Demand for NEXTMap data is growing as new commercial applications are emerging, including geographical information systems (GIS), engineering planning, transportation, automotive, navigation, flood, irrigation, environmental management and planning, telecommunications/wireless network planning, aviation, simulation, and 3D visualization. Internet applications include virtual tours, topographic maps and computer games. Datasets are also used to add interactive intelligence to airborne and satellite imagery.
Headquartered in Denver, Colorado, Intermap employs more than 450 people worldwide, with additional offices in Calgary, Detroit, Jakarta, London, Munich, Ottawa, and Prague. For more information, visit www.Intermap.com.
(R) NEXTMap is a registered trademark of Intermap Technologies Corporation
The above disclosure contains certain forward-looking statements that involve substantial known and unknown risks and uncertainties. These forward-looking statements are subject to numerous risks and uncertainties, certain of which are beyond Intermap's control, including: the impact of general economic conditions, industry conditions, increased competition, fluctuations in foreign exchange or interest rates, stock market volatility and market valuations of companies with respect to the announced transactions and the final valuations thereof, and obtaining required approvals of regulatory authorities. Intermap's actual results, performance or achievement could differ materially from those expressed in, or implied by these forward-looking statements and, 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, including the amount of proceeds that Intermap will derive therefrom.
INTERMAP TECHNOLOGIES CORPORATION
Consolidated Balance Sheets
(In thousands of United States dollars)
March 31, December 31,
2007 2006
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(unaudited)
Assets
Current assets:
Cash and cash equivalents $ 39,703 $ 48,170
Amounts receivable 6,845 8,177
Unbilled revenue 2,741 2,477
Work in process 391 -
Prepaid expenses 1,304 850
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50,984 59,674
Property and equipment 20,535 19,755
Multi-client data library 35,499 32,402
Intangible assets 2,071 -
Future income tax asset - 23
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$ 109,089 $ 111,854
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Liabilities and Shareholders' Equity
Current liabilities:
Accounts payable and accrued liabilities $ 5,163 $ 6,003
Deferred lease inducements 198 120
Deferred revenue 932 1,715
Income taxes payable 35 30
Current portion of obligations under capital
lease 178 231
Current portion of long-term debt 469 538
Non-controlling interest - 14
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6,975 8,651
Deferred lease inducements 528 468
Obligations under capital lease 139 165
Long-term debt 1,174 1,242
Future income tax liability 473 -
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9,289 10,526
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Shareholders' equity:
Share capital 123,387 122,458
Contributed surplus 2,765 2,387
Deficit (32,546) (29,711)
Accumulated other comprehensive income 6,194 6,194
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99,800 101,328
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$ 109,089 $ 111,854
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