Calgary, Alberta: (March 3, 2009) Intermap Technologies Corp. (“Intermap” or the “Company”) today reported financial results for the fourth quarter and year ended December 31, 2008. A conference call will be held today, March 3, at 4:30 p.m. EST to discuss the results.
Financial Review: All amounts in this news release are in United States dollars unless otherwise noted. For 2008, Intermap™ reported a 10% increase in total revenue to $37.0 million, as compared to $33.8 million in 2007. Multi-client data license (“MCDL”) revenue increased 94% to $10.8 million, compared to $5.6 million in 2007. The increase resulted from an increased availability of data from the NEXTMap USA, Europe, and Asia databases. In 2008, approximately 70% of MCDL license revenue was associated with the NEXTMap USA program, 17% was associated with the NEXTMap Europe program, and 13% was associated with the Asia dataset. In comparison, in 2007 approximately 80% of the MCDL license revenue was associated with the NEXTMap USA program, 14% was associated with the NEXTMap Europe program, and 6% was associated with the Asia dataset.