INTERMAP TECHNOLOGIES CORPORATION
Consolidated Statements of Operations and Deficit
(In thousands of United States dollars)
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For the three months For the six months
ended June 30, ended June 30,
2007 2006 2007 2006
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(unaudited) (unaudited) (unaudited) (unaudited)
Revenue:
Contract services $ 5,924 $ 2,887 $ 11,084 $ 3,885
Multi-client data
licenses 1,223 765 2,302 1,897
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7,147 3,652 13,386 5,782
Operating costs:
Cost of services 2,573 1,633 3,843 2,402
Research and
development 1,018 594 1,847 1,078
Sales, general and
administrative 5,975 4,970 11,310 8,304
Depreciation of
property and
equipment 1,197 697 2,362 1,394
Amortization of
multi-client data
library 1,023 450 1,930 1,042
Amortization of
intangible assets 105 - 141 -
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11,891 8,344 21,433 14,220
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Loss before interest,
income taxes and
foreign exchange (4,744) (4,692) (8,047) (8,438)
Interest expense (38) (44) (75) (92)
Interest income 450 726 1,021 1,278
(Loss) gain on foreign
currency translation (5) 731 (52) 1,302
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Loss before income
taxes (4,337) (3,279) (7,153) (5,950)
Income tax expense
(recovery)
Current 27 7 54 7
Future (25) - (34) -
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Net loss and
comprehensive loss (4,339) (3,286) (7,173) (5,957)
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Deficit, beginning of
period (32,547) (21,309) (29,711) (18,638)
Redemption of shares - (78) - (78)
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Deficit, end of period $ (36,884) $ (24,673) $ (36,884) $ (24,673)
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Basic and diluted loss
per share $ (0.12) $ (0.09) $ (0.19) $ (0.17)
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Weighted average
number of Class A
common shares - basic
and diluted 37,391,608 36,866,008 37,224,439 35,962,869
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INTERMAP TECHNOLOGIES CORPORATION
Consolidated Statements of Cash Flows
(In thousands of United States dollars)
======================================================================
For the three months For the six months
ended June 30, ended June 30,
2007 2006 2007 2006
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(unaudited) (unaudited) (unaudited) (unaudited)
Cash flows (used in)
provided by:
Operations:
Net loss $ (4,339) $ (3,286) $ (7,173) $ (5,957)
Items not involving
cash and cash
equivalents:
Depreciation of
property and
equipment 1,197 697 2,362 1,394
Amortization of
multi-client data
library 1,023 450 1,930 1,042
Amortization of
intangible assets 105 - 141 -
Loss on disposal
of property and
equipment 40 - 40 -
Stock based
compensation 508 899 972 1,040
Amortization of
deferred lease
inducements (53) (35) (71) (68)
Future income
taxes (25) - (34) -
Change in non-cash
operating working
capital 2,664 512 1,623 1,426
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1,120 (763) (210) (1,123)
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Financing:
Proceeds from
issuance of common
shares 1,355 1,130 1,697 11,060
Issuance costs - (1) - (2)
Repayment of long-
term debt (139) (133) (276) (273)
Repayment of
obligations under
capital lease (111) (52) (190) (105)
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1,105 944 1,231 10,680
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Investments:
Purchase of property
and equipment (2,388) (2,892) (4,774) (6,407)
Investment in multi-
client data library (5,796) (2,965) (9,343) (5,672)
Business acquisition
cost, net of cash
acquired - - (1,330) -
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(8,184) (5,857) (15,447) (12,079)
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Decrease in cash and
cash equivalents (5,959) (5,676) (14,426) (2,522)
Cash and cash
equivalents,
beginning of period 39,703 66,646 48,170 63,492
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Cash and cash
equivalents, end of
period $ 33,744 $ 60,970 $ 33,744 $ 60,970
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Supplemental cash flow
information:
Cash paid for
interest $ 37 $ 44 $ 74 $ 92
Cash paid for income
taxes $ 33 $ 30 $ 49 $ 30
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Cash and cash equivalents include deposits with financial institutions
that can be withdrawn without prior notice or penalty, and short-term
deposits with an original maturity of ninety days or less.
