Intermap Technologies Reports 2015 Second Quarter Financial Results

 

As of August 13, 2015, there were 99,163,102 common shares outstanding.

As of August 13, 2015, potential dilutive securities include (i) 7,367,400 outstanding share options in the Company's share option plan with a weighted average exercise price of C$0.46, and (ii) 25,671,150 warrants outstanding with a weighted average exercise price of C$0.08. Each option and warrant entitles the holder to purchase one Class A common share.

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 14, 2015, at 11:00 am ET (9:00 am MT). To participate in the call, please dial +1-647-427-7450 approximately 10 minutes prior to the conference call and provide conference ID 96757161. A recording of the conference call will be available through October 31, 2015. Please dial +1-416-849-0833 and provide pass code 96757161 to listen to the rebroadcast. The call will also be available on Intermap's website at http://www.intermap.com/investors 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, other securities filings, and more specifically in the Company's press release dated June 22, 2015 regarding the letter of award for an Orion Platform implementation. 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, 2014 and 2013, 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)

     

June 30,

December 31,

     

2015

2014

         

Assets

   
         

Current assets:

   
 

Cash and cash equivalents

$

489

$

537

 

Restricted cash

69

-

 

Amounts receivable

825

1,453

 

Unbilled revenue

73

63

 

Prepaid expenses

456

412

 

Work in process

7

-

     

1,919

2,465

         

Property and equipment

2,381

2,833

Intangible assets

-

13

     

$

4,300

$

5,311

         

Liabilities and Shareholders' Equity

   
         

Current liabilities:

   
 

Accounts payable and accrued liabilities

$

5,043

$

3,785

 

Current portion of convertible and other notes payable

11,381

5,313

 

Current portion of project financing

1,215

1,168

 

Current portion of deferred lease inducements

141

137

 

Unearned revenue and deposits

748

451

 

Warrant liability

3,621

226

 

Income taxes payable

8

2

 

Obligations under finance leases

137

131

     

22,294

11,213

         

Long-term project financing

205

122

Deferred lease inducements

217

311

Obligations under finance leases

26

96

Other long-term liabilities

352

6

     

23,094

11,748

         

Shareholders' equity:

   
 

Share capital

195,799

194,377

 

Accumulated other comprehensive income 

(89)

(57)

 

Contributed surplus

11,543

11,395

 

Deficit

(226,047)

(212,152)

     

(18,794)

(6,437)

         
     

$

4,300

$

5,311


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