TIDMIMAP
Intermap Technologies Corporation ("Intermap" or the "Company") today reported financial results for the second quarter ended June 30, 2009. A conference call will be held today, August 5, at 4:30 p.m. Eastern Time to discuss the results.
All amounts in this news release are in United States dollars unless otherwise noted.
With the completion of NEXTMap Europe during the quarter, for the first time, uniformly accurate map data is commercially available for nationwide datasets for 21 countries across Western Europe. Additionally, the NEXTMap USA dataset is in the final processing phase and scheduled to be commercially available in its entirety in early 2010. These are the most uniform, accurate, and complete 3D maps of Western Europe and the United States in existence. Intermap management believes that providing the most reliable and uniformly accurate elevation data available creates value across a wide array of markets and industries.
"With NEXTMap Europe and much of NEXTMap USA data available, our customer list continues to grow," said Brian Bullock, president and CEO of Intermap Technologies. "We are signing supply agreements for personal navigation devices, product development agreements for automotive applications, and rolling out risk management solutions for the insurance industry - as well as continuing to grow our enterprise and government sales for a wide array of applications in the United States and Europe. Intermap's AccuTerra product was recently named the 'Best iPhone Beta Application' for Apple's new 3.0 operating system, which illustrates that the quality of our applications are matching the quality of our NEXTMap data."
FINANCIAL REVIEW
For the second quarter of 2009, Intermap reported total revenue of $6.2 million, as compared to $6.9 million for the same period in 2008. At quarter-end, there remained $14.3 million in revenue to be recognized in future periods on continuing contracts.
Contract services revenue in the second quarter increased to $3.5 million, as compared to $2.5 million for the same period in 2008. The increase was the result of mapping projects in Asia in the second quarter of 2009 resulting in $3.2 million in revenue compared to only $1.5 million in Asia for the same period in 2008.
Multi-client data library ("MCDL") license revenue was $2.7 million, compared to $4.4 million for the same period in 2008. The decrease resulted primarily from a single sale of NEXTMap USA data during the second quarter of 2008 totaling $3.4 million to a U.S. Government agency, without a similar size contract in the second quarter of 2009. For the second quarter of 2009, approximately 12% of the MCDL license revenue was associated with the NEXTMap USA program, 48% was associated with the NEXTMap Europe program, and 40% was associated with the Company's Asia dataset.
Operations expense in the second quarter totaled $1.6 million, as compared to $2.0 million for the same period in 2008. The decrease is primarily the result of a reduction in flight hours on commercial projects and associated personnel costs compared to the same period in 2008.
Sales, general and administrative ("SG&A") expense in the second quarter was $6.5 million, as compared to $6.7 million for the same period in 2008. SG&A includes costs associated with administration, database infrastructure, facilities, business development (including automotive, consumer electronics, and insurance risk management), sales, and marketing.
Amortization expense of the MCDL database in the second quarter increased to $2.4 million from $2.3 million for the same period in 2008. The increase was primarily due to an increase in the size of the underlying NEXTMap datasets.
Adjusted EBITDA, a non-GAAP measure, for the quarter ended June 30, 2009 was a loss of $2.4 million, as compared to a loss of $2.3 million for the same period in 2008. The term EBITDA consists of net income (loss) and excludes interest, taxes, depreciation, and amortization. Adjusted EBITDA excludes gain or loss on foreign currency translation, gain or loss related to the disposal of assets, and stock based compensation expense.
For the second quarter of 2009, Intermap reported a net loss of $6.9 million, or ($0.14) per share, compared to a net loss of $6.2 million, or ($0.13) per share for the same period in 2008.
Cash expenditures are expected to continue to decrease through 2009 as the airborne data collection portion of NEXTMap USA was completed in the early part of the year. Cash outflows relating to NEXTMap are expected to be lower by more than $10 million for all of 2009 when compared to 2008. Investment in the final processing of the NEXTMap USA dataset continues, which is expected to be commercially available in its entirety in early 2010.
Net cash used in investing activities is down significantly, as predicted, totaling $2.5 million (year-to-date $7.8 million) for the second quarter of 2009, compared to $9.1 million (year-to-date $18.2 million) during the same period in 2008. Cash used during the second quarter of 2009 totaled $3.0 million and was primarily for investment in the MCDL, compared to $7.7 million for the same period in 2008. The use of cash during the quarter was offset by $1.0 million in cash generated from the sale of the Company's Aero Commander aircraft in June 2009. With the sale of this aircraft, the Company now has three IFSAR platforms remaining in production.
Cash used in operations during the second quarter of 2009 totaled $3.8 million (year-to-date $4.0 million) compared to cash generated by operations of $5.5 million (year-to-date $2.3 million) during the same period in 2008. The total cash used in operations during 2009 was impacted primarily by changes in working capital.
Net cash generated by financing activities totaled $8.4 million during the second quarter of 2009 as a result of the completion of a share issuance for 5,750,000 units (each unit consists of one Class A common share of the Company and one-half of one common share purchase warrant) for total gross consideration of $9.5 million (C$11.5 million), offset by $0.8 million of securities issuance costs. Each whole warrant will be exercisable at a price of C$3.00 per common share for a period expiring one year after the closing dates.
The cash position of the Company at June 30, 2009 (cash and cash equivalents) was $23.8 million compared to $27.3 million at December 31, 2008. Working capital decreased to $25.7 million as of June 30, 2009 from $30.0 million as of December 31, 2008.
As of August 5, 2009, there were 52,432,037 common shares outstanding.
Detailed financial results for the quarter and management's discussion and analysis can be found on SEDAR at: www.sedar.com.
OPERATING HIGHLIGHTS
Apple iPhone and AccuTerra by Intermap
In June, Intermap introduced its AccuTerra outdoor recreation application for Apple's iPhone on Apple's iTunes App Store, providing iPhone users with detailed terrain, trails, land usage, and points of interest to enhance their outdoor recreational experience in the United States. AccuTerra apps contain on-device map content for national parks, monuments, and forests, as well as state parks and many other recreation areas for the contiguous U.S. and Hawaii.
The iPhone and AccuTerra map content allows hikers and other outdoor recreational users to view their topographic surroundings with a high degree of detail, while accurately tracking their progress. The AccuTerra maps reside on the iPhone so people can use them even where there is no cellular coverage. Adventures can be tracked, saved, and shared immediately via email. The applications are also integrated with Google Earthtm and Google Mapstm to enable shared user experiences and the ability to build online communities. In addition, AccuTerra's unique 'Walking Tour' function lets the user replay the entire adventure right from their iPhone.
During the third quarter, Intermap will be launching their new award-winning version of AccuTerra for Apple's iPhone 3.0 OS. The beta version of this new application was named winner of the Apple Design Award at the World Wide Developers Conference (WWDC09) in San Francisco, California in the Best iPhone OS 3.0 Beta App category.
The AccuTerra applications are available from Apple's iTunes App Store at www.itunes.com/appstore
More information on AccuTerra for the iPhone can be found at: mobile.AccuTerra.com.
Consumer Electronics (Recreational GPS)
In Italy, Intermap signed an agreement with Giove SRL to supply Intermap's new line of elevation shaded image (ESI) products and AccuTerra Europe contour data for Giove's MyNav portable navigation device. MyNav will combine Intermap's high-quality ESI product with the Giove 'turn-by-turn' outdoor routable trail network.
Intermap's ESI product combines high-resolution optical images with the high-resolution texture of the Company's NEXTMap digital elevation data, which provides the device users with visualization available for topography and actual terrain features. Intermap will initially supply ESI products for Germany, with other countries expected to be added in the future.
Intermap signed an agreement to supply AccuTerra GPS maps from NEXTMap USA to Pronounced Technologies for its new line of GPS devices with detailed road, trail, terrain, topographic contour, points of interest, and land management maps. Products are scheduled to be launched during the second half of 2009.
Intermap has a similar relationship with Magellan, Bushnell Outdoor Products, and Navico/Lowrance bringing the total number of OEM's using AccuTerra data to five.
More information can be found at www.AccuTerra.com
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 vehicle safety in the transportation industry. From its Detroit and Munich offices, Intermap is supporting advanced automotive technologies in the industry.
In Germany, Intermap completed the initial stage of a joint development agreement with Visteon to develop a predictive adaptive front-lighting system (Predictive AFS) for passenger vehicles. The advanced driver assistance system (ADAS), which automatically turns a vehicle's headlights based on the road ahead, has been successfully road tested in Germany. 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
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 has commercial risk management solutions for four countries in Europe and is conducting three pilot projects in the United States.
NEXTMap Distribution Partners/Resellers
Intermap continued the expansion of its distribution partners by signing separate agreements with ESRI France and ESRI Portugal, the leading geographic information system (GIS) technology providers in their respective countries, to sell Intermap's highly accurate 3D digital elevation models (DEMs), high-resolution orthorectified images, and advanced solutions to their customers. From telecom engineering to flood risk assessment, Intermap's comprehensive database of countrywide geospatial datasets, combined with ESRI's broad expertise and advanced software tools, can provide an outstanding value for ESRI customers. In addition, the agreements call for the creation of market-specific geospatial solutions optimized for use with ESRI applications in each country.
Intermap also signed a new data distribution agreement with Digital Data Services, a provider of mapping products and GIS services, to offer NEXTMap data worldwide. Commercial services from Digital Data Services include map scanning, geo-referencing, digitizing, custom mapping projects, data conversion, the creation of 3D fly-through simulations, and custom geospatial projects that take advantage of the best remote-sensed data available.
AIM Cancellation
Effective August 13, 2009, Intermap will discontinue its dual-listing on the AIM market of the London Stock Exchange. The decision follows a review of the AIM listing by the Company's Board of Directors, sighting low levels of liquidity on the AIM, the Company's North American focused shareholder base, the comparable dealing facility on the Toronto Stock Exchange (TSX), and the additional costs associated with maintaining a listing on AIM. The Company will maintain its primary listing of Common Shares on the TSX.
NEXTMap data is available directly from Intermap, online at www.TerrainOnDemand, or through selected partners worldwide.
Conference Call August 5, 2009 at 4:30 p.m. EDT (2:30 p.m. MDT)
Intermap will host a conference call today, August 5, 2009, at 4:30 pm EDT (2:30pm MDT, 9:30 pm BST).To participate in the call, please dial +1-416-340-8018 or 1-866-223-7781 approximately 10 minutes prior to the conference call. A recording of the conference call will be available through August 12, 2009. Please dial +1-416-695-5800 or +1-800-408-3053 and provide the password 7346204 to listen to the rebroadcast.
About Intermap Technologies
Intermap (TSX: IMP)(AIM: IMAP) 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 870 people worldwide, with additional offices in Calgary, Detroit, Jakarta, London, Madrid, Munich, Ottawa, Paris, Perth, 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 Sheets
(In thousands of United States dollars)
June 30, December 31,
2009 2008
(unaudited)
Assets
Current assets:
Cash and cash equivalents $ 23,761 $ 27,247
Amounts receivable 5,182 9,862
Unbilled revenue 3,292 1,750
Work in process 2,428 -
Prepaid expenses 1,494 1,635
36,157 40,494
Property and equipment 16,781 20,782
Multi-client data library 85,786 81,156
Intangible assets 1,122 1,331
Future income taxes 183 230
$ 140,029 $ 143,993
Liabilities and Shareholders' Equity
Current liabilities:
Accounts payable and accrued liabilities $ 7,934 $ 7,858
Current portion of deferred lease inducements 198 205
Deferred revenue 1,066 1,177
Income taxes payable 93 12
Current portion of obligations 281 344
under capital lease
Current portion of long-term debt 904 856
10,476 10,452
Deferred lease inducements 185 172
Obligations under capital lease 222 357
Long-term debt 1,892 2,286
Future income tax liability 269 319
13,044 13,586
Shareholders' equity:
Share capital 181,629 172,288
Contributed surplus 5,660 4,590
Deficit (66,498 ) (52,665 )
Accumulated other comprehensive income 6,194 6,194
126,985 130,407
$ 140,029 $ 143,993
INTERMAP
TECHNOLOGIES
CORPORATION
Consolidated
Statements
of Operations,
Comprehensive Loss
and Deficit
(In thousands
of United
States dollars,
except per share
information)
For the three months For the six months
ended June 30, ended June 30,
2009 2008 2009 2008
(unaudited) (unaudited) (unaudited) (unaudited)
Revenue:
Contract services $ 3,495 $ 2,442 $ 7,828 $ 8,365
Multi-client data 2,657 4,413 3,821 6,180
licenses
6,152 6,855 11,649 14,545
Operating costs:
Operations 1,629 1,965 3,378 4,077
Research and 987 1,052 1,896 2,018
development
Sales, general and 6,508 6,722 12,699 12,979
administrative
Depreciation 1,681 1,129 3,146 2,019
of property
and equipment
Amortization of 2,408 2,314 4,222 3,832
multi-client
data library
Amortization of 105 105 209 210
intangible
assets
(Gain) loss on (135 ) 1 (142 ) 1
disposal
of equipment
13,183 13,288 25,408 25,136
Loss before
interest,
foreign
exchange and (7,031 ) (6,433 ) (13,759 ) (10,591 )
income taxes
Interest expense (58 ) (74 ) (118 ) (152 )
Interest income 7 301 10 754
Gain (loss) 282 93 132 (313 )
on foreign
currency
translation
Loss before income (6,800 ) (6,113 ) (13,735 ) (10,302 )
taxes
Income tax expense
(recovery):
Current 49 45 101 90
Future 3 5 (3 ) 14
52 50 98 104
Net (6,852 ) (6,163 ) (13,833 ) (10,406 )
loss
and comprehensive
loss
Deficit, beginning (59,646 ) (42,962 ) (52,665 ) (38,719 )
of period
Deficit, end $ (66,498 ) $ (49,125 ) $ (66,498 ) $ (49,125 )
of period
Basic and diluted $ (0.14 ) $ (0.13 ) $ (0.28 ) $ (0.23 )
loss per share
Weighted average
number
of Class A
common shares 50,226,912 46,155,685 48,734,947 46,128,659
- basic
and diluted
INTERMAP TECHNOLOGIES
CORPORATION
Consolidated Statements
of Cash Flows
(In thousands of United
States dollars)
For the three months For the six months
ended June 30, ended June 30,
2009 2008 2009 2008
(unaudited) (unaudited) (unaudited) (unaudited)
Cash flows (used
in) provided by:
Operations:
Net $ (6,852 ) $ (6,163 ) $ (13,833 ) $ (10,406 )
loss
Items not involving cash
and cash equivalents:
Depreciation of property and equipment 1,681 1,129 3,146 2,019
Amortization of multi-client data library 2,408 2,314 4,222 3,832
Amortization of intangible assets 105 105 209 210
Stock-based compensation 594 688 1,026 1,392
(Gain) loss on disposal of property & equipment (135 ) 1 (142 ) 1
Amortization of deferred lease inducements (61 ) (56 ) (116 ) (112 )
Future income taxes 3 5 (3 ) 14
Change in non-cash operating (1,591 ) 7,445 1,453 5,367
working capital
(3,848 ) 5,468 (4,038 ) 2,317
Financing:
Proceeds from issuance 9,540 75 9,540 393
of common shares
Securities issuance (835 ) - (835 ) -
costs
Proceeds from issuance - - - 605
of long-term debt
Repayment of obligations (97 ) (30 ) (197 ) (91 )
under capital lease
Repayment of long-term (218 ) (246 ) (424 ) (488 )
debt
8,390 (201 ) 8,084 419
Investments:
Purchase of property (535 ) (1,449 ) (805 ) (2,586 )
and equipment
Investment in multi-client (2,959 ) (7,684 ) (7,959 ) (15,642 )
data library
Proceeds from sale 1,000 - 1,008 -
of equipment
(2,494 ) (9,133 ) (7,756 ) (18,228 )
Effect of foreign 272 184 224 (288 )
exchange on cash
Increase (decrease) in cash 2,320 (3,682 ) (3,486 ) (15,780 )
and cash equivalents
Cash and cash equivalents, 21,441 44,737 27,247 56,835
beginning of period
Cash and cash equivalents, $ 23,761 $ 41,055 $ 23,761 $ 41,055
end of period
Supplemental cash flow
information:
Cash paid for interest $ 58 $ 74 $ 118 $ 152
expense
Cash paid for $ 24 $ 23 $ 39 $ 59
income taxes
Intermap Technologies
Richard Mohr, 303-708-0955
Senior Vice President & Chief Financial Officer
rmohr@intermap.com
or
Canada - Financial
E-vestor Communications Inc.
Corbet Pala, 416-657-2400
Investor Relations
cpala@evestor.com
or
United States - Financial
Genesis Select Corporation
Budd Zuckerman, 303-415-0200
Investor Relations
bzuckerman@genesisselect.com
or
United Kingdom - AIM, Nominated Advisor
Canaccord Adams Limited
Andrew Chubb, +44 (0) 207 050 6500
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