Intermap Technologies Reports 2011 Fourth Quarter and Year-End Financial Results

Intermap will host a conference call today, March 12, 2012, at 4:30 p.m. EDT (2:30 p.m. MDT). To participate in the call, please dial +1-416-340-8530 or 1-877-240-9772 approximately 10 minutes prior to the conference call. A recording of the conference call will be available through March 19, 2012. Please dial +1-905-694-9451 or 1-800-408-3053 and provide the pass code 7026665 to listen to the rebroadcast. The call will also be available on Intermap’s website at http://www.intermap.com/investors.aspx for replay.

About Intermap Technologies

Headquartered in Denver, Colorado - Intermap ( www.intermap.com) is a leading provider of Location-Based Information (LBI), setting the industry standard for creating high-resolution 3D digital models of the earth’s surface. The Company has remapped entire countries, to build NEXTMap® national databases consisting of affordably priced elevation data and geometric images of unparalleled accuracy. Turnkey solutions can be purchased from the Company’s NEXTMap Online Store, a hosted web services platform offering a variety of subscription levels by geography, data-layer, individual or enterprise wide license. Intermap’s cloud-based hosted model offers customers the most convenient and affordable method to satisfy their needs with both Platform-as-a-Service (PaaS) and Software-as-a-Service (SaaS) options.

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, 2011 and 2010, 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
Consolidated Balance Sheets
(In thousands of United States dollars)

December 31, December 31, January 1,
        2011   2010   2010
 
Assets
 
Current assets:
Cash and cash equivalents $ 597 $ 4,356 $ 10,355
Amounts receivable 5,512 4,156 12,270
Unbilled revenue 865 1,016 343
Work in process 26 59 2,057
Prepaid expenses 616 1,039 1,481
  Non-current assets held for sale     -       1,488       -  
7,616 12,114 26,506
 
Property and equipment 5,273 7,908 13,302
Data library 18,439 23,049 87,520
Intangible assets 290 551 1,056
Deferred tax assets     5       5       136  
        $ 31,623     $ 43,627     $ 128,520  
 
Liabilities and Shareholders' Equity
 
Current liabilities:
Accounts payable and accrued liabilities $ 5,097 $ 3,141 $ 5,916
Current portion of provisions 888 1,109 398
Current portion of note payable 69 1,639 -
Current portion of deferred lease inducements 97 123 171
Unearned revenue 1,544 4,873 674
Deposit for sale of assets - 4,000 -
Income taxes payable 43 50 42
Current portion of obligations under finance lease 323 151 229
  Current portion of long-term debt     548       527       1,383  
8,609 15,613 8,813
 
Long-term note payable 1,629 - -
Deferred lease inducements 363 286 129
Long-term provisions 223 531 316
Obligations under finance lease 262 41 130
Long-term debt 95 658 1,121
Deferred tax liabilities     13       93       218  
          11,194       17,222       10,727  
 
Shareholders' equity:
Share capital 193,992 187,253 181,623
Accumulated other comprehensive income 46 128 147
Contributed surplus 9,663 8,700 7,858
  Deficit     (183,272 )     (169,676 )     (71,835 )
          20,429       26,405       117,793  
                 
        $ 31,623     $ 43,627     $ 128,520  
 

INTERMAP TECHNOLOGIES CORPORATION
Consolidated Statements of Comprehensive Income
(In thousands of United States dollars, except per share information)

   
For the year ended December 31,   2011   2010
   
Revenue:
Contract services $ 10,813 $ 4,280
  Data licenses     13,254       9,652  
24,067 13,932
Expenses:
Operating costs 31,376 36,381
Depreciation of property and equipment 3,377 4,567
Amortization of data library 4,610 14,346
Impairment of data library - 55,362
  Amortization of intangible assets     495       471  
39,858 111,127
             
Operating loss (15,791 ) (97,195 )
 
Gain (loss) on disposal of equipment 2,514 (72 )
Financing costs (160 ) (142 )
Financing income 3
Loss on foreign currency translation     (72 )     (369 )
 
Loss before income taxes (13,506 ) (97,778 )
 
Income tax (expense) recovery:
Current (170 ) (57 )
  Deferred     80       (6 )
(90 ) (63 )
             
Net loss for the period   $ (13,596 )   $ (97,841 )
 
Other comprehensive loss:
Foreign currency translation differences (82 ) (19 )
             
Total comprehensive loss for the period   $ (13,678 )   $ (97,860 )
 
Basic and diluted loss per share   $ (0.19 )   $ (1.73 )
 
Weighted average number of Class A
common shares - basic and diluted 72,563,227 56,502,778
 

INTERMAP TECHNOLOGIES CORPORATION
Consolidated Statements of Changes in Equity
(In thousands of United States dollars)

       
   

Share
Capital

 

Contributed
Surplus

 

Cumulative
Translation
Adjustments

  Deficit   Total
 
Balance at January 1, 2010 $ 181,623 $ 7,858 $ 147 $ (71,835 ) $ 117,793
 
Comprehensive loss for the period - - (19 ) (97,841 ) (97,860 )
Share-based compensation 198 732 - - 930
Issuance of shares 6,157 - - - 6,157
Issuance costs (725 ) - - - (725 )
Compensation options issued to agent - 110 - - 110
                     
Balance at December 31, 2010     187,253       8,700     128       (169,676 )     26,405  
 
Comprehensive loss for the period - - (82 ) (13,596 ) (13,678 )
Share-based compensation 597 698 - - 1,295
Issuance of shares 6,791 - - - 6,791
Issuance costs (384 ) - - - (384 )
Compensation options issued to agent (265 ) 265 - - -
                     
Balance at December 31, 2011   $ 193,992     $ 9,663   $ 46     $ (183,272 )   $ 20,429  
 

INTERMAP TECHNOLOGIES CORPORATION
Consolidated Statements of Cash Flows
(In thousands of United States dollars)

       
For the years ended
December 31,
        2011   2010
 
Cash flows (used in) provided by:
 
Operating activities:
Net loss for the period $ (13,596 ) $ (97,841 )
Adjusted for the following non-cash items:
Depreciation of property and equipment 3,377 4,567
Amortization of data library 4,610 14,346
Impairment of data library - 55,362
Amortization of intangible assets 495 471
Share-based compensation expense 1,011 1,068
(Gain) loss on disposal of equipment (2,514 ) 72
Amortization of deferred lease inducements 55 (279 )
Deferred taxes (80 ) 6
Financing costs 160 142
Current income tax expense 170 57
Interest paid (99 ) (140 )
Income tax paid (105 ) (154 )
  Change in non-cash operating working capital     (2,545 )     14,162  
          (9,061 )     (8,161 )
 
Investing activities:
Purchase of property and equipment (102 ) (1,015 )
Investment in intangible assets (242 ) -
Investment in data library - (4,605 )
  Proceeds from sale of equipment     1       4,019  
          (343 )     (1,601 )
 
Financing activities:
Proceeds from issuance of common shares 6,791 6,157
Securities issuance costs (384 ) (725 )
Repayment of obligations under finance lease (239 ) (167 )
  Repayment of long-term debt     (531 )     (1,390 )
          5,637       3,875  
 
Effect of foreign exchange on cash     8       (112 )
 
Decrease in cash and cash equivalents (3,759 ) (5,999 )
 
Cash and cash equivalents, beginning of period 4,356 10,355
             
Cash and cash equivalents, end of period   $ 597     $ 4,356  

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