,054       10,671
  Deficit                 (208,468)       (201,105)
                      88       6,979
                               
                $     10,661     $ 12,939
                           

                                       
INTERMAP TECHNOLOGIES CORPORATION
Condensed Consolidated Interim Statements of Profit and Loss and Other Comprehensive Income
(In thousands of United States dollars, except per share information)
(Unaudited)
                                       
              For the three months       For the six months
              ended June 30,       ended June 30,
              2014       2013       2014       2013
                                       
Revenue           $ 2,353     $ 8,877     $ 4,457     $ 13,970
                                       
Expenses:                                      
  Operating costs             5,274       6,862       11,041       12,183
  Depreciation of property and equipment             295       365       587       724
  Amortization of data library             -       1,153       -       2,305
  Amortization of intangible assets             30       30       59       59
              5,599       8,410       11,687       15,271
                                       
Operating (loss) income             (3,246)       467       (7,230)       (1,301)
                                       
Gain on disposal of equipment             51       200       413       204
Financing costs              (308)       (228)       (512)       (450)
Financing income             1       -       8       -
Loss on foreign currency translation             (43)       (269)       (121)       (236)
(Loss) income before income taxes             (3,545)       170       (7,442)       (1,783)
                                       
Income tax (expense) recovery:                                      
  Current             -       -       -       (47)
  Deferred             -       -       79       -
              -       -       79       (47)
                                       
Net (loss) income for the period           $ (3,545)     $ 170     $ (7,363)     $ (1,830)
                                       
Other comprehensive income (loss):                                      
  Foreign currency translation differences             2       3       1       (34)
                                       
Comprehensive (loss) income for the period           $ (3,543)     $ 173     $ (7,362)     $ (1,864)
                                       
Basic (loss) income per share           $ (0.04)     $ 0.00     $ (0.08)     $ (0.02)
Diluted (loss) income per share           $ (0.04)     $ 0.00     $ (0.08)     $ (0.02)
                                       
Weighted average number of Class A                                       
  common shares - basic             91,648,742       79,174,911       91,622,212       79,032,206
  common shares - diluted             91,648,742       79,646,130       91,622,212       79,032,206
                                         

                                                         
INTERMAP TECHNOLOGIES CORPORATION
Condensed Consolidated Interim Statements of Changes in Equity
(In thousands of United States dollars)
(Unaudited)
                                                         
            Share
Capital
    Contributed
Surplus
    Cumulative
Translation
Adjustments
    Deficit     Total
                                                         
Balance at December 31, 2012           $     194,144     $ 10,354     $ 58     $   (186,198)     $     18,358
                                                         
Comprehensive loss for the period                 -       -       (34)         (1,830)           (1,864)
Share-based compensation                 81       168       -         -           249
Convertible note conversion                 1,817       -       -         -           1,817
Conversion option of convertible note                 79       (79)       -         -           -
                                                         
Balance at June 30, 2013           $     196,121     $ 10,443     $ 24     $   (188,028)     $     18,560
                                                         
Comprehensive profit (loss) for the period                 -       -       13         (13,077)           (13,064)
Share-based compensation                 -       281       -         -           281
Convertible note conversion                 1,208       -       -         -           1,208
Conversion option of convertible note                 57       (57)       -         -           -
Issuance costs                 (10)       4       -         -           (6)
                                                         
Balance at December 31, 2013           $     197,376     $ 10,671     $ 37     $   (201,105)     $     6,979
                                                         
Comprehensive profit (loss) for the period                 -       -       1         (7,363)           (7,362)
Share-based compensation                 40       193       -         -           233
Warrant component of convertible note                 64       -       -         -           64
Conversion option of convertible note                 -       259       -         -           259
Issuance costs                 (1)       (5)       -         -           (6)
Deferred tax effect of convertible note                 (15)       (64)       -         -           (79)
                                                         
Balance at June 30, 2014           $     197,464     $ 11,054     $ 38     $   (208,468)     $     88
                                                         

                                 
INTERMAP TECHNOLOGIES CORPORATION
Condensed Consolidated Interim Statements of Cash Flows
(In thousands of United States dollars)
(Unaudited)
                               
                                 
For the Six Months Ended June 30,           2014       2013
                                 
Cash flows provided by:                                
                                 
Operating activities:                                
  Net loss for the period           $     (7,363)       $     (1,830)
  Adjusted for the following non-cash items:                                
    Depreciation of property and equipment                 587             724
    Amortization of data library                 -             2,305
    Amortization of intangible assets                 59             59
    Share-based compensation expense                 233             249
    Gain on disposal of equipment                 (413)             (204)
    Amortization of deferred lease inducements                 (42)             (94)
    Deferred taxes                 (79)             -
    Financing costs                 512             450
    Current income tax expense                 -             47
    Interest paid                 (12)             (49)
    Income tax paid                 (5)             (29)
  Changes in working capital:                                
    Amounts receivable                 3,764             (1,310)
    Work in process and other assets                 (49)             933
    Accounts payable                 (447)             345
    Accrued liabilities                 (9)             (122)
    Unearned revenue and deposits                 12             (86)
    Gain on foreign currency translation                 (1)             (25)
                  (3,253)             1,363
                                 
Investing activities:                                
  Purchase of property and equipment                 (437)             (259)
  Proceeds from sale of equipment                 353             112
                  (84)             (147)
                                 
Financing activities:                                
  Proceeds from issuance of convertible note                 5,000             -
  Financing costs of convertible note                 (93)             -
  Proceeds from reimbursable project funding                 44             -
  Repayment of obligations under finance lease                 (57)             (176)
  Repayment of long-term debt and notes payable                 (65)             (419)
                  4,829             (595)
                                 
Effect of foreign exchange on cash                 8             (16)
                                 
Increase in cash and cash equivalents                 1,500             605
                                 
Cash and cash equivalents, beginning of period                 2,420             2,055
                                 
Cash and cash equivalents, end of period           $     3,920       $     2,660
                                 

SOURCE Intermap Technologies Corporation

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SYS-CON Events announced today the Containers & Microservices Bootcamp, being held November 3-4, 2015, in conjunction with 17th Cloud Expo, @ThingsExpo, and @DevOpsSummit at the Santa Clara Convention Center in Santa Clara, CA. This is your chance to get started with the latest technology in the industry. Combined with real-world scenarios and use cases, the Containers and Microservices Bootcamp, led by Janakiram MSV, a Microsoft Regional Director, will include presentations as well as hands-on...
Puppet Labs is pleased to share the findings from our 2015 State of DevOps Survey. We have deepened our understanding of how DevOps enables IT performance and organizational performance, based on responses from more than 20,000 technical professionals we’ve surveyed over the past four years. The 2015 State of DevOps Report reveals high-performing IT organizations deploy 30x more frequently with 200x shorter lead times. They have 60x fewer failures and recover 168x faster
Containers are not new, but renewed commitments to performance, flexibility, and agility have propelled them to the top of the agenda today. By working without the need for virtualization and its overhead, containers are seen as the perfect way to deploy apps and services across multiple clouds. Containers can handle anything from file types to operating systems and services, including microservices. What are microservices? Unlike what the name implies, microservices are not necessarily small,...
Moving an existing on-premise infrastructure into the cloud can be a complex and daunting proposition. It is critical to understand the benefits as well as the challenges associated with either a full or hybrid approach. In his session at 17th Cloud Expo, Richard Weiss, Principal Consultant at Pythian, will present a roadmap that can be leveraged by any organization to plan, analyze, evaluate and execute on a cloud migration solution. He will review the five major cloud transformation phases a...
Puppet Labs has announced the next major update to its flagship product: Puppet Enterprise 2015.2. This release includes new features providing DevOps teams with clarity, simplicity and additional management capabilities, including an all-new user interface, an interactive graph for visualizing infrastructure code, a new unified agent and broader infrastructure support.
Contrary to mainstream media attention, the multiple possibilities of how consumer IoT will transform our everyday lives aren’t the only angle of this headline-gaining trend. There’s a huge opportunity for “industrial IoT” and “Smart Cities” to impact the world in the same capacity – especially during critical situations. For example, a community water dam that needs to release water can leverage embedded critical communications logic to alert the appropriate individuals, on the right device, as...
ElasticBox, the agile application delivery manager, announced freely available public boxes for the DevOps community. ElasticBox works with enterprises to help them deploy any application to any cloud. Public boxes are curated reference boxes that represent some of the most popular applications and tools for orchestrating deployments at scale. Boxes are an adaptive way to represent reusable infrastructure as components of code. Boxes contain scripts, variables, and metadata to automate proces...
WebRTC services have already permeated corporate communications in the form of videoconferencing solutions. However, WebRTC has the potential of going beyond and catalyzing a new class of services providing more than calls with capabilities such as mass-scale real-time media broadcasting, enriched and augmented video, person-to-machine and machine-to-machine communications. In his session at @ThingsExpo, Luis Lopez, CEO of Kurento, will introduce the technologies required for implementing thes...
Amazon and Google have built software-defined data centers (SDDCs) that deliver massively scalable services with great efficiency. Yet, building SDDCs has proven to be a near impossibility for ‘normal’ companies without hyper-scale resources. In his session at 17th Cloud Expo, David Cauthron, founder and chief executive officer of Nimboxx, will discuss the evolution of virtualization (hardware, application, memory, storage) and how commodity / open source hyper converged infrastructure (HCI) so...
SYS-CON Events announced today that Pythian, a global IT services company specializing in helping companies leverage disruptive technologies to optimize revenue-generating systems, has been named “Bronze Sponsor” of SYS-CON's 17th Cloud Expo, which will take place on November 3–5, 2015, at the Santa Clara Convention Center in Santa Clara, CA. Founded in 1997, Pythian is a global IT services company that helps companies compete by adopting disruptive technologies such as cloud, Big Data, advance...
In today's digital world, change is the one constant. Disruptive innovations like cloud, mobility, social media, and the Internet of Things have reshaped the market and set new standards in customer expectations. To remain competitive, businesses must tap the potential of emerging technologies and markets through the rapid release of new products and services. However, the rigid and siloed structures of traditional IT platforms and processes are slowing them down – resulting in lengthy delivery ...
Consumer IoT applications provide data about the user that just doesn’t exist in traditional PC or mobile web applications. This rich data, or “context,” enables the highly personalized consumer experiences that characterize many consumer IoT apps. This same data is also providing brands with unprecedented insight into how their connected products are being used, while, at the same time, powering highly targeted engagement and marketing opportunities. In his session at @ThingsExpo, Nathan Trel...