Important factors, including those discussed in the Company's regulatory filings ( www.sedar.com) could cause actual results to differ from the company's expectations and those differences may be material. Detailed financial results and management's discussion and analysis can be found on SEDAR at: www.sedar.com.
Conference Call
Intermap will host a conference call today, August 12, 2013, at 4:30 pm ET (2:30pm MT). To participate in the call, please dial +1-416-764-8609 or 1-888-390-0605 approximately 10 minutes prior to the conference call and provide conference ID 65329895. A recording of the conference call will be available through August 30, 2013. Please dial +1-416-764-8677 or 1-888-390-0541 and provide pass code 329895 to listen to the rebroadcast. The call will also be available on Intermap's website at http://www.intermap.com/investors.aspx for replay.
About Intermap Technologies
Headquartered in Denver, Colorado - Intermap ( www.intermap.com) is an industry leader in geospatial solutions on demand with its secure, cloud based Orion Platform™. Through its powerful suite of 3DBI applications and proprietary development of contiguous databases that fuse volumes of geospatial data into a single source, the Orion Platform is able to provide location- based solutions for customers in diverse markets around the world. For more information please visit www.intermap.com.
Adjusted EBITDA is not a recognized performance measure under GAAP and does not have a standardized meaning prescribed by IFRS. The term EBITDA consists of net income (loss) and excludes interest, taxes, depreciation, and amortization. Adjusted EBITDA is included as a supplemental disclosure because management believes that such measurement provides a better assessment of the Company's operations on a continuing basis by eliminating certain non-cash charges and charges that are nonrecurring. The most directly comparable measure to adjusted EBITDA calculated in accordance with IFRS is net income (loss).
Intermap Reader Advisory
Certain information provided in this news release constitutes forward-looking statements. The words "anticipate", "expect", "project", "estimate", "forecast" and similar expressions are intended to identify such forward-looking statements. Although Intermap believes that these statements are based on information and assumptions which are current, reasonable and complete, these statements are necessarily subject to a variety of known and unknown risks and uncertainties. You can find a discussion of such risks and uncertainties in our Annual Information Form and other securities filings. While the Company makes these forward-looking statements in good faith, should one or more of these risks or uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary significantly from those expected. Accordingly, no assurances can be given that any of the events anticipated by the forward-looking statements will transpire or occur, or if any of them do so, what benefits that the Company will derive therefrom. All subsequent forward-looking statements, whether written or oral, attributable to Intermap or persons acting on its behalf are expressly qualified in their entirety by these cautionary statements. The forward-looking statements contained in this news release are made as at the date of this news release and the Company does not undertake any obligation to update publicly or to revise any of the forward-looking statements made herein, whether as a result of new information, future events or otherwise, except as may be required by applicable securities law.
Reference is made to the Company's audited Consolidated Financial Statements for the years ended December 31, 2012, together with the accompanying notes, which includes a going concern disclosure and such disclosure remains applicable as of the date of the financial statements included herein.
INTERMAP TECHNOLOGIES CORPORATION
Condensed Consolidated Interim Balance Sheets
(In thousands of United States dollars)
| June 30, | December 31, | |||
| 2013 | 2012 | |||
| Assets | ||||
| Current assets: | ||||
| Cash and cash equivalents | $ 2,660 | $ 2,055 | ||
| Amounts receivable | 7,089 | 5,735 | ||
| Unbilled revenue | 1,799 | 2,709 | ||
| Work in process | 3 | 10 | ||
| Prepaid expenses | 609 | 625 | ||
| 12,160 | 11,134 | |||
| Property and equipment | 3,238 | 3,703 | ||
| Data library | 11,524 | 13,829 | ||
| Intangible assets | 176 | 235 | ||
| Long-term lease receivable | 48 | - | ||
| $ 27,146 | $ 28,901 | |||
| Liabilities and Shareholders' Equity | ||||
| Current liabilities: | ||||
| Accounts payable and accrued liabilities | $ 4,908 | $ 4,747 | ||
| Convertible note | 999 | 2,357 | ||
| Current portion of notes payable | 964 | 892 | ||
| Current portion of deferred lease inducements | 98 | 97 | ||
| Unearned revenue and deposits | 59 | 145 | ||
| Income taxes payable | 33 | 10 | ||
| Obligations under finance leases | 86 | 262 | ||
| Provisions | 720 | 720 | ||
| 7,867 | 9,230 | |||
| Long-term notes payable | 424 | 923 | ||
| Deferred lease inducements | 295 | 390 | ||
| 8,586 | 10,543 | |||
| Shareholders' equity: | ||||
| Share capital | 196,121 | 194,144 | ||
| Accumulated other comprehensive income | 24 | 58 | ||
| Contributed surplus | 10,443 | 10,354 | ||
| Deficit | (188,028) | (186,198) | ||
| 18,560 | 18,358 | |||
| $ 27,146 | $ 28,901 | |||
