As of March 3, 2010, there were 60,796,507 common shares outstanding.
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 today, March 3, 2011, at 4:30 p.m. EST (2:30 p.m. MST). To participate in the call, please dial +1-416-340-8530 or +1-888-340-9642 approximately 10 minutes prior to the conference call. A recording of the conference call will be available through March 10, 2011. Please dial +1-905-694-9451 or +1-800-408-3053 and provide the password 3663446 to listen to the rebroadcast.
About Intermap Technologies
Intermap (TSX: IMP) is a preeminent digital mapping and geospatial solutions provider that has set the industry standard for creating uniform high-resolution 3D digital models of the earth’s surface. The Company has proactively remapped entire countries and built uniform national datasets, called NEXTMap®, consisting of affordably priced elevation data and geometric images of unprecedented accuracy. Demand for NEXTMap data and the Company’s contract mapping services is growing as commercial applications emerge within the GIS, federal & civil government, national mapping, defense and intelligence, automotive, insurance risk assessment, wireless telecommunications, and cloud-based web services markets.
Headquartered in Denver, Colorado, Intermap has offices in Calgary, Jakarta, Munich, Prague and Washington, D.C. For more information, visit www.Intermap.com.
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.
| INTERMAP TECHNOLOGIES CORPORATION | ||||||||||
| Consolidated Balance Sheet | ||||||||||
| (In thousands of United States dollars) | ||||||||||
| December 31, | December 31, | |||||||||
| 2010 | 2009 | |||||||||
| Assets | ||||||||||
| Current assets: | ||||||||||
| Cash and cash equivalents | $ | 4,356 | $ | 10,355 | ||||||
| Amounts receivable | 4,156 | 12,270 | ||||||||
| Unbilled revenue | 1,016 | 343 | ||||||||
| Work in process | 59 | 2,057 | ||||||||
| Prepaid expenses | 1,039 | 1,481 | ||||||||
| Available for sale assets | 1,700 | - | ||||||||
| 12,326 | 26,506 | |||||||||
| Property and equipment | 7,766 | 13,380 | ||||||||
| Multi-client data library | 23,049 | 85,276 | ||||||||
| Intangible assets | 488 | 909 | ||||||||
| Future income taxes | 5 | 136 | ||||||||
| $ | 43,634 | $ | 126,207 | |||||||
| Liabilities and Shareholders' Equity | ||||||||||
| Current liabilities: | ||||||||||
| Accounts payable and accrued liabilities | $ | 5,889 | $ | 5,916 | ||||||
| Current portion of deferred lease inducements | 123 | 171 | ||||||||
| Deferred revenue | 4,873 | 674 | ||||||||
| Deposit for sale of aircraft | 4,000 | - | ||||||||
| Income taxes payable | 50 | 42 | ||||||||
| Current portion of obligations under capital lease | 151 | 229 | ||||||||
| Current portion of long-term debt | 527 | 1,383 | ||||||||
| 15,613 | 8,415 | |||||||||
| Deferred lease inducements | 286 | 129 | ||||||||
| Other long-term liabilities | 531 | - | ||||||||
| Obligations under capital lease | 41 | 130 | ||||||||
| Long-term debt | 658 | 1,121 | ||||||||
| Future income tax liability | 93 | 218 | ||||||||
| 17,222 | 10,013 | |||||||||
| Shareholders' equity: | ||||||||||
| Share capital | 187,253 | 181,623 | ||||||||
| Contributed surplus | 8,342 | 6,882 | ||||||||
| Deficit | (175,377 | ) | (78,505 | ) | ||||||
| Accumulated other comprehensive income | 6,194 | 6,194 | ||||||||
| 26,412 | 116,194 | |||||||||
| $ | 43,634 | $ | 126,207 | |||||||
| INTERMAP TECHNOLOGIES CORPORATION | ||||||||||
| Consolidated Statements of Operations, Comprehensive Loss and Deficit | ||||||||||
| (In thousands of United States dollars) | ||||||||||
| For the year | ||||||||||
| ended December 31, | ||||||||||
| 2010 | 2009 | |||||||||
| Revenue: | ||||||||||
| Contract services | $ | 4,280 | $ | 20,143 | ||||||
| Multi-client data licenses | 9,652 | 10,164 | ||||||||
| 13,932 | 30,307 | |||||||||
| Operating costs: | ||||||||||
| Operations | 10,511 | 9,404 | ||||||||
| Research and development | 2,486 | 3,643 | ||||||||
| Sales, general and administrative | 22,173 | 25,772 | ||||||||
| Restructuring costs | 2,541 | 673 | ||||||||
| Depreciation of property and equipment | 4,577 | 6,302 | ||||||||
| Amortization of multi-client data library | 14,702 | 10,074 | ||||||||
| Amortization of intangible assets | 421 | 422 | ||||||||
| Loss (gain) on disposal of equipment | 72 | (119 | ) | |||||||
| Impairment of multi-client data library | 52,762 | - | ||||||||
| 110,245 | 56,171 | |||||||||
| Loss before interest, foreign | ||||||||||
| exchange and income taxes | (96,313 | ) | (25,864 | ) | ||||||
| Interest expense, net | (142 | ) | (199 | ) | ||||||
| (Loss) gain on foreign currency translation | (354 | ) | 372 | |||||||
| (Loss) before income taxes | (96,809 | ) | (25,691 | ) | ||||||
| Income tax expense (recovery) | ||||||||||
| Current | 57 | 156 | ||||||||
| Future | 6 | (7 | ) | |||||||
| 63 | 149 | |||||||||
| Net loss and comprehensive loss | (96,872 | ) | (25,840 | ) | ||||||
| Deficit, beginning of period | (78,505 | ) | (52,665 | ) | ||||||
| Deficit, end of period | $ | (175,377 | ) | $ | (78,505 | ) | ||||
| Basic and diluted loss per share | $ | (1.71 | ) | $ | (0.51 | ) | ||||
| Weighted average number of Class A | ||||||||||
| common shares - basic and diluted | 56,502,778 | 50,342,816 | ||||||||
| INTERMAP TECHNOLOGIES CORPORATION | ||||||||||||
| Consolidated Statements of Cash Flows | ||||||||||||
| (In thousands of United States dollars) | ||||||||||||
| For the year | ||||||||||||
| ended December 31, | ||||||||||||
| 2010 | 2009 | |||||||||||
| Cash flows (used in) provided by: | ||||||||||||
| Operations: | ||||||||||||
| Net loss | $ | (96,872 | ) | $ | (25,840 | ) | ||||||
| Items not involving cash and cash equivalents: | ||||||||||||
| Depreciation of property and equipment | 4,577 | 6,302 | ||||||||||
| Amortization of multi-client data library | 14,702 | 10,074 | ||||||||||
| Impairment of multi-client data library | 52,762 | - | ||||||||||
| Amortization of intangible assets | 421 | 422 | ||||||||||
| Stock-based compensation | 1,685 | 2,247 | ||||||||||
| Loss (gain) on disposal of property & equipment | 72 | (119 | ) | |||||||||
| Amortization of deferred lease inducements | (279 | ) | (240 | ) | ||||||||
| Future income taxes | 6 | (7 | ) | |||||||||
| Change in non-cash operating working capital | 14,766 | (4,800 | ) | |||||||||
| (8,160 | ) | (11,961 | ) | |||||||||
| Financing: | ||||||||||||
| Proceeds from issuance of common shares | 6,157 | 9,540 | ||||||||||
| Securities issuance costs | (725 | ) | (841 | ) | ||||||||
| Repayment of obligations under capital lease | (167 | ) | (342 | ) | ||||||||
| Repayment of long-term debt | (1,390 | ) | (882 | ) | ||||||||
| 3,875 | 7,475 | |||||||||||
| Investments: | ||||||||||||
| Purchase of property and equipment | (1,015 | ) | (1,288 | ) | ||||||||
| Investment in multi-client data library | (4,606 | ) | (12,627 | ) | ||||||||
| Proceeds from sale of property & equipment | 4,019 | 1,039 | ||||||||||
| (1,602 | ) | (12,876 | ) | |||||||||
| Effect of foreign exchange on cash | (112 | ) | 470 | |||||||||
| Decrease in cash and cash equivalents | (5,999 | ) | (16,892 | ) | ||||||||
| Cash and cash equivalents, beginning of period | 10,355 | 27,247 | ||||||||||
| Cash and cash equivalents, end of period | $ | 4,356 | $ | 10,355 | ||||||||
| Supplemental cash flow information: | ||||||||||||
| Cash paid for interest expense | $ | 140 | $ | 220 | ||||||||
| Cash paid for income taxes | $ | 154 | $ | 96 | ||||||||
