Intermap Technologies Reports 2015 First Quarter Financial Results

 

As of May 15, 2015, there were 91,782,665 common shares outstanding.

As of May 15, 2015, potential dilutive securities include (i) 7,367,400 outstanding share options in the Company's share option plan with a weighted average exercise price of C$0.46, and (ii) 27,371,150 warrants outstanding with a weighted average exercise price of C$0.08. Each option and warrant entitles the holder to purchase one Class A common share.

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. Detailed financial results and management's discussion and analysis can be found on SEDAR at: www.sedar.com.

Conference Call

Intermap will host a conference call today, May 15, 2015, at 5:00 pm ET (3:00 pm MT). To participate in the call, please dial +1-647-427-7450 approximately 10 minutes prior to the conference call and provide conference ID 39755918. A recording of the conference call will be available through July 31, 2015. Please dial +1-416-849-0833 and provide pass code 39755918 to listen to the rebroadcast. The call will also be available on Intermap's website at http://www.intermap.com/investors for replay.

About Intermap Technologies

Headquartered in Denver, Colorado - Intermap ( www.intermap.com) is an industry leader in geospatial solutions on demand. Through its powerful suite of 3DBI applications and proprietary development of contiguous databases that fuse volumes of GIS data into a single source, Intermap is able to provide location based solutions for customers in diverse markets around the world that solve today's complex geospatial challenges.

Adjusted EBITDA is not a recognized performance measure under GAAP 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).

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. 

Reference is made to the Company's audited Consolidated Financial Statements for the year ended December 31, 2014 , together with the accompanying notes, which includes a going concern disclosure and such disclosure remains applicable as of the date of the financial statements included herein.

INTERMAP TECHNOLOGIES CORPORATION
Condensed Consolidated Interim Balance Sheets
(In thousands of United States dollars)

     

March 31,

December 31,

     

2015

2014

         

Assets

   
         

Current assets:

   
 

Cash and cash equivalents

$

-

$

537

 

Amounts receivable

1,125

1,453

 

Unbilled revenue

65

63

 

Prepaid expenses

315

412

 

Work in process

10

-

     

1,515

2,465

         

Property and equipment

2,625

2,833

Intangible assets

-

13

     

$

4,140

$

5,311

         

Liabilities and Shareholders' Equity

   
         

Current liabilities:

   
 

Accounts payable and accrued liabilities

$

4,156

$

3,785

 

Current portion of convertible and other notes payable

1,263

5,313

 

Current portion of project financing

1,191

1,168

 

Current portion of deferred lease inducements

137

137

 

Unearned revenue and deposits

433

451

 

Warrant liability

318

226

 

Income taxes payable

13

2

 

Obligations under finance leases

134

131

     

7,645

11,213

         

Long-term convertible and other notes payable

7,282

122

Long-term project financing

157

122

Deferred lease inducements

253

311

Obligations under finance leases

61

96

Other long-term liabilities

19

6

     

15,417

11,870

         

Shareholders' equity:

   
 

Share capital

194,377

194,377

 

Accumulated other comprehensive income 

(114)

(57)

 

Contributed surplus

11,491

11,395

 

Deficit

(217,031)

(212,152)

     

(11,277)

(6,437)

         
     

$

4,140

$

5,433


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