DENVER – April 27, 2017 (TSX: IMP) (ITMSF:BB) – Intermap Technologies Corporation (“Intermap” or the “Company”) today reported financial results for the first quarter ended March 31, 2017.
For the first quarter of 2017, Intermap reported total revenue of $2.6 million, compared to $1.4 million last year. For the first quarter 2017 and 2016, personnel expense was $1.9 million and $2.7 million, respectively. First quarter adjusted EBITDA, a non-GAAP and non-IFRS financial measure, was negative $0.8 million, compared with negative $2.3 million last year.
In addition, the Company announced members of its new senior management team.
Jennifer Bakken, a nine year veteran of Intermap, has been appointed Executive Vice President Finance and Chief Financial Officer. Keith Tennant, a 30-year veteran of Intermap, has been appointed Executive Vice President Government Solutions and Chief Operating Officer. Ivan Maddox, a 17-year veteran of Intermap, has been appointed Executive Vice President Commercial Solutions; and Stephen Griffiths, an 18-year veteran of Intermap, has been appointed Executive Vice President Value-Added Data Solutions and Chief Technology Officer.
“Our gradually improving financial position reflects progress in our strategy to achieve long term profitable growth within Intermap’s core business,” commented Patrick Blott, Chairman and CEO of Intermap. “We are executing from a unique position of strength with a fresh leadership team that contributes 75 years of combined experience delivering geospatial solutions. This new organization is driven, customer focused, and pointed in the right strategic direction.”
As a reminder, last fall the Company adopted a no further guidance disclosure policy until it is profitable and its debt burden has been reduced.