NEXTMap Europe 100% Collected
NEXTMap USA 71% Collected
NEXTMap Revenue Growth of 168% over Prior Year
Intermap Technologies Corp.
Intermap Technologies Corp. ("Intermap" or the "Company"), today reported
financial results for the second quarter ended June 30, 2008. A conference call
will be held tomorrow, Tuesday, August 12, at 8:00 am eastern time to discuss
the results.
Financial Review
All amounts in this news release are in U.S. dollars unless otherwise noted.
For the second quarter of 2008, Intermap(TM) reported total revenues of $6.9
million compared to $7.1 million in the second quarter of 2007. Intermap's
contract services revenue component contributed $2.5 million and multi-client
data licenses (MCDL) revenue from NEXTMap(R) datasets contributed $4.4 million.
"We are beginning to see real revenue growth from our NEXTMap datasets," said
Brian Bullock, president & CEO of Intermap. "For the first half of 2008, MCDL
revenue from our NEXTMap datasets has grown to $6.2 million. This represents an
increase of 168% from $2.3 million in the first half of 2007. Current contracts
under negotiation indicate this trend will continue, validating the overall
NEXTMap business premise - map once and sell multiple times, to multiple
markets. Data from the three-dimensional maps we are creating for the U.S. and
Europe is being implemented in a variety of valuable applications."
During the second quarter, approximately 86% of MCDL revenue was associated with
the Company's NEXTMap USA program, 7% with NEXTMap Britain, 6% with the
Company's Indonesian dataset, and 1% with NEXTMap Europe. NEXTMap USA revenues
in the quarter were derived primarily from a sale of NEXTMap USA data totaling
$3.4 million. Cumulative MCDL sales since the inception of the NEXTMap business
model have reached $40 million as of June 30, 2008. This compares to a total
cumulative investment in the NEXTMap program of approximately $85 million.
Sales, general and administrative (SG&A) expenses for the second quarter were
$7.8 million compared to $6.0 million for the same period in 2007. The majority
of these increases were attributable to the costs of personnel in the areas of
business development (including automotive initiatives), recreational map
enabled GPS/PND applications, insurance risk assessment, and sales and marketing
in support of our MCDL data licensing.
Amortization expense of the MCDL database increased to $2.3 million from $1.0
million in Q2 of 2007 primarily due to an increase in the size of the underlying
NEXTMap datasets and from increased revenue associated with these datasets.
After interest income, interest expense and a foreign exchange gain with a
combined total of $0.3 million, Intermap reported a net loss of $6.2 million or
($0.13) per share in the second quarter, compared to a net loss of $4.3 million
or ($0.12) per share for the same period in 2007.
Cash and cash equivalents at June 30, 2008 were $41.1 million, compared to $56.8
million at December 31, 2007. The Company's working capital was $44.0 million at
June 30, 2008, compared to $65.0 million at December 31, 2007.
GPS / Personal Navigation Devices (PND)
In July, Intermap jointly announced with Magellan(R) the first commercial
availability of Intermap's AccuTerra(TM) maps for their Triton(R) and
eXplorist(R) handheld GPS devices, providing outdoor enthusiasts with advanced
topographic maps and off-road points-of-interest. Recognized as an industry
innovator, Magellan is one of the world's best known GPS brands. Intermap's
AccuTerra maps complement Magellan's product lines with the nation's best
recreational map content for GPS devices. Magellan's recreational customers now
have access to digital terrain data, off-road and recreation-related roads,
trails, and points-of-interest such as campgrounds, service facilities, and
landmarks. Additionally, customers can benefit from a land-management data layer
that displays the location of public lands (national forest, wilderness areas,
state parks, etc.) and private property for most recreation areas in the United
States. Customers can now download maps for the contiguous 48 states and Hawaii
from the Magellan website for immediate use.
AccuTerra maps are available via download at http://www.magellangps.com.
Magellan devices supporting the AccuTerra products are the Triton 400, 500,
1500, and 2000 units, and the eXplorist 400, 500, 600, and XL units.
Intermap is supplying its AccuTerra recreational map content under license to
manufacturers of GPS/PND hardware devices. In addition to Magellan, Intermap has
also announced a similar relationship with Bushnell Outdoor Products. Bushnell
users will also be able to access Intermap's AccuTerra recreational map data for
the contiguous 48 states and Hawaii. Future versions of the Company's AccuTerra
maps will include expanded map content including 3D capability which will allow
users to visualize trails and other features in all three dimensions on their
GPS devices.
Insurance Risk Management
Intermap is developing flood risk models in European countries following the
success of flood modeling applications pioneered by a partner insurance company
in Great Britain. The Company has also partnered with SwissRe for use of their
flood modeling algorithms and for quality assurance support throughout Western
Europe. Recently, Intermap signed its first country wide agreement for flood
risk modeling in Europe. Work on the program is underway and the specific
country and insurance partner will be announced upon completion of the model,
which is expected in the fourth quarter of 2008.
Insurance companies can use NEXTMap's superior insurance risk information to
better define possible risks. 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 U.S. insurers for commercial insurance applications.
Active Powertrain Management
Over a very short time, the pressure for improved fuel economy has become
enormous and a dramatic transition is occurring within the automotive sector. A
significant amount of fuel expense in the heavy trucking industry is attributed
to changes in road slope. The Company's 3D road vector data is enabling the
design of systems to manage optimal vehicle speed, drive-train management, and
engine performance. These active powertrain management systems are designed to
improve fuel economy and reduce overall operating costs of the vehicle by
providing knowledge of the road ahead including slope and distance.
Since 2007, Intermap has been working with Auburn University to investigate and
evaluate ways to save fuel using our 3D road data. The project's initial results
have led to a continuation of this collaborative study with not only Auburn
University, but also with commercial partners in the trucking industry. Intermap
has also commissioned a project at Clemson University to conduct a similar
investigation for hybrid vehicle technology.
NEXTMap Europe
Intermap completed the collection of NEXTMap Europe in the second quarter,
collecting approximately 2.2 million square kilometers of data across Europe
encompassing 18 Western European countries.
Intermap has sold its first national dataset for NEXTMap Germany, which was the
first European country to become commercially available. The sale was made to
E-Plus Mobilfunk, Germany's third largest wireless network provider, to
determine precise antennae heights, accurate predictions of field strength and
coverage, and optimized antennae locations and characteristics utilizing
Intermap's 3D digital mapping data. E-Plus licensed the Company's digital
terrain models (DTMs) from the NEXTMap Europe data library which delivers
uniform vertical accuracy of 1 meter across the entire region. E-Plus is able to
provide a higher level of service for their customers through advanced network
planning with this high-degree of accuracy.
Intermap will continue to make data available for the remaining European
countries as it is processed. All of the NEXTMap Europe datasets are expected to
be fully completed and commercially available by March 31, 2009. These datasets
will be the most uniformly accurate 3D digital maps of Western Europe in
existence. The next complete country datasets expected to be released during
this year are France and Italy.
NEXTMap USA
NEXTMap USA is the Company's largest mapping program and includes terrain
elevation and imagery data accurate to one-meter or better, covering nearly
eight million square kilometers of the United States. The Company collected a
total of 1.8 million square kilometers of NEXTMap data during the first half of
2008 of which 877,000 square kilometers was for NEXTMap USA. The total data
collected since the inception of the NEXTMap USA program is 5.6 million square
kilometers, or 71% of the contiguous 48 states and Hawaii. The Company expects
to have the NEXTMap USA program completed by the end of the fourth quarter of
2009.
"We have been hitting all of our production goals and maintained cost targets on
the NEXTMap USA program," said Mr. Bullock. "In the second quarter, the seasonal
efficiency gains that we realize with summer weather, combined with the
collection of comparatively flat mid-west terrain, resulted in the lowest cost
yet per square kilometer since the inception of the NEXTMap program. The impact
of the recent increases in fuel costs to the Company's aircraft operations have
been neutralized by continued productivity gains. Aircraft fuel represents only
a small percentage of the total cost of the Company's NEXTMap programs."
Detailed financial results for the quarter and management's discussion and
analysis can be found on SEDAR at: www.sedar.com.
Conference Call August 12, 2008 at 8:00 a.m. ET (6:00 a.m. MT)
Intermap will host a conference call on August 12, 2008 at 8:00 a.m. ET (6:00
a.m. MT, 1:00 p.m. GMT). To participate in the call, please dial 416-695-5259 or
1-800-952-6845 approximately 10 minutes prior to the conference call. A
recording of the conference call will be available through August 19, 2008.
Please dial 416-695-5800 or 1-800-408-3053 and provide the password 3268269 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 is proactively remapping entire countries and building uniform national
databases, called NEXTMap(R), 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,
personal navigation device, insurance risk assessment, oil and gas, hydrology,
environmental planning, wireless communications, transportation, aviation and 3D
visualization markets.
Headquartered in Denver, Colorado, Intermap employs more than 800 people
worldwide, with additional offices in Calgary, Detroit, Jakarta, London, Munich,
Ottawa, Prague, and Washington D.C. For more information, visit
www.intermap.com.
NEXTMap(R) 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)
----------------------------------------------------------------------
June 30, December 31,
2008 2007
----------------------------------------------------------------------
(unaudited)
Assets
Current assets:
Cash and cash equivalents $41,055 $56,835
Amounts receivable 4,169 4,957
Unbilled revenue 5,121 11,741
Prepaid expenses 1,935 1,429
----------------------------------------------------------------------
52,280 74,962
Property and equipment 22,265 23,372
Multi-client data library 68,597 55,113
Intangible assets 1,543 1,753
Future income taxes 264 329
----------------------------------------------------------------------
$144,949 $155,529
----------------------------------------------------------------------
Liabilities and Shareholders' Equity
Current liabilities:
Accounts payable and accrued liabilities $6,294 $8,404
Deferred Lease inducements 218 219
Deferred revenue 511 340
Income taxes payable 84 19
Current portion of obligations under capital
lease 243 231
Current portion of long-term debt 899 748
----------------------------------------------------------------------
8,249 9,961
Deferred lease inducements 289 393
Obligations under capital lease 126 229
Long-term debt 3,026 3,016
Future income tax liability 370 421
----------------------------------------------------------------------
12,060 14,020
----------------------------------------------------------------------
Shareholders' equity:
Share capital 172,262 171,621
Contributed surplus 3,558 2,413
Deficit (49,125) (38,719)
Accumulated other comprehensive income 6,194 6,194
----------------------------------------------------------------------
132,889 141,509
----------------------------------------------------------------------
----------------------------------------------------------------------
$144,949 $155,529
----------------------------------------------------------------------
INTERMAP TECHNOLOGIES CORPORATION
Consolidated Statements of Operations, Comprehensive Loss and Deficit
(In thousands of United States dollars)
----------------------------------------------------------------------
For the three months For the six months
ended June 30, ended June 30,
2008 2007 2008 2007
----------------------------------------------------------------------
(unaudited) (unaudited) (unaudited) (unaudited)
Revenue:
Contract services $2,442 $5,924 $8,365 $11,084
Multi-client data
licenses 4,413 1,223 6,180 2,302
----------------------------------------------------------------------
6,855 7,147 14,545 13,386
Operating costs:
Cost of services 799 2,573 1,903 3,843
Research and
development 1,095 1,018 2,139 1,847
Sales, general and
administrative 7,846 5,975 15,033 11,310
Depreciation of
property and
equipment 1,129 1,197 2,019 2,362
Amortization of
multi-client data
library 2,314 1,023 3,832 1,930
Amortization of
Intangibles 105 105 210 141
----------------------------------------------------------------------
13,288 11,891 25,136 21,433
----------------------------------------------------------------------
Loss before interest,
income taxes
and foreign exchange (6,433) (4,744) (10,591) (8,047)
Interest expense (74) (38) (152) (75)
Interest income 301 450 754 1,021
(Loss) gain on foreign
currency translation 93 (5) (313) (52)
----------------------------------------------------------------------
Loss before income
taxes (6,113) (4,337) (10,302) (7,153)
Income tax expense
(recovery)
Current 45 27 90 54
Future 5 (25) 14 (34)
----------------------------------------------------------------------
50 2 104 20
----------------------------------------------------------------------
Net loss and
comprehensive loss (6,163) (4,339) (10,406) (7,173)
---------------------- -----------------------------------------------
Deficit, beginning of
period (42,962) (32,547) (38,719) (29,711)
----------------------------------------------------------------------
Deficit, end of period $(49,125) $(36,884) $(49,125) $(36,884)
----------------------------------------------------------------------
Basic and diluted loss
per share $(0.13) $(0.12) $(0.23) $(0.19)
----------------------------------------------------------------------
Weighted average
number of Class A
common shares -
basic and diluted 46,155,685 37,391,608 46,128,659 37,224,439
----------------------------------------------------------------------
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,
2008 2007 2008 2007
----------------------------------------------------------------------
(unaudited) (unaudited) (unaudited) (unaudited)
Cash flows (used in)
provided by:
Operations:
Net loss $(6,163) $(4,339) $(10,406) $(7,173)
Items not involving
cash and cash
equivalents:
Depreciation of
property and
equipment 1,129 1,197 2,019 2,362
Amortization of
multi-client data
library 2,314 1,023 3,832 1,930
Amortization of
intangibles 105 105 210 141
Stock Compensation
Expense 688 508 1,392 972
Loss on sale on
disposal of property
& equipment 1 40 1 40
Amortization of
deferred lease
inducements (56) (53) (112) (71)
Future income taxes 5 (25) 14 (34)
Change in non-cash
operating working
capital 7,445 2,610 5,367 1,536
----------------------------------------------------------------------
5,468 1,066 2,317 (297)
----------------------------------------------------------------------
Financing:
Proceeds from issuance
of common shares 75 1,355 393 1,697
Proceeds of long-term
debt - - 568 -
Repayment of long-term
debt (246) (139) (451) (276)
Repayment of
obligations under
capital lease (30) (111) (91) (190)
----------------------------------------------------------------------
(201) 1,105 419 1,231
----------------------------------------------------------------------
Investments:
Purchase of property
and equipment (1,449) (2,388) (2,586) (4,774)
Investment in multi-
client data library (7,684) (5,796) (15,642) (9,343)
Business Acquisition
Cost - - - (1,330)
----------------------------------------------------------------------
(9,133) (8,184) (18,228) (15,447)
----------------------------------------------------------------------
Effect of foreign
exchange on cash 184 54 (288) 87
(Decrease) increase in
cash and cash
equivalents (3,682) (5,959) (15,780) (14,426)
Cash and cash
equivalents, beginning
of period 44,737 39,703 56,835 48,170
----------------------------------------------------------------------
Cash and cash
equivalents, end of
period $41,055 $33,744 $41,055 $33,744
----------------------------------------------------------------------
Supplemental cash flow
information:
Cash paid for interest $74 $37 $152 $74
Cash paid for Income
Taxes 23 33 59 49
----------------------------------------------------------------------
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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