DENVER, May 15, 2019 /CNW/ - (TSX: IMP)
(ITMSF:BB) – Intermap Technologies Corporation
("Intermap" or the "Company") today reported the award of a
$2.9m U.S. Government Task Order,
which it expects to complete in 2019. It further reported financial
results for the first quarter ended March
31, 2019.
Including this task order, by the close of this year, Intermap
will have earned over $40m by
collecting new geospatial data in support of the Alaska Statewide
Digital Mapping Initiative. "This successful multi-year campaign to
remap the nation's last frontier with consistent excellent
performance serves as a powerful public demonstration of Intermap's
cutting edge, multi-sensor collection capabilities", commented
Patrick Blott, Chairman & CEO.
"We look forward to bundling our leadership in sensors with our
additional capabilities in data management, geospatial software and
analytics, to advance future government projects, particularly
those dealing with austere environments and difficult terrain."
Throughout its history, Intermap's revenue has been generated
through a significant amount of government contracting,
characterized by long sales cycles, competitive bidding, large
up-front mobilization and deployment costs, and uncertainty with
respect to changing government requirements and administrations,
both foreign and domestic. These project cycles require the Company
to have sufficient working capital funding to bridge periods of
contract pursuit, pipeline development, project performance,
technology upgrades and cash collection. The Company is continuing
the formal process to review its strategic alternatives. There can
be no assurances regarding the outcome of this process, which may
include new debt financing, a restructuring of existing claims, a
sale of all, or some of the Company's assets, or no further
action.
Financial Review
All amounts in this news release are in United States dollars, unless otherwise
noted.
For the first quarter of 2019, Intermap reported revenue of
$840 thousand, cash flow from
operations of positive $283 thousand,
and an operating loss of $2.2m,
compared to revenue of $3.4m and
operating income of $21 thousand for
the first quarter of 2018. Acquisition services revenue during the
first quarter of 2019 decreased $1.9m
from the same period in 2018 due to U.S. Government contract
timing.
Software and solutions revenue increased 15% to $633 thousand for the quarter, compared to the
same period last year. Commercial subscriptions have increased 24%
on a quarter-over-quarter basis.
First quarter adjusted EBITDA, a non-GAAP and non-IFRS financial
measure, was negative $1.8m, compared
to positive $0.4m 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 first quarter
of 2019 as compared to the same period for 2018. The decrease in
adjusted EBITDA is consistent with the decrease in acquisition
services revenue.
The Company finished the first quarter with $1.1m of cash, compared to $1.3m at December 31,
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
|
|
March 31,
|
U.S. $
millions
|
|
2019
|
|
2018
|
Net loss
|
$
|
(2.9)
|
$
|
(0.6)
|
|
Financing
costs
|
|
0.7
|
|
0.6
|
|
Depreciation of
property and equipment
|
|
0.3
|
|
0.3
|
|
Depreciation of right
of use assets
|
|
0.1
|
|
-
|
|
EBITDA
|
$
|
(1.8)
|
$
|
0.3
|
|
Share-based
compensation
|
|
-
|
|
0.1
|
|
Adjusted
EBITDA
|
$
|
(1.8)
|
$
|
0.4
|
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, composed 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