DENVER, April 27, 2017 /PRNewswire/ - (TSX: IMP)
(ITMSF:BB) – Intermap Technologies Corporation ("Intermap"
or the "Company") today reported financial results for the first
quarter ended March 31, 2017.
For the first quarter of 2017, Intermap reported total revenue
of $2.6 million, compared to
$1.4 million last year. For the first
quarter 2017 and 2016, personnel expense was $1.9 million and $2.7
million, respectively. First quarter adjusted EBITDA, a
non-GAAP and non-IFRS financial measure, was negative $0.8 million, compared with negative $2.3 million last year.
In addition, the Company announced members of its new senior
management team.
Jennifer Bakken, a nine year
veteran of Intermap, has been appointed Executive Vice President
Finance and Chief Financial Officer. Keith
Tennant, a 30-year veteran of Intermap, has been appointed
Executive Vice President Government Solutions and Chief Operating
Officer. Ivan Maddox, a 17-year
veteran of Intermap, has been appointed Executive Vice President
Commercial Solutions; and Stephen
Griffiths, an 18-year veteran of Intermap, has been
appointed Executive Vice President Value-Added Data Solutions and
Chief Technology Officer.
"Our gradually improving financial position reflects progress in
our strategy to achieve long term profitable growth within
Intermap's core business," commented Patrick Blott, Chairman and CEO of Intermap. "We
are executing from a unique position of strength with a fresh
leadership team that contributes 75 years of combined experience
delivering geospatial solutions. This new organization is driven,
customer focused, and pointed in the right strategic
direction."
As a reminder, last fall the Company adopted a no further
guidance disclosure policy until it is profitable and its debt
burden has been reduced.
Financial Review
All amounts in this news release are in United States dollars, unless otherwise
noted.
Intermap is striving to become the premier worldwide provider of
geospatial data solutions.
Our new strategic goal, which focuses on the core business,
currently generates revenue from three primary business activities,
comprised of i) data acquisition and collection, using proprietary
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.
For the first quarter of 2017, Intermap reported total revenue
of $2.6 million, compared to
$1.4 million last year. Government
solutions revenue was $1.8 million,
compared to $0.2 million last year.
The increase from the prior year relates to our previously
announced Southeast Asian assignment, without a similar project at
the beginning of 2016. Value added data solutions contributed
revenue of $0.5 million, compared to
$0.8 million last year. The decrease
from prior year relates primarily to a large data sale during 2016,
without a similar transaction in 2017. With respect to value-added
data sales, the Company has implemented a new process for reviewing
the profitability of each of its data accounts and is selectively
reducing data sales to unprofitable customers and competitors.
Software and solutions revenue was $0.3
million, compared to $0.4
million last year. The decrease from the prior year relates
to the timing of contract renewals. Attrition was nil.
For the first quarter 2017 and 2016, personnel expense was
$1.9 million and $2.7 million, respectively. The decrease is
primarily due to decreases in headcount on a year-over-year basis,
following the restructuring actions taken at the end of the third
quarter and beginning of the fourth quarter of 2016.
First quarter adjusted EBITDA, a non-GAAP and non-IFRS financial
measure, was negative $0.8 million,
compared with negative $2.3 million
last year. Adjusted EBITDA is defined as earnings before interest,
taxes, depreciation and amortization, and excludes non-recurring
payments, share-based compensation expense, fair value adjustments
to derivative instruments and gain or loss on foreign currency
translation. Adjusted EBITDA is not a recognized performance
measure under IFRS. The most directly comparable measure to
adjusted EBITDA calculated in accordance with IFRS is net income
(loss). See Non-IFRS Measures below for a reconciliation of the
Company's net loss to adjusted EBITDA for the first quarter of 2017
as compared to 2016.
The Company's consolidated financial statements and management's
discussion and analysis will be filed on SEDAR at: www.sedar.com on
April 27, 2017. 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).
(UNAUDITED)
|
Three months ended
March 31,
|
U.S. $
millions
|
2017
|
|
2016
|
|
|
|
|
|
|
Net loss
|
$
|
(1.9)
|
|
$
|
(9.3)
|
|
Financing
costs
|
|
0.7
|
|
|
6.6
|
|
Income tax
recovery
|
|
(0.2)
|
|
|
-
|
|
Depreciation of
property and equipment
|
|
0.2
|
|
|
0.2
|
|
EBITDA
|
$
|
(1.2)
|
|
$
|
(2.5)
|
|
Non-recurring
payments
|
|
0.5
|
|
|
-
|
|
Change in value of
derivative instruments
|
|
(0.1)
|
|
|
(0.1)
|
|
Share-based
compensation
|
|
-
|
|
|
0.2
|
|
Loss (gain) on
foreign currency translation
|
|
-
|
|
|
0.1
|
|
Adjusted
EBITDA
|
$
|
(0.8)
|
|
$
|
(2.3)
|
About Intermap Technologies
Headquartered in Denver,
Colorado, Intermap (www.intermap.com) is an industry leader
in geospatial intelligence solutions. These geospatial solutions
can be 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 maps, oil and gas, renewable energy, hydrology,
environmental planning, land management, wireless communications,
transportation, advertising, and 3D visualization. Intermap has
three core sources of revenue: data acquisition and collection,
value-added data products and services and commercial applications
and solutions, and software solutions and services. The Company is
a world leader in data 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 strategic goal
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.
SOURCE Intermap Technologies Corporation