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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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In her General Session at 15th Cloud Expo, Anne Plese, Senior Consultant, Cloud Product Marketing, at Verizon Enterprise, will focus on finding the right mix of renting vs. buying Oracle capacity to scale to meet business demands, and offer validated Oracle database TCO models for Oracle development and testing environments. Anne Plese is a marketing and technology enthusiast/realist with over 19+ years in high tech. At Verizon Enterprise, she focuses on driving growth for the Verizon Cloud pla...
As Platform as a Service (PaaS) matures as a category, developers should have the ability to use the programming language of their choice to build applications and have access to a wide array of services. Bluemix is IBM's open cloud development platform that enables users to easily build cloud-based, creative mobile and web applications without having to spend large amounts of time and resources on configuring infrastructure and multiple software licenses. In this track, you will learn about the...
General Electric (GE) has been a household name for more than a century, thanks in large part to its role in making households easier to run. Starting with the light bulb invented by its founder, Thomas Edison, GE has been selling devices (“things”) to consumers throughout its 122-year history. Last week, GE announced that it is officially leaving that job to others. While the lighting division will stay, GE will now turn its attention to selling industrial machinery and analytics as a service t...
The Internet of Things will greatly expand the opportunities for data collection and new business models driven off of that data. In her session at Internet of @ThingsExpo, Esmeralda Swartz, CMO of MetraTech, will discuss how for this to be effective you not only need to have infrastructure and operational models capable of utilizing this new phenomenon, but increasingly service providers will need to convince a skeptical public to participate. Get ready to show them the money! Speaker Bio: ...
How do you know when a technology has become mainstream? A good clue may be when politicians start talking about it on the campaign trail and with mainstream media. David Cameron, the UK prime minister, was the latest, indicating that the world was now on “fast-forward” with the Internet of Things (IoT) ushering in the new industrial revolution. No mention of IoT targeted at the masses would be complete without the clichéd example of the communicating fridge. While it is easy to get caught up in...
Machine-to-machine (M2M) technology and the resulting Internet of Things are leading us inexorably toward everything-as-a-service (XaaS). As more things get connected, the range of service opportunities expands. And as those services are presented online, they become available for use, re-use and re-purposing. At first thought, the idea of more connected devices suggests simply that there will be more devices around, and as such, more products for manufacturers to make and sell. That’s true, bu...
Samsung VP Jacopo Lenzi, who headed the company's recent SmartThings acquisition under the auspices of Samsung's Open Innovaction Center (OIC), answered a few questions we had about the deal. This interview was in conjunction with our interview with SmartThings CEO Alex Hawkinson. IoT Journal: SmartThings was developed in an open, standards-agnostic platform, and will now be part of Samsung's Open Innovation Center. Can you elaborate on your commitment to keep the platform open? Jacopo Lenzi: S...
Almost everyone sees the potential of Internet of Things but how can businesses truly unlock that potential. The key will be in the ability to discover business insight in the midst of an ocean of Big Data generated from billions of embedded devices via Systems of Discover. Businesses will also need to ensure that they can sustain that insight by leveraging the cloud for global reach, scale and elasticity.
SAP is delivering break-through innovation combined with fantastic user experience powered by the market-leading in-memory technology, SAP HANA. In his General Session at 15th Cloud Expo, Thorsten Leiduck, VP ISVs & Digital Commerce, SAP, will discuss how SAP and partners provide cloud and hybrid cloud solutions as well as real-time Big Data offerings that help companies of all sizes and industries run better. SAP launched an application challenge to award the most innovative SAP HANA and SAP ...
The Internet of Things (IoT) is going to require a new way of thinking and of developing software for speed, security and innovation. This requires IT leaders to balance business as usual while anticipating for the next market and technology trends. Cloud provides the right IT asset portfolio to help today’s IT leaders manage the old and prepare for the new. Today the cloud conversation is evolving from private and public to hybrid. This session will provide use cases and insights to reinforce t...
SYS-CON Events announced today that Verizon has been named "Gold Sponsor" of SYS-CON's 15th International Cloud Expo®, which will take place on November 4-6, 2014, at the Santa Clara Convention Center in Santa Clara, CA. Verizon Enterprise Solutions creates global connections that generate growth, drive business innovation and move society forward. With industry-specific solutions and a full range of global wholesale offerings provided over the company's secure mobility, cloud, strategic network...
SimpleECM is the only platform to offer a powerful combination of enterprise content management (ECM) services, capture solutions, and third-party business services providing simplified integrations and workflow development for solution providers. SimpleECM is opening the market to businesses of all sizes by reinventing the delivery of ECM services. Our APIs make the development of ECM services simple with the use of familiar technologies for a frictionless integration directly into web applicat...
The only place to be June 9-11 is Cloud Expo & @ThingsExpo 2015 East at the Javits Center in New York City. Join us there as delegates from all over the world come to listen to and engage with speakers & sponsors from the leading Cloud Computing, IoT & Big Data companies. Cloud Expo & @ThingsExpo are the leading events covering the booming market of Cloud Computing, IoT & Big Data for the enterprise. Speakers from all over the world will be hand-picked for their ability to explore the economic...
Cloudwick, the leading big data DevOps service and solution provider to the Fortune 1000, announced Big Loop, its multi-vendor operations platform. Cloudwick Big Loop creates greater collaboration between Fortune 1000 IT staff, developers and their database management systems as well as big data vendors. This allows customers to comprehensively manage and oversee their entire infrastructure, which leads to more successful production cluster operations, and scale-out. Cloudwick Big Loop supports ...
Software AG helps organizations transform into Digital Enterprises, so they can differentiate from competitors and better engage customers, partners and employees. Using the Software AG Suite, companies can close the gap between business and IT to create digital systems of differentiation that drive front-line agility. We offer four on-ramps to the Digital Enterprise: alignment through collaborative process analysis; transformation through portfolio management; agility through process automation...
Headquartered in Santa Monica, California, Bitium was founded by Kriz and Erik Gustavson. The 1,500 cloud-based application using Bitium’s analytics, app management, and single sign-on services include bug trackers, customer service dashboards, Google Apps, and social networks. The firm states website administrators can do multiple tasks online without revealing passwords. Bitium’s advisors include Microsoft’s former CMO and the former senior vice president of strategy, the founder and CEO of Li...
Things are being built upon cloud foundations to transform organizations. This CEO Power Panel at 15th Cloud Expo, moderated by Roger Strukhoff, Cloud Expo and @ThingsExpo conference chair, will address the big issues involving these technologies and, more important, the results they will achieve. How important are public, private, and hybrid cloud to the enterprise? How does one define Big Data? And how is the IoT tying all this together?
The 3rd International Internet of @ThingsExpo, co-located with the 16th International Cloud Expo - to be held June 9-11, 2015, at the Javits Center in New York City, NY - announces that its Call for Papers is now open. The Internet of Things (IoT) is the biggest idea since the creation of the Worldwide Web more than 20 years ago.