2011 revenue increases 73%
$16.2 million of backlog for
delivery in 2012
Commercial applications account for 86% of
total revenue
DENVER — (BUSINESS WIRE) — March 12, 2012 — (TSX: IMP) – Intermap Technologies Corporation (“Intermap” or the “Company”) today reported financial results for the fourth quarter and year ended December 31, 2011. A conference call will be held today, March 12th, at 4:30 p.m. Eastern Time to discuss the results.
All amounts in this news release are in United States dollars unless otherwise noted.
“In 2011, Intermap’s strategy of refocusing the company through significant reductions in infrastructure costs and a new approach to how we develop, price, market and sell our products and services, has begun to pay off. We returned to year-over-year growth and we believe Intermap is positioned for positive earnings in the future.” said Todd Oseth, President & CEO of Intermap. “We were able to deliver a 73% increase in total revenue and we achieved this with less than half of the personnel we began the year with. We also saw a significant improvement in our adjusted EBITDA on a year-over-year basis and we expect to see continued improvements in this metric as we progress through 2012. Several contracts received in 2011 produced revenue backlog of $16.2 million going into the new year, all of which is expected to be recognized during 2012. Our sales pipeline has grown for this coming year driven by commercial applications including telecom, energy, advertising, and hazard risk management, as well as new mapping services contracts both domestically and internationally.”
Mr. Oseth added, “Intermap’s goal is to become a worldwide leader of commercial location-based information solutions for enterprises worldwide. The Company’s products that support this goal include 3D business application solutions, mapping services, and NEXTMap® data licensing. We’ve taken a unique approach to our products by first recognizing what our customer’s needs are, and then creating solutions around those needs rather than simply delivering raw data. A key element of this approach is the aggregation of third party data and information into our NEXTMap database.
Intermap is expanding its support for commercial markets through new product development, improved marketing programs and expanded pricing plans. New product offerings for the Company’s 3D business information products are being designed to provide a growing menu of customer options through the integration of third party data. Improved marketing plans include new channel partner strategies, a "cloud-based" and software-as-a-service (SaaS) web services model, and improved recognition of the Company’s branding and capabilities.
Financial Review
For the fourth quarter 2011, Intermap reported total revenue of $4.8 million, a 33% increase from $3.6 million last year. Contract services revenue in the fourth quarter increased to $2.3 million from $0.8 million last year. Data licensing revenue decreased to $2.5 million from $2.8 million last year. As of December 31, 2011, there remained $16.2 million in backlog contracts ($6.9 million in contract services and $9.3 million in data licensing contracts) to be recognized in future periods. Fourth quarter net loss was $4.5 million, or ($0.06) per share, compared with a net loss of $27.0 million, or ($0.48) per share last year.
Fourth quarter adjusted EBITDA, a non-GAAP and IFRS financial measure, was a loss of $2.0 million, compared with a loss of $5.2 million last year. Adjusted EBITDA excludes restructuring costs, share-based compensation, gain or loss on the disposal of equipment, and gain or loss on foreign currency translation.
For the fourth quarter 2011, personnel expense was $3.7 million, a 20% decrease from $4.6 million last year. The decrease was primarily due to workforce reductions associated with the Company’s restructuring activities during the year.
For the fourth quarter 2011, purchased services and materials expense was $2.5 million, a 26% decrease from $3.4 million last year. The decrease was primarily due to a combination of the expensing of $1.9 million of work-in-process during 2010 (with no similar expense in 2011), partially offset by increased job and subcontractor expenses associated with a large contract services project in Southeast Asia during 2011. Purchased services and materials includes (i) aircraft related costs (ii) professional and consulting costs (iii) third-party support services related to the collection, processing and editing of the Company’s airborne data collection activities, and (iv) software expenses (including maintenance and support).
For the year ended December 31, 2011, Intermap reported total revenue of $24.1 million, a 73% increase from $13.9 million last year. Contract services revenue for the year increased to $10.8 million from $4.3 million last year. Data licensing revenue increased to $13.3 million from $9.7 million last year. For the year 2011, net loss was $13.6 million, or ($0.19) per share, compared with a net loss of $97.8 million, or ($1.73) per share last year.
Adjusted EBITDA for the year was a loss of $4.5 million, compared with a
loss of $19.7 million last year.
