INTERMAP TECHNOLOGIES CORPORATION
Consolidated Statements of Operations, Comprehensive Loss and Deficit
(In thousands of United States dollars, except per share information)
For the 3 months
ended March 31,
2007 2006
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(unaudited) (unaudited)
Revenue:
Contract services $ 5,161 $ 998
Multi-client data licenses 1,078 1,132
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6,239 2,130
Operating costs:
Cost of services 1,270 768
Research and development 829 484
Sales, general and administrative 5,335 3,334
Depreciation of property and equipment 1,165 697
Amortization of multi-client data library 907 592
Amortization of intangible assets 36 -
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9,542 5,875
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Loss before interest, income taxes and
foreign exchange (3,303) (3,745)
Interest expense (38) (49)
Interest income 571 552
(Loss) gain on foreign currency translation (47) 571
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Loss before income taxes (2,817) (2,671)
Income tax expense (recovery)
Current 27 -
Future (9) -
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18 -
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Net loss and comprehensive loss (2,835) (2,671)
Deficit, beginning of period (29,711) (18,638)
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Deficit, end of period $ (32,546) $ (21,309)
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Basic and diluted loss per share $ (0.08) $ (0.08)
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Weighted average number of Class A common
shares - basic and diluted 37,057,585 34,821,872
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INTERMAP TECHNOLOGIES CORPORATION
Consolidated Statements of Cash Flows
(In thousands of United States dollars)
For the three months
ended March 31,
2007 2006
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(unaudited) (unaudited)
Cash and cash equivalents (used in) provided
by:
Operations:
Net loss $ (2,835) $ (2,671)
Items not involving cash:
Depreciation of property and equipment 1,165 697
Amortization of multi-client data library 907 592
Amortization of intangible assets 36 -
Stock based compensation expense 465 142
Amortization of deferred lease inducements (17) (33)
Future income taxes (9) -
Change in non-cash operating working capital (1,193) 912
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(1,481) (361)
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Financing:
Proceeds from issuance of common shares 342 9,930
Issuance costs - (1)
Deferred lease inducements 151 -
Repayment of long-term debt (137) (140)
Repayment of obligations under capital lease (79) (53)
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277 9,736
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Investments:
Purchase of property and equipment (2,386) (3,514)
Investment in multi-client data library (3,547) (2,707)
Business acquisition cost, net of cash
acquired (1,330) -
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(7,263) (6,221)
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(Decrease) increase in cash and cash
equivalents (8,467) 3,154
Cash and cash equivalents, beginning of period 48,170 63,492
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Cash and cash equivalents, end of period $ 39,703 $ 66,646
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Supplemental cash flow information:
Cash paid for interest $ 38 $ 49
Cash paid for income taxes $ 35 $ 5
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