TIDMIMAP
Intermap Technologies Corporation ("Intermap" or the "Company") today reported financial results for the first quarter ended March 31, 2009. A conference call will be held today, May 12, at 5:00 p.m. Eastern Time to discuss the results.
All amounts in this news release are in United States dollars unless otherwise noted.
NEXTMap Progress
Intermap has achieved two of its most important milestones to date with the entire NEXTMap Europe dataset now commercially available, and the airborne collection portion of its NEXTMap USA program now complete. The NEXTMap USA dataset is in the final processing phase and scheduled to be commercially available in its entirety in early 2010.
"It was very gratifying to enter the final processing stage for both of our NEXTMap programs in the first quarter," said Brian Bullock, president and CEO of Intermap Technologies. "The collection phase of the NEXTMap initiatives was a Herculean effort, demanding focus and diligence from our team, and patience and faith from our investors. For a small company to have completed such an enormous undertaking is extraordinary. In less than nine months, customers will have access to the most uniform, accurate, and complete 3D maps of Western Europe and the United States in existence."
NEXTMap USA data collection was completed on March 16, 2009, encompassing approximately 8.0 million square kilometers of data (3.1 million square miles) of the contiguous United States and Hawaii. NEXTMap USA will ultimately generate an elevation dataset at unprecedented accuracy and detail that includes 3D digital terrain models, digital surface models, contours, 3D road centerline geometries, and other high-resolution geospatial products as part of the Company's proactive mapping program.
NEXTMap Europe was completed on April 30, 2009 and is now commercially available. The NEXTMap Europe data library contains approximately 2.4 million square kilometers (927,000 square miles) of digital terrain maps, including complete nationwide datasets forAustria, Belgium, Czech Republic, Denmark, France, Germany, Great Britain, Ireland, Italy,the Netherlands,Portugal, Spain, and Switzerland.
Financial Review
For the first quarter of 2009, Intermap reported total revenue of $5.5 million, as compared to $7.7 million for the first quarter of 2008. At quarter-end, there remained $15.5 million in revenue to be recognized on existing contracts as they are completed in future periods.
Multi-client data library ("MCDL") license revenue was $1.2 million, compared to $1.8 million for the same period in 2008. For the first quarter in 2009, approximately 68% of the MCDL license revenue was associated with the NEXTMap USA program, 30% was associated with the NEXTMap Europe program, and 2% was associated with the Company's Asia dataset.
First quarter contract services revenue was $4.3 million, as compared to $5.9 million for the same period in 2008. The outlook for contract services revenue for the remainder of 2009 is positive as Intermap's Federal Services Inc. subsidiary received an $11.3 million contract during the first quarter. Collection of data on this contract is expected to begin during the second quarter of this year with delivery of the final map products to the client expected to occur during the second half of 2009.
Operations expense for the quarter ended March 31, 2009 totaled $1.7 million compared to $2.1 million for the same period in 2008. The decrease was primarily the result of the deferral of airborne collection costs associated with un-contracted data collection efforts during the first quarter that are expected to generate revenue in future periods.
Total cash expenditures are expected to decrease through 2009 as the airborne data collection portion of NEXTMap USA was recently completed, which should significantly reduce cash requirements for the remainder of 2009. Cash outflows relating to NEXTMap in 2009 are expected to decrease by over $10 million as a result. Investment in final processing of the datasets continues, with all of the NEXTMap Europe dataset now commercially available and NEXTMap USA expected to be commercially available early in 2010.
Sales, general and administrative ("SG&A") expense in the first quarter was $6.2 million, compared to $6.3 million for the same period in 2008. SG&A includes costs of personnel in administration, business development (including automotive, consumer electronics, and insurance risk management), sales, and marketing.
Adjusted EBITDA, a non-GAAP measure, for the quarter ended March 31, 2009 was a loss of $2.9 million, as compared to a loss of $1.0 million for the same period in 2008. The difference in adjusted EBITDA is primarily attributable to the decrease in revenue of $2.2 million in the first quarter in 2009, compared to the same period in 2008. The term EBITDA consists of net income (loss) plus interest, taxes, depreciation, and amortization. Adjusted EBITDA excludes gain (loss) on foreign currency translation, charges related to the disposal of assets, and stock based compensation expense. Adjusted EBITDA is included as a supplemental disclosure because management believes that such measurement provides useful information regarding the Company's financial performance and will increase in importance as investors focus on cash flow from operations in future periods.
Amortization expense of the MCDL database for the quarter increased to $1.8 million from $1.5 million for the same period in 2008. The increase was primarily due to an increase in the size of the underlying NEXTMap datasets.
For the first quarter of 2009, Intermap reported a net loss of $7.0 million, or ($0.15) per share, compared to a net loss of $4.2 million, or ($0.09) per share for the same period in 2008.
The cash position of the Company at March 31, 2009 (cash and cash equivalents) was $21.4 million, compared to $27.3 million at December 31, 2008. Working capital decreased to $21.2 million as of March 31, 2009 from $30.0 million as of December 31, 2008.
Subsequent to the close of the first quarter, Intermap issued 5,000,000 units in a private placement financing transaction with each unit consisting of one common share at C$2.00, and one-half of one common share purchase warrant. Each whole warrant entitles the holder to purchase one additional common share of the Company at an exercise price of C$3.00 per share, for a period expiring 12 months after the closing of the public offering. Net proceeds from the offering were approximately C$9.0 million. In addition, the Company granted the underwriter an over-allotment option exercisable for a period of 30 days following the closing of the offering on April 27, 2009, to purchase up to 750,000 additional units. As a result of this financing, as of May 11, 2009, there were 51,188,713 common shares outstanding. Intermap reports in U.S. dollars, but its stock is quoted in Canadian dollars on the Toronto Stock Exchange.
"The recent financing enables us to maintain a strong balance sheet after we complete our investment in the processing of the NEXTMap datasets," said Mr. Bullock. "A healthy balance sheet is particularly important in today's uncertain economic climate. Although the current economy underscores the need to have a conservative financial plan, contracts closed in the first quarter of this year suggest strong quarters to come. We anticipate reaching positive cash flow in the second half of 2009, and we are expecting to begin 2010 with a strong working capital position."
Detailed financial results for the quarter and management's discussion and analysis can be found on SEDAR at: www.sedar.com.
Operating Highlights
Consumer Electronics (Recreational GPS)
In 2008, Intermap jointly announced with Magellan® the first commercial availability of Intermap's AccuTerratm (www.AccuTerra.com) topographical maps for Magellan's handheld GPS devices, providing outdoor enthusiasts with the nation's best recreational map content. Recently, Magellan and Intermap announced preloaded secure digital ("SD") cards with Topo USA maps (powered by AccuTerra) for Magellan Triton and eXplorist handheld GPS products, providing outdoor enthusiasts with advanced topographic maps and off-road points of interest.
The new SD card offering gives consumers the ease and flexibility to buy an SD card that is preloaded with outdoor map content for all 50 states. This provides Magellan users with two methods to obtain AccuTerra content for their devices via Magellan's existing on-line regional downloads or the new SD card option with U.S.-wide coverage. The SD cards contain digital terrain data, off-road and recreation-related roads, trails, and points-of-interest such as camp grounds, service facilities and landmarks, as well as the location of public lands (national forest, wilderness areas, state parks, etc.) and private property. The new SD cards will be available in numerous retail stores or directly from the Magellan website in time for the 2009 summer recreation season. Intermap has a similar relationship with Bushnell Outdoor Products, Lowrance, and Pronounced Technologies.
Automotive Market - Safety, Navigation, and Fuel Efficiency
Intermap is creating highly accurate 3D road vectors from the NEXTMap database to enable the enhancement of and help improve fuel efficiency and help improve vehicle safety in the transportation industry. From its Detroit and Munich offices, Intermap is supporting advanced automotive technologies in the industry.
During the quarter, Clemson University entered a second phase of research efforts sponsored by Intermap focused on developing a control scheme for hybrid-powered electric vehicles ("HEVs") capitalizing on NEXTMap 3D road data to more efficiently manage the use of the gas engine and the electric drive. The research estimates that approximately $43 million in fuel costs could have been saved in 2008 if just the HEVs on the road in the United States today used NEXTMap 3D road data. Steeper grades show more promising gains, which is being further investigated in the second phase. Phase 2 is scheduled for completion in August 2009.
Demonstrator vehicles equipped with predictive adaptive lighting (PAL) enabled by NEXTMap data have been garnering increasing interest within the automotive community. PAL enables a vehicle's headlights to follow the road's natural turns and inclines/declines ahead of the vehicle. The map-enabled headlights illuminate the road far more effectively, significantly increasing overall road safety.
Risk Management Applications
During the first quarter, Intermap introduced two new windstorm applications for Europe; daily maximum wind speed maps, and long-term maximum wind speed maps. Intermap's wind-monitoring products provide critical data about wind velocity and direction to insurers and reinsurers throughout Europe. The products were developed in cooperation with iXmap GmbH, a Germany-based company specializing in the development and automation of environmental simulation models. Using Intermap's high-accuracy terrain maps, natural wind patterns are better understood, measured, and predicted.
Devastating windstorms have plagued Europe throughout history and Intermap's sophisticated wind monitoring products will help analyze future loss potential, as well as assess fair and equitable adjustments for individuals suffering extensive property damage. Intermap's daily maximum wind speed product assists the insurance industry with post-event evaluation by helping risk managers quickly and accurately estimate property losses immediately following a catastrophic wind event.
In Europe, Intermap has flood risk management models for Germany, Hungary, Czech Republic, and the Slovak Republic. A model is also underway for Switzerland. Intermap has an agreement with Guy Carpenter & Company, LLC, a leading global risk and reinsurance specialist (and a part of the Marsh & McLennan group of companies), to develop comprehensive flood hazard maps and a state-of-the-art national flood risk management model for France.
Insurance companies can use NEXTMap's superior insurance risk information to better define risk. The result can be more effective portfolio management and a net reduction of costs through a reduced need for reinsurance coverage and lower payouts after insurable events occur. Intermap is also in discussions with insurers in the United States for similar commercial insurance applications.
NEXTMap data is available directly from Intermap, online at www.TerrainOnDemand.com, or through selected partners worldwide.
Conference Call May 12, 2009 at 5:00 p.m. EDT (3:00 p.m. MDT)
Intermap will host a conference call today, May 12, 2009 at 5:00 p.m. EDT (2:00 p.m. PDT, 3:00 p.m. MDT, 10:00 p.m. GMT). To participate in the call, please dial +1-416-340-8061 or +1-866-225-0198 approximately 10 minutes prior to the conference call. A recording of the conference call will be available through May 19, 2009. Please dial +1-416-695-5800 or 1-800-408-3053 and provide the password 7517118 to listen to the rebroadcast.
About Intermap Technologies
Intermap (TSX: IMP.TO) (AIM: IMAP.L) is a preeminent digital mapping company creating uniform high-resolution 3D digital models of the earth's surface. The Company has proactively remapped entire countries and is building uniform national datasets, called NEXTMap®, consisting of affordably priced elevation data and geometric images of unprecedented accuracy. Demand for NEXTMap data is growing as new commercial applications emerge within the GIS, engineering, automotive, consumer electronics, insurance risk assessment, oil and gas, renewable energy, hydrology, environmental planning, wireless communications, transportation, aviation, and 3D visualization markets.
Headquartered in Denver, Colorado, Intermap employs more than 850 people worldwide, with additional offices in Calgary, Detroit, Jakarta, London, Munich, Ottawa, Paris, Prague, and Washington, D.C. For more information, visit www.Intermap.com or www.AccuTerra.com.
NEXTMap® is a registered trademark of Intermap Technologies Corporation.
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 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
Sheet
(In thousands of United
States dollars)
March 31, December 31,
2009 2008
(unaudited)
Assets
Current
assets:
Cash and cash equivalents $ 21,441 $ 27,247
Amounts receivable 3,770 9,862
Unbilled revenue 4,650 1,750
Deferred costs 743 -
Prepaid expenses 1,511 1,635
32,115 40,494
Property and 19,151 20,782
equipment
Multi-client 84,864 81,156
data library
Intangible 1,227 1,331
assets
Future income 211 230
taxes
$ 137,568 $ 143,993
Liabilities and Shareholders'
Equity
Current
liabilities:
Accounts payable and accrued liabilities $ 8,322 $ 7,858
Current portion of deferred lease inducements 210 205
Deferred revenue 1,131 1,177
Income taxes payable 65 12
Current portion of obligations under capital lease 313 344
Current portion of long-term debt 857 856
10,898 10,452
Deferred lease 211 172
inducements
Obligations under 287 357
capital lease
Long-term 2,020 2,286
debt
Future income tax 294 319
liability
13,710 13,586
Shareholders'
equity:
Share capital 172,288 172,288
Contributed surplus 5,022 4,590
Deficit (59,646 ) (52,665 )
Accumulated other comprehensive income 6,194 6,194
123,858 130,407
$ 137,568 $ 143,993
INTERMAP TECHNOLOGIES
CORPORATION
Consolidated Statements of Operations,
Comprehensive Loss and Deficit
(In thousands of United
States dollars)
For the three months 2009 2008
ended March 31,
(unaudited) (unaudited)
Revenue:
Contract services $ 4,333 $ 5,923
Multi-client data licenses 1,164 1,768
5,497 7,691
Operating
costs:
Operations 1,742 2,112
Research and development 909 965
Sales, general and administrative 6,191 6,257
Depreciation of property and equipment 1,465 891
Amortization of multi-client data library 1,814 1,518
Amortization of intangibles 104 105
12,225 11,848
Loss before interest,
foreign
exchange and income taxes (6,728 ) (4,157 )
Interest (60 ) (78 )
expense
Interest 3 453
income
Loss on foreign currency (150 ) (407 )
translation
Loss before income (6,935 ) (4,189 )
taxes
Income tax expense
(recovery)
Current 52 45
Future (6 ) 9
46 54
Net loss and comprehensive (6,981 ) (4,243 )
loss
Deficit, beginning (52,665 ) (38,719 )
of period
Deficit, end $ (59,646 ) $ (42,962 )
of period
Basic and diluted $ (0.15 ) $ (0.09 )
loss per share
Weighted average number
of Class A
common shares - basic and diluted 46,188,713 46,101,633
INTERMAP TECHNOLOGIES
CORPORATION
Consolidated Statements
of Cash Flows
(In thousands of United
States dollars)
For the three months 2009 2008
ended March 31,
(unaudited) (unaudited)
Cash flows provided
by (used in):
Operations:
Net loss $ (6,981 ) $ (4,243 )
Items not involving cash and cash equivalents:
Depreciation of property and equipment 1,465 891
Amortization of multi-client data library 1,814 1,518
Amortization of intangibles 104 105
Stock-based compensation 432 704
Amortization of deferred lease inducements (55 ) (56 )
Future income taxes (6 ) 9
Change in non-cash operating working capital 3,045 (2,076 )
(182 ) (3,148 )
Financing:
Proceeds from issuance of common shares - 318
Proceeds of long-term debt - 605
Repayment of long-term debt (206 ) (245 )
Repayment of obligations under capital lease (100 ) (61 )
(306 ) 617
Investments:
Purchase of property and equipment (270 ) (1,137 )
Investment in multi-client data library (5,000 ) (7,958 )
(5,270 ) (9,095 )
Effect of foreign (48 ) (472 )
exchange on cash
Decrease in cash and (5,806 ) (12,098 )
cash equivalents
Cash and cash equivalents, 27,247 56,835
beginning of period
Cash and cash equivalents, $ 21,441 $ 44,737
end of period
Supplemental cash flow
information:
Cash paid for interest $ 60 $ 78
Cash paid for Income Taxes $ 15 $ 36
Intermap TechnologiesRichard Mohr, 303-708-0955Senior Vice President & Chief Financial Officerrmohr@intermap.comorCanada - FinancialE-vestor Communications Inc.Corbet Pala, 416-657-2400Investor Relationscpala@evestor.comorUnited States - FinancialGenesis Select CorporationBudd Zuckerman, 303-415-0200Investor Relationsbzuckerman@genesisselect.comorUnited Kingdom - AIM, Nominated AdvisorCanaccord Adams LimitedAndrew Chubb, +44 (0) 207 050 6500
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