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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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Machine Learning helps make complex systems more efficient. By applying advanced Machine Learning techniques such as Cognitive Fingerprinting, wind project operators can utilize these tools to learn from collected data, detect regular patterns, and optimize their own operations. In his session at 18th Cloud Expo, Stuart Gillen, Director of Business Development at SparkCognition, will discuss how research has demonstrated the value of Machine Learning in delivering next generation analytics to im...
This is not a small hotel event. It is also not a big vendor party where politicians and entertainers are more important than real content. This is Cloud Expo, the world's longest-running conference and exhibition focused on Cloud Computing and all that it entails. If you want serious presentations and valuable insight about Cloud Computing for three straight days, then register now for Cloud Expo.
As you respond to increasing requests for new analytics, you need fast and flexible technology in your arsenal so that you can deploy the right workload to the right platform for the need at hand. Do you need self-service and fast time to value? Do you have data and application control and privacy needs, along with strict SLAs to meet? IBM dashDB™ is data warehouse technology powered by in-memory computing and in-database analytics that are designed for fast results, scalability and more.
SYS-CON Events announced today that SoftLayer, an IBM Company, has been named “Gold Sponsor” of SYS-CON's 18th Cloud Expo, which will take place on June 7-9, 2016, at the Javits Center in New York, New York. SoftLayer, an IBM Company, provides cloud infrastructure as a service from a growing number of data centers and network points of presence around the world. SoftLayer’s customers range from Web startups to global enterprises.
So, you bought into the current machine learning craze and went on to collect millions/billions of records from this promising new data source. Now, what do you do with them? Too often, the abundance of data quickly turns into an abundance of problems. How do you extract that "magic essence" from your data without falling into the common pitfalls? In her session at @ThingsExpo, Natalia Ponomareva, Software Engineer at Google, will provide tips on how to be successful in large scale machine lear...
IoT device adoption is growing at staggering rates, and with it comes opportunity for developers to meet consumer demand for an ever more connected world. Wireless communication is the key part of the encompassing components of any IoT device. Wireless connectivity enhances the device utility at the expense of ease of use and deployment challenges. Since connectivity is fundamental for IoT device development, engineers must understand how to overcome the hurdles inherent in incorporating multipl...
Up until last year, enterprises that were looking into cloud services usually undertook a long-term pilot with one of the large cloud providers, running test and dev workloads in the cloud. With cloud’s transition to mainstream adoption in 2015, and with enterprises migrating more and more workloads into the cloud and in between public and private environments, the single-provider approach must be revisited. In his session at 18th Cloud Expo, Yoav Mor, multi-cloud solution evangelist at Cloudy...
The paradigm has shifted. A Gartner survey shows that 43% of organizations are using or plan to implement the Internet of Things in 2016. However, not just a handful of companies are still using the old-style ad-hoc trial-and-error ways, unaware of the critical barriers, paint points, traps, and hidden roadblocks. How can you become a winner? In his session at @ThingsExpo, Tony Shan will present a methodical approach to guide the holistic adoption and enablement of IoT implementations. This ov...
We’ve worked with dozens of early adopters across numerous industries and will debunk common misperceptions, which starts with understanding that many of the connected products we’ll use over the next 5 years are already products, they’re just not yet connected. With an IoT product, time-in-market provides much more essential feedback than ever before. Innovation comes from what you do with the data that the connected product provides in order to enhance the customer experience and optimize busi...
SYS-CON Events announced today that Peak 10, Inc., a national IT infrastructure and cloud services provider, will exhibit at SYS-CON's 18th International Cloud Expo®, which will take place on June 7-9, 2016, at the Javits Center in New York City, NY. Peak 10 provides reliable, tailored data center and network services, cloud and managed services. Its solutions are designed to scale and adapt to customers’ changing business needs, enabling them to lower costs, improve performance and focus inter...
Artificial Intelligence has the potential to massively disrupt IoT. In his session at 18th Cloud Expo, AJ Abdallat, CEO of Beyond AI, will discuss what the five main drivers are in Artificial Intelligence that could shape the future of the Internet of Things. AJ Abdallat is CEO of Beyond AI. He has over 20 years of management experience in the fields of artificial intelligence, sensors, instruments, devices and software for telecommunications, life sciences, environmental monitoring, process...
SYS-CON Events announced today that Ericsson has been named “Gold Sponsor” of SYS-CON's @ThingsExpo, which will take place on June 7-9, 2016, at the Javits Center in New York, New York. Ericsson is a world leader in the rapidly changing environment of communications technology – providing equipment, software and services to enable transformation through mobility. Some 40 percent of global mobile traffic runs through networks we have supplied. More than 1 billion subscribers around the world re...
SYS-CON Events announced today that Stratoscale, the software company developing the next generation data center operating system, will exhibit at SYS-CON's 18th International Cloud Expo®, which will take place on June 7-9, 2016, at the Javits Center in New York City, NY. Stratoscale is revolutionizing the data center with a zero-to-cloud-in-minutes solution. With Stratoscale’s hardware-agnostic, Software Defined Data Center (SDDC) solution to store everything, run anything and scale everywhere...
SYS-CON Events announced today that Men & Mice, the leading global provider of DNS, DHCP and IP address management overlay solutions, will exhibit at SYS-CON's 18th International Cloud Expo®, which will take place on June 7-9, 2016, at the Javits Center in New York City, NY. The Men & Mice Suite overlay solution is already known for its powerful application in heterogeneous operating environments, enabling enterprises to scale without fuss. Building on a solid range of diverse platform support,...
In his session at @ThingsExpo, Chris Klein, CEO and Co-founder of Rachio, will discuss next generation communities that are using IoT to create more sustainable, intelligent communities. One example is Sterling Ranch, a 10,000 home development that – with the help of Siemens – will integrate IoT technology into the community to provide residents with energy and water savings as well as intelligent security. Everything from stop lights to sprinkler systems to building infrastructures will run ef...
You deployed your app with the Bluemix PaaS and it's gaining some serious traction, so it's time to make some tweaks. Did you design your application in a way that it can scale in the cloud? Were you even thinking about the cloud when you built the app? If not, chances are your app is going to break. Check out this webcast to learn various techniques for designing applications that will scale successfully in Bluemix, for the confidence you need to take your apps to the next level and beyond.
Unless you don’t use the internet, don’t live in California, or haven’t been paying attention to the recent news… you should be aware that self-driving cars are on their way to becoming a reality. I have seen them – they are real. If you believe in the future reality of self-driving cars, then continue reading on. If you don’t believe in the future possibilities, then I am not sure what to do to convince you other than discuss the very real changes that will roll out with the consumer producti...