DENVER, CO, July 24, 2018 /PRNewswire/ - (TSX: IMP)
(ITMSF:BB) – Intermap Technologies Corporation ("Intermap"
or the "Company") reported financial results for the second quarter
ended June 30, 2018.
For the second quarter of 2018, Intermap reported revenue of
$4.5 million as it commenced work on
the previously announced $6.2 million
U.S. Government task order for the creation of digital elevation
and bare earth terrain models. During the second quarter the
Company also commenced production of its recently announced NEXTMap
One™ terrain dataset, which it delivered to organizations in over
20 countries around the globe. NEXTMap One is produced using
Intermap's patented Intelligent Resolution Improvement System
(IRIS™) and represents a technological advancement in global
elevation data production, combining the best features from
multiple sensors. The Company was also issued a patent for its high
resolution global flood model, called FloodScopeTM.
Financial Review
All amounts in this news release are in United States dollars, unless otherwise
noted.
For the second quarter of 2018, Intermap reported revenue of
$4.5 million and operating income of
$309 thousand, compared to revenue of
$4.5 million and operating loss of
$198 thousand for the second quarter
of 2017, a $500 thousand improvement
in operating performance.
Software and solutions revenue, which includes the Company's
commercial InsitePro insurance software, increased 114% to
$650 thousand for the quarter,
compared to the same period last year.
Second quarter and year-to-date adjusted EBITDA, a non-GAAP and
non-IFRS financial measure, was positive $0.9 million and $1.3
million, respectively, compared to $0.3 million and a loss of $0.5 million, respectively, for the same periods
last year, representing $0.6 million
and $1.8 million improvements,
respectively. 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 six-month periods ended June 30,
2018 as compared to 2017.
The Company finished the second quarter with $5.7 million of cash, accounts receivable and
unbilled revenue, compared to $4.9
million at Q2 2017, and $6.9
million at December 31, 2017.
Working capital improved to $0.8
million at the end of the second quarter, compared to a
deficit of $0.3 million at year-end.
Accounts payable and accrued liabilities improved 33%, down to
$2.7 million from $4.0 million at year-end.
"The Company continues to strengthen its balance sheet
organically and these results reflect stronger operating
performance, a more sustainable revenue mix, greater profitability,
and better return on capital employed", commented Patrick Blott, Chairman & CEO of Intermap.
"Sales of our InsitePro insurance software have more than doubled,
while total commercial business has grown 41% year-over-year, now
comprising 40% of total revenue for the first half of 2018".
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
|
Six months
ended
|
|
|
June 30,
|
June 30,
|
U.S. $
millions
|
2018
|
|
2017
|
2018
|
|
2017
|
Net loss
|
$
|
(0.4)
|
|
$
|
(0.9)
|
$
|
(1.0)
|
|
$
|
(2.8)
|
|
Financing
costs
|
0.7
|
|
0.6
|
1.3
|
|
1.3
|
|
Income tax
recovery
|
-
|
|
-
|
-
|
|
(0.2)
|
|
Depreciation of
property and equipment
|
0.3
|
|
0.1
|
0.6
|
|
0.3
|
|
EBITDA
|
$
|
0.6
|
|
$
|
(0.2)
|
$
|
0.9
|
|
$
|
(1.4)
|
|
Share-based
compensation
|
0.3
|
|
0.2
|
0.4
|
|
0.2
|
|
Restructuring
costs
|
-
|
|
0.1
|
-
|
|
0.1
|
|
Loss on foreign
currency translation
|
-
|
|
0.2
|
-
|
|
0.2
|
|
Non-recurring
payments
|
-
|
|
-
|
-
|
|
0.5
|
|
Change in value of
derivative instruments
|
-
|
|
-
|
-
|
|
(0.1)
|
|
Adjusted
EBITDA
|
$
|
0.9
|
|
$
|
0.3
|
$
|
1.3
|
|
$
|
(0.5)
|
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