Intermap Technologies Reports Fourth Quarter and Year-End 2008 Financial Results

INTERMAP TECHNOLOGIES CORPORATION
Consolidated Statements of Operations, Comprehensive Loss and Deficit
(In thousands of United States dollars)
         
    2008   2007
   
Revenue:
Contract services $ 26,212 $ 28,211
Multi-client data licenses     10,812       5,576  
37,024 33,787
Operating costs:
Operations 8,245 11,620
Research and development 3,953 3,689
Sales, general and administrative 25,907 20,994
Depreciation of property and equipment 4,437 4,846
Amortization of multi-client data library 6,846 4,518
Amortization of intangible assets 422 353
Loss on disposal of property and equipment     683       35  
50,493 46,055
         

Loss before interest, foreign exchange and income taxes

(13,469 ) (12,268 )
 
Interest expense (289 ) (145 )
Interest income 1,022 2,279
Gain (loss) on foreign currency translation (1,108 ) 920
Non-controlling interest     -       (7 )
 
Loss before income taxes (13,844 ) (9,221 )
 
Income tax expense (recovery)
Current 105 80
Future     (3 )     (390 )
102 (310 )
         
Net loss and comprehensive loss     (13,946 )     (8,911 )
 
Deficit, beginning of year (38,719 ) (29,711 )
Redemption of shares - (97 )
         
Deficit, end of year   $ (52,665 )   $ (38,719 )
 
Basic and diluted loss per share   $ (0.30 )   $ (0.22 )
 

Weighted average number of Class A common shares - basic and diluted

46,158,017 40,417,408
 
INTERMAP TECHNOLOGIES CORPORATION
Consolidated Balance Sheet
(In thousands of United States dollars)
           
    December 31,   December 31,
      2008   2007
 
Assets
 
Current assets:
Cash and cash equivalents $ 27,247 $ 56,835
Amounts receivable 9,862 4,957
Unbilled revenue 1,750 11,741
  Prepaid expenses     1,635       1,429  
40,494 74,962
 
Property and equipment 20,782 23,372
Multi-client data library 81,156 55,113
Intangible assets 1,331 1,753
Future income taxes     230       329  
      $ 143,993     $ 155,529  
 
Liabilities and Shareholders' Equity
 
Current liabilities:
Accounts payable and accrued liabilities $ 7,858 $ 8,404
Current portion of deferred lease inducements 205 219
Deferred revenue 1,177 340
Income taxes payable 12 19
Current portion of obligations under capital lease 344 231
  Current portion of long-term debt     856       748  
10,452 9,961
 
Deferred lease inducements 172 393
Obligations under capital lease 357 229
Long-term debt 2,286 3,016
Future income tax liability     319       421  
        13,586       14,020  
 
Shareholders' equity:
Share capital 172,288 171,621
Contributed surplus 4,590 2,413
Deficit (52,665 ) (38,719 )
  Accumulated other comprehensive income     6,194       6,194  
        130,407       141,509  
           
      $ 143,993     $ 155,529  
 
INTERMAP TECHNOLOGIES CORPORATION
Consolidated Statements of Cash Flows
(In thousands of United States dollars)
             
        2008   2007
       
Cash flows provided by (used in) :
 
Operations:
Net loss $ (13,946 ) $ (8,911 )
Items not involving cash and cash equivalents:
Depreciation of property and equipment 4,437 4,846
Amortization of multi-client data library 6,846 4,518
Amortization of intangible assets 422 353
Stock-based compensation 2,426 2,182
Loss on disposal of property & equipment 683 35
Amortization of deferred lease inducements (220 ) (175 )
Future income taxes (3 ) (390 )
  Change in non-cash operating working capital     6,134       (6,173 )
          6,779       (3,715 )
 
Financing:
Proceeds from issuance of common shares 418 49,059
Proceeds from issuance of long-term debt 605 2,522
Repayment of long-term debt (850 ) (538 )
Repayment of obligations under capital lease (261 ) (323 )
Common shares issuance costs - (2,413 )
  Redemption of common shares     -       (266 )
          (88 )     48,041  
 
Investments:
Purchase of property and equipment (5,147 ) (10,452 )
Investment in multi-client data library (29,770 ) (24,891 )
  Business acquisition cost, net of cash acquired     -       (1,330 )
          (34,917 )     (36,673 )
 
Effect of foreign exchange on cash     (1,362 )     1,012  
 
Increase (decrease) in cash and cash equivalents (29,588 ) 8,665
 
Cash and cash equivalents, beginning of year 56,835 48,170
             
Cash and cash equivalents, end of year   $ 27,247     $ 56,835  
 
Supplemental cash flow information:
Cash paid for interest expense $ 289 $ 145
 
  Cash paid for income taxes   $ 105     $ 64  
 

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