DENVER, Nov. 14, 2018 /PRNewswire/ - (TSX: IMP)
(ITMSF:BB) – Intermap Technologies Corporation ("Intermap"
or the "Company") reported financial results for the third quarter
ended September 30, 2018.
For the third quarter of 2018, Intermap reported revenue of
$3.7 million as it continued work on
the previously announced $6.2 million
U.S. Government task order for the creation of digital elevation
and bare earth terrain models. The Company has also been awarded a
U.S Government task order to help them assess the suitability of
multiple current and near-future satellite technologies for
creating high resolution elevation products.
Financial Review
All amounts in this news release are in United States dollars, unless otherwise
noted.
For the third quarter of 2018, Intermap reported revenue of
$3.7 million and operating loss of
$474 thousand, compared to revenue of
$6.3 million and operating income of
$1.8 million for the third quarter of
2017. Acquisition services revenue during the third quarter of 2018
decreased $2.6 million from the same
period in 2017 due to delays in contracting follow-on work
following elections in southeast Asia.
Software and solutions revenue, which includes the Company's
commercial InsitePro insurance software, increased 28% to
$521 thousand for the quarter,
compared to the same period last year. The solution continues to
experience a 100% renewal rate on all eligible renewals.
Third quarter and year-to-date adjusted EBITDA, a non-GAAP and
non-IFRS financial measure, was positive $0.4 million and $1.7
million, respectively, compared to positive $2.1 million and $1.6
million, respectively, for the same periods last year.
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 three-month and nine-month periods
ended September 30, 2018 as compared
to 2017. The decrease in adjusted EBITDA for both periods is
consistent with the decrease in acquisition services project
work.
The Company finished the third quarter with $4.0 million of cash, amounts receivable and
unbilled revenue, compared to $7.5
million at Q3 2017, and $6.9
million at December 31, 2017.
Working capital improved to $0.4
million at the end of the third quarter, compared to
$0.3 million at year-end. Accounts
payable and accrued liabilities improved 48%, down to $2.1 million from $4.0
million at year-end. The reductions relate primarily to
final payments on the radar system upgrade that was installed in
2017.
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.
|
Three months
ended
|
Nine months
ended
|
|
September
30,
|
September
30,
|
U.S. $
millions
|
2018
|
2017
|
2018
|
2017
|
|
|
|
|
|
Net (loss)
income
|
$
|
(1.2)
|
$
|
1.1
|
$
|
(2.2)
|
$
|
(1.7)
|
|
Financing
costs
|
0.6
|
0.6
|
1.9
|
1.9
|
|
Income tax
recovery
|
-
|
-
|
-
|
(0.2)
|
|
Depreciation of
property and equipment
|
0.4
|
0.3
|
1.0
|
0.6
|
|
EBITDA
|
$
|
(0.2)
|
$
|
2.0
|
$
|
0.7
|
$
|
0.6
|
|
|
|
|
|
|
Share-based
compensation
|
-
|
-
|
0.4
|
0.2
|
|
Restructuring
costs
|
0.5
|
-
|
0.5
|
0.1
|
|
Loss on foreign
currency translation
|
0.1
|
0.1
|
0.1
|
0.3
|
|
Non-recurring
payments
|
-
|
-
|
-
|
0.5
|
|
Change in value of
derivative instruments
|
-
|
-
|
-
|
(0.1)
|
|
Adjusted
EBITDA
|
$
|
0.4
|
$
|
2.1
|
$
|
1.7
|
$
|
1.6
|
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.
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SOURCE Intermap Technologies Corporation