Intermap Technologies Reports 2010 Fourth Quarter and Year-End Financial Results

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  

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