Intermap Technologies Reports Second Quarter Financial Results

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,
    2009   2008   2009   2008
(unaudited)   (unaudited) (unaudited)   (unaudited)
Cash flows (used in) provided by:
 
Operations:
Net loss $ (6,852 ) $ (6,163 ) $ (13,833 ) $ (10,406 )
Items not involving cash and cash equivalents:
Depreciation of property and equipment 1,681 1,129 3,146 2,019
Amortization of multi-client data library 2,408 2,314 4,222 3,832
Amortization of intangible assets 105 105 209 210
Stock-based compensation 594 688 1,026 1,392
(Gain) loss on disposal of property & equipment (135 ) 1 (142 ) 1
Amortization of deferred lease inducements (61 ) (56 ) (116 ) (112 )
Future income taxes 3 5 (3 ) 14
Change in non-cash operating working capital (1,591 )   7,445     1,453     5,367  
    (3,848 )   5,468     (4,038 )   2,317  
 
Financing:
Proceeds from issuance of common shares 9,540 75 9,540 393
Securities issuance costs (835 ) - (835 ) -
Proceeds from issuance of long-term debt - - - 605
Repayment of obligations under capital lease (97 ) (30 ) (197 ) (91 )
Repayment of long-term debt (218 )   (246 )   (424 )   (488 )
    8,390     (201 )   8,084     419  
 
Investments:
Purchase of property and equipment (535 ) (1,449 ) (805 ) (2,586 )
Investment in multi-client data library (2,959 ) (7,684 ) (7,959 ) (15,642 )
Proceeds from sale of equipment 1,000     -     1,008     -  
    (2,494 )   (9,133 )   (7,756 )   (18,228 )
 
Effect of foreign exchange on cash 272     184     224     (288 )
 
Increase (decrease) in cash and cash equivalents 2,320 (3,682 ) (3,486 ) (15,780 )
 
Cash and cash equivalents, beginning of period 21,441 44,737 27,247 56,835
                 
Cash and cash equivalents, end of period $ 23,761     $ 41,055     $ 23,761     $ 41,055  
 
Supplemental cash flow information:
Cash paid for interest expense $ 58 $ 74 $ 118 $ 152
 
Cash paid for income taxes $ 24     $ 23     $ 39     $ 59  

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