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Intermap Technologies Reports 2017 Financial Results and New Task Order

DENVER, Feb. 22, 2018 — (PRNewswire) —  (TSX: IMP) (ITMSF: BB) – Intermap Technologies Corporation ("Intermap" or the "Company") reported a 174% increase in 2017 revenue and a $11.6 million improvement in cash from operations, compared to 2016. In addition, it reported positive net income for the fourth quarter.

The Company also announced today the receipt of a new $2.0 million government task order for the creation of digital elevation and bare earth terrain models. The Company is increasingly providing its multi-sensor solutions and data management tools through web services, software and analytics. Including this announcement, the Company has announced $3.7 million of government task orders since year end 2017, which are to be completed in 2018.

"These results reflect across-the-board growth in geospatial content, software and solutions, delivered where, when, and how they are needed. Intermap serves better analytics and answers to both our government and commercial customers all over the globe," commented Patrick Blott, Chairman & CEO of Intermap. "We will continue investing strategically in our people, technology, proprietary data, and client relationships, to deliver cutting-edge geospatial solutions that are responsive and financial returns that are competitive."

All amounts in this news release are in United States dollars, unless otherwise noted.

Consolidated revenue for the year ended December 31, 2017 totaled $19.3 million, compared to $7.0 million recorded in 2016. Approximately 65% of consolidated revenue was generated outside the United States, compared to 30% for the same period in 2016.

Total revenue for the fourth quarter increased 297% to $5.9 million, compared to $1.4 million for the fourth quarter of 2016.

Operating cash flow for the year was $3.5 million, compared to an $8.1 million loss in 2016. Operating cash flow for the quarter was $0.9 million, compared to a $1.3 million loss for the same period in 2016.

Adjusted EBITDA, a non-GAAP and non-IFRS financial measure, was positive $3.5 million for the year, compared with negative $7.2 million for 2016, a $10.7 million improvement. Fourth quarter adjusted EBITDA was positive $1.9 million, compared to negative $0.8 million for fourth quarter of 2016.

For the fourth quarter of 2017, Intermap reported net income of $0.5 million, compared to a net loss of $0.2 million for the same period in 2016.

The Company finished the year with $6.4 million of cash and positive working capital of $0.3 million, compared to cash of $6.5 million and a working capital deficit of $3.8 million for 2016.

In addition to generating cash throughout the year, the Company invested $3.9 million in new sensors, software, and other proprietary technologies, compared to $0.3 million of investment during 2016. Total assets increased to $11.8 million, up from $9.0 million at the end of 2016. The Company's total assets exclude its proprietary, high resolution, NEXTMap® data library, as well as internally developed software applications, patented algorithms along with innovative approaches in artificial intelligence and machine learning-driven processing engines, risk models, and prototype sensors. Cumulative net operating loss carryforwards at the end of 2017 totaled $223 million.

Additional highlights of significant milestones achieved in 2017 include:

The Company's Annual General and Special Meeting of Shareholders is scheduled for March 15, 2018 in Calgary, Alberta. The materials are available on SEDAR at: www.sedar.com. In advance of the meeting, the Company has entered into a voting agreement with Vertex One Asset Management ("Vertex"), in which Vertex intends to support the matters to be put before shareholders at the meeting. 

The Company's consolidated financial statements and management's discussion and analysis will be filed on SEDAR at: www.sedar.com. 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.

Non-IFRS Measures

Adjusted EBITDA is not a recognized performance measure under IFRS 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).


Three months ended

Twelve months ended

(UNAUDITED)

December 31,

December 31,

U.S. $ millions

2017


2016

2017


2016












Net income (loss)

$

0.5


$

(0.2)

$

(1.2)


$

(15.3)


Financing costs

0.6


1.1

2.5


10.1


Income tax recovery

0.1


(2.4)

(0.1)


(2.4)


Depreciation of property and equipment

0.3


0.2

0.9


0.8


EBITDA

$

1.5


$

(1.3)

$

2.1


$

(6.8)


Non-recurring payments

0.3


0.2

0.8


0.2


Change in value of derivative instruments

-


(0.5)

(0.1)


(1.9)


Restructing costs

0.1


0.7

0.2


0.9


Share-based compensation

0.1


0.1

0.3


0.3


(Gain) loss on foreign currency translation

(0.1)


-

0.2


0.1


Adjusted EBITDA

$

1.9


$

(0.8)

$

3.5


$

(7.2)

 

About Intermap Technologies

Headquartered in Denver, Colorado, Intermap ( www.intermap.com) is an industry leader in geospatial intelligence solutions. These geospatial solutions are used in a wide range of applications including, but not limited to, location-based information, risk assessment, geographic information systems, engineering, utilities, global positioning systems, oil and gas, renewable energy, hydrology, environmental planning, land management, wireless communications, transportation, advertising, and 3D visualization.  Intermap generates revenue from three primary business activities, comprised of i) data acquisition and collection, using proprietary, multi-frequency,  radar sensor technologies, ii) value-added data products and services, which leverage the Company's proprietary NEXTMap® database, together with proprietary software and fusion technologies, and iii) commercial applications and solutions, including a webstore and software sales targeting selected industry verticals that rely on accurate high resolution elevation data. The Company is a world leader in geospatial data management and processing, including fusion, analytics, and orthorectification, and has decades of experience aggregating data derived from a number of different sensor technologies and data sources. For more information please visit www.intermap.com.

Intermap Reader Advisory

Certain information provided in this news release constitutes forward-looking statements, including the Company's profitability and revenue generating activities. 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 Sheets
UNAUDITED

(In thousands of United States dollars)




December 31,

December 31,




2017

2016






Assets









Current assets:





Cash


$

6,363

$

6,527


Amounts receivable


521

600


Unbilled revenue


65

30


Prepaid expenses


359

409




7,308

7,566






Property and equipment


4,460

1,457




$

11,768

$

9,023






Liabilities and Shareholders' Deficiency









Current liabilities:





Accounts payable and accrued liabilities


$

4,011

$

3,555


Current portion of notes payable


-

5,864


Current portion of project financing


1,303

1,214


Current portion of deferred lease inducements


30

24


Unearned revenue


1,604

469


Warrant liability 


-

137


Income taxes payable


2

3


Obligations under finance leases


10

49


Current portion of other long-term liabilities


-

100




6,960

11,415






Long-term notes payable


26,496

21,837

Long-term project financing


191

168

Deferred lease inducements


120

133

Obligations under finance leases


14

24




33,781

33,577






Shareholders' deficiency:





Share capital


199,634

196,686


Accumulated other comprehensive income 


(143)

(146)


Contributed surplus


25,242

26,955


Deficit


(246,746)

(248,049)




(22,013)

(24,554)









$

11,768

$

9,023

 

INTERMAP TECHNOLOGIES CORPORATION
Consolidated Statements of Profit and Loss and Other Comprehensive Income
UNAUDITED

(In thousands of United States dollars, except per share information)

For the years ended December 31,


2017

2016

Revenue


$

19,304

$

7,049






Expenses:





Operating costs


16,828

14,781


Restructuring costs


244

941


Depreciation of property and equipment


924

837




17,996

16,559

Operating income (loss)


1,308

(9,510)






Gain on disposal of equipment


3

-

Change in fair value of derivative instruments


137

1,948

Financing costs


(2,538)

(10,069)

Financing income


-

7

Loss on foreign currency translation


(214)

(105)

Loss before income taxes


(1,304)

(17,729)






Income tax expense:





Current  


(51)

(14)


Deferred


200

2,458




149

2,444

Net loss for the period

$

(1,155)

$

(15,285)

Other comprehensive loss:









Items that are or may be reclassified subsequently to profit or loss:




Foreign currency translation differences


3

(44)

Comprehensive loss for the period


$

(1,152)

$

(15,329)

Basic and diluted loss per share


$

(0.08)

$

(1.33)






Weighted average number of Class A common





shares - basic & diluted


15,182,474

11,517,236

 

INTERMAP TECHNOLOGIES CORPORATION
Consolidated Statements of Changes in Shareholders' Deficiency

UNAUDITED

(In thousands of United States dollars)


Share Capital

Contributed
Surplus

Accumulated
Other
Comprehensive
Income

Deficit

Total







Balance at December 31, 2015

$

196,409

$

11,578

$

(102)

$

(230,306)

$

(22,421)







Comprehensive loss for the period

-

-

(44)

(15,285)

(15,329)

Gain on modification of debt

-

15,063

-

-

15,063

Deferred tax effect of notes payable

-

(2,458)

-

-

(2,458)

Share-based compensation

174

359

-

-

533

Exercise of options

103

(45)

-

-

58







Balance at December 31, 2016

$

196,686

$

24,497

$

(146)

$

(245,591)

$

(24,554)







Comprehensive income (loss) for the period

-

-

3

(1,155)

(1,152)

Rights offering

2,890

-

-

-

2,890

Issuance costs

(164)

-

-

-

(164)

Gain on modification of debt

-

746

-

-

746

Deferred tax effect of notes payable

-

(200)

-

-

(200)

LTIP issuance

162

(115)

-

-

47

Share-based compensation

60

314

-

-

374







Balance at December 31, 2017

$

199,634

$

25,242

$

(143)

$

(246,746)

$

(22,013)

 

INTERMAP TECHNOLOGIES CORPORATION
Consolidated Statements of Cash Flows

UNAUDITED

(In thousands of United States dollars)

For the years ended December 31,

2017


2016







Operating activities:





Net loss for the period

$

(1,155)


$

(15,285)


Adjusted for the following non-cash items:






Depreciation of property and equipment

924


837



Share-based compensation expense

281


289



(Gain) loss on disposal of equipment

(3)


-



Amortization of deferred lease inducements

26


(113)



Deferred taxes

(200)


(2,458)



Change in fair value of derivative instruments

(137)


(1,948)



Financing costs

2,538


10,069



Current income tax expense

51


14



Interest paid

(7)


(18)



Income tax paid

(52)


(16)


Changes in working capital:






Amounts receivable

89


1,679



Other assets

15


(133)



Accounts payable and accrued liabilities

99


(917)



Unearned revenue

1,135


2



Gain on foreign currency translation

(107)


(65)

Cash flows provided by (used in) operating activities

3,497


(8,063)







Investing activities:





Purchase of property and equipment

(3,471)


(305)


Proceeds from sale of equipment

3


1

Cash flows used in investing activities

(3,468)


(304)







Financing activities:





Proceeds from issuance of common shares

2,890


-


Proceeds from notes payable

-


15,000


Repayment of notes payable

(2,890)


(617)


Share issuance costs

(164)


(168)


Movement from restricted cash

-


801


Repayment of obligations under finance lease

(56)


(120)

Cash flows (used in) provided by financing activities

(220)


14,896







Effect of foreign exchange on cash

27


(2)







Increase (decrease) in cash 

(164)


6,527







Cash, beginning of period

6,527


-







Cash, end of period

$

6,363


$

6,527







SOURCE Intermap Technologies Corporation

Contact:
Company Name: Intermap Technologies Corporation
Intermap Technologies: Jennifer Bakken, Executive Vice President and CFO
Email Contact +1 (303) 709-0955
Financial data for Intermap Technologies Corporation