INTERMAP TECHNOLOGIES CORPORATION Consolidated Statements of Operations and Deficit (In thousands of United States dollars) ====================================================================== For the three months For the six months ended June 30, ended June 30, 2007 2006 2007 2006 ---------------------------------------------------------------------- (unaudited) (unaudited) (unaudited) (unaudited) Revenue: Contract services $ 5,924 $ 2,887 $ 11,084 $ 3,885 Multi-client data licenses 1,223 765 2,302 1,897 ---------------------------------------------------------------------- 7,147 3,652 13,386 5,782 Operating costs: Cost of services 2,573 1,633 3,843 2,402 Research and development 1,018 594 1,847 1,078 Sales, general and administrative 5,975 4,970 11,310 8,304 Depreciation of property and equipment 1,197 697 2,362 1,394 Amortization of multi-client data library 1,023 450 1,930 1,042 Amortization of intangible assets 105 - 141 - ---------------------------------------------------------------------- 11,891 8,344 21,433 14,220 ---------------------------------------------------------------------- Loss before interest, income taxes and foreign exchange (4,744) (4,692) (8,047) (8,438) Interest expense (38) (44) (75) (92) Interest income 450 726 1,021 1,278 (Loss) gain on foreign currency translation (5) 731 (52) 1,302 ---------------------------------------------------------------------- Loss before income taxes (4,337) (3,279) (7,153) (5,950) Income tax expense (recovery) Current 27 7 54 7 Future (25) - (34) - ---------------------------------------------------------------------- Net loss and comprehensive loss (4,339) (3,286) (7,173) (5,957) ---------------------------------------------------------------------- Deficit, beginning of period (32,547) (21,309) (29,711) (18,638) Redemption of shares - (78) - (78) ---------------------------------------------------------------------- Deficit, end of period $ (36,884) $ (24,673) $ (36,884) $ (24,673) ====================================================================== Basic and diluted loss per share $ (0.12) $ (0.09) $ (0.19) $ (0.17) ====================================================================== Weighted average number of Class A common shares - basic and diluted 37,391,608 36,866,008 37,224,439 35,962,869 ======================================================================
INTERMAP TECHNOLOGIES CORPORATION Consolidated Statements of Cash Flows (In thousands of United States dollars) ====================================================================== For the three months For the six months ended June 30, ended June 30, 2007 2006 2007 2006 ---------------------------------------------------------------------- (unaudited) (unaudited) (unaudited) (unaudited) Cash flows (used in) provided by: Operations: Net loss $ (4,339) $ (3,286) $ (7,173) $ (5,957) Items not involving cash and cash equivalents: Depreciation of property and equipment 1,197 697 2,362 1,394 Amortization of multi-client data library 1,023 450 1,930 1,042 Amortization of intangible assets 105 - 141 - Loss on disposal of property and equipment 40 - 40 - Stock based compensation 508 899 972 1,040 Amortization of deferred lease inducements (53) (35) (71) (68) Future income taxes (25) - (34) - Change in non-cash operating working capital 2,664 512 1,623 1,426 ---------------------------------------------------------------------- 1,120 (763) (210) (1,123) ---------------------------------------------------------------------- Financing: Proceeds from issuance of common shares 1,355 1,130 1,697 11,060 Issuance costs - (1) - (2) Repayment of long- term debt (139) (133) (276) (273) Repayment of obligations under capital lease (111) (52) (190) (105) ---------------------------------------------------------------------- 1,105 944 1,231 10,680 ---------------------------------------------------------------------- Investments: Purchase of property and equipment (2,388) (2,892) (4,774) (6,407) Investment in multi- client data library (5,796) (2,965) (9,343) (5,672) Business acquisition cost, net of cash acquired - - (1,330) - ---------------------------------------------------------------------- (8,184) (5,857) (15,447) (12,079) ---------------------------------------------------------------------- Decrease in cash and cash equivalents (5,959) (5,676) (14,426) (2,522) Cash and cash equivalents, beginning of period 39,703 66,646 48,170 63,492 ---------------------------------------------------------------------- Cash and cash equivalents, end of period $ 33,744 $ 60,970 $ 33,744 $ 60,970 ====================================================================== Supplemental cash flow information: Cash paid for interest $ 37 $ 44 $ 74 $ 92 Cash paid for income taxes $ 33 $ 30 $ 49 $ 30 ====================================================================== Cash and cash equivalents include deposits with financial institutions that can be withdrawn without prior notice or penalty, and short-term deposits with an original maturity of ninety days or less.