Intermap Technologies Reports 2014 First Quarter Financial Results



INTERMAP TECHNOLOGIES CORPORATION
Condensed Consolidated Interim Statements of Cash Flows
(In thousands of United States dollars)

For the Three Months Ended March 31,           2014     2013
                               
Cash flows provided by:                          
                               
Operating activities:                          
  Net loss for the period           $   (3,818)      $   (2,000)
  Adjusted for the following non-cash items:                          
    Depreciation of property and equipment               292         359
    Amortization of data library               -         1,152
    Amortization of intangible assets               29         29
    Share-based compensation expense               82         77
    Gain on disposal of equipment               (362)         (4)
    Amortization of deferred lease inducements               (47)         (29)
    Deferred taxes               (79)         -
    Financing costs               204         222
    Current income tax expense               -         47
    Interest paid               (7)         (27)
    Income tax paid               (10)         (13)
  Changes in working capital:                          
    Amounts receivable               2,409         1,090
    Work in process and other assets               (239)         154
    Accounts payable               (51)         181
    Accrued liabilities               (20)         (148)
    Unearned revenue and deposits               45         169
    Gain on foreign currency translation               (3)         (37)
                    (1,575)         1,222
                               
Investing activities:                          
  Purchase of property and equipment               (147)         (248)
  Proceeds from sale of equipment               132         4
                    (15)         (244)
                               
Financing activities:                          
  Proceeds from issuance of convertible note               5,000         -
  Financing costs of convertible note               (93)         -
  Repayment of obligations under finance lease               (28)         (88)
  Repayment of long-term debt and notes payable               (38)         (208)
                    4,841         (296)
                               
Effect of foreign exchange on cash               -         (19)
                               
Increase in cash and cash equivalents               3,251         663
                               
Cash and cash equivalents, beginning of period               2,420         2,055
                               
Cash and cash equivalents, end of period           $   5,671      $   2,718

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