DENVER – August 13, 2015 (TSX: IMP) – Intermap Technologies Corporation (“Intermap” or the “Company”) today reported financial results for the second quarter ended June 30, 2015. A conference call will be held tomorrow, August 14th, at 11:00 a.m. Eastern Time to discuss the results.
All amounts in this news release are in United States dollars unless otherwise noted.
Intermap reported total revenue of $0.7 million for the second quarter of 2015, a 25% decrease from the first quarter of the year. Second quarter revenue of $0.7 million is compared to $2.4 million in the same period of 2014. During the second quarter of last year, a $1.0 million NEXTMap® data sale was recognized on a single contract from a U.S. government entity. No similar sized contract was closed during the first six months of the current year, making up the majority of the variance between the current year and prior year periods. Additionally, NEXTMap data sales were lower in the U.S., Europe and Southeast Asia during the current year. Net operating loss for the second quarter of 2015 was $4.4 million, compared to a net operating loss of $3.2 million for the second quarter of 2014. Second quarter adjusted EBITDA, a non IFRS financial measure, was a loss of $3.7 million, an increase from an adjusted EBITDA loss of $2.8 million for the same period in 2014. Adjusted EBITDA excludes share-based compensation, change in value of derivative instruments, gain or loss on the disposal of equipment, impairment losses or reversals, and gain or loss on foreign currency translation.