DENVER, May 14, 2018 /CNW/ - (TSX: IMP) (ITMSF:BB)
– Intermap Technologies Corporation ("Intermap" or the
"Company") reported financial results for the first quarter ended
March 31, 2018.
Financial Review
All amounts in this news release are in United States dollars, unless otherwise
noted.
For the first quarter of 2018, Intermap reported revenue of
$3.4 million, a 32% increase compared
to the same period last year. The Company also reported
$21 thousand of operating income for
the quarter, compared to a $1.5
million loss for the same period last year.
Commercial subscription revenue increased 148% for the quarter,
compared to the same period last year.
First quarter adjusted EBITDA, a non-GAAP and non-IFRS financial
measure, was positive $0.4 million,
compared to a $0.8 million loss for
the same period last year, a $1.2
million improvement. Adjusted EBITDA is defined as earnings
before interest, taxes, depreciation and amortization, and excludes
non-recurring and non-cash payments. 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 loss. See Non-IFRS Measures below for a reconciliation
of the Company's net loss to adjusted EBITDA for the first quarter
of 2018 as compared to 2017.
The Company finished the first quarter with $5.9 million of cash, accounts receivable and
unbilled revenue, compared to $6.9 at
December 31, 2017. Working capital
improved to $0.4 million at the end
of the first quarter, compared to a deficit of $0.4 million at yearend. Accounts payable and
accrued liabilities improved 40%, down to $2.4 million from $4.0
million at yearend.
For the three-month period, personnel expense, the largest
component of the Company's cost structure, increased slightly to
$2.0 million, compared to
$1.9 million last year, representing
investment in key talent required to support continuous growth.
"The Company is advancing its transition towards predictable and
profitable high growth revenue. Our commercial subscription
business, which includes recurring sales of software and
value-added data products, primarily from the US market, increased
more than 170%. We expect commercial growth to continue because our
partners value Intermap's ability to make complex, multi-sourced
geospatial data simple and usable. At the same time, for our
government clients, we have augmented our core radar collection
capability and bundled multi-sensor integration, processing and
solutions, to deliver valuable answers, rather than merely data. We
will be making further announcements shortly about our newest
generation solution called NextMap One, a global one-meter
resolution digital elevation model", commented Patrick Blott, Chairman & CEO of
Intermap.
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 loss.
(UNAUDITED)
|
Three months ended
March 31,
|
U.S. $
millions
|
2018
|
|
2017
|
Net income
loss
|
$
|
(0.6)
|
|
$
|
(1.9)
|
|
Financing
costs
|
0.6
|
|
0.7
|
|
Income tax
recovery
|
-
|
|
(0.2)
|
|
Depreciation of
property and equipment
|
0.3
|
|
0.2
|
|
EBITDA
|
$
|
0.3
|
|
$
|
(1.2)
|
|
Non-recurring
payments
|
-
|
|
0.5
|
|
Change in value of
derivative instruments
|
-
|
|
(0.1)
|
|
Share-based
compensation
|
0.1
|
|
-
|
|
Adjusted
EBITDA
|
$
|
0.4
|
|
$
|
(0.8)
|
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 and platform, 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 data
fusion, analytics, and orthorectification, and has decades of
experience aggregating data derived from a number of different
sensor technologies and data sources, providing useful answers to
geospatial problems. For more information please visit
www.intermap.com.
Intermap Reader Advisory
Certain information provided in this news release, including
statements in relation to the Company's profitability and revenue
generating activities, constitute forward-looking statements. The
words "anticipate", "expect", "project", "estimate", "forecast",
"will be" 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.
View original
content:http://www.prnewswire.com/news-releases/intermap-technologies-reports-2018-first-quarter-financial-results-300648123.html
SOURCE Intermap Technologies Corporation