DENVER – May 15, 2015 (TSX: IMP) – Intermap Technologies Corporation (“Intermap” or the “Company”) today reported financial results for the first quarter ended March 31, 2015. A conference call will be held today, May 15th, at 5:00 p.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 $1.0 million for the first quarter of 2015, compared to $2.1 million recorded in the same period of 2014. Operating loss for the first quarter of 2015 and 2014 was $4.0 million in each period. First quarter adjusted EBITDA for 2015 and 2014, a non IFRS financial measure, was a loss of $3.6 million in each period. Adjusted EBITDA excludes restructuring costs, share-based compensation, change in value of derivative instruments, gain or loss on the disposal of equipment, and gain or loss on foreign currency translation.
“Our focus for the quarter continued to be on further development of our 3DBI® software platform and the pursuit of an anticipated Spatial Data Infrastructure (“SDI”) contract,” said Todd Oseth, President & CEO of Intermap. “Notable progress was achieved on both fronts with a concentration on the analytics portion of our Orion Platform™. Our platform based approach to solving geospatial problems allows each of our customers to customize their geospatial related requirements in a rapid manner, eliminating the need for lengthy development times that would otherwise be required in non-platform based software applications. We believe this approach is key to attracting new customers that have never had available to them this type of flexibility, speed and power.”