MCDL license revenue for the year ended December 31, 2010 totaled $9.7 million, compared to $10.2 million in 2009. During 2010, approximately 54% of MCDL license revenue was associated with the NEXTMap Europe dataset, 19% was associated with the NEXTMap USA dataset, and 27% was associated with the Company’s Asia dataset.

Year-over-year operations-related personnel decreased by approximately 28%, or 139 full-time personnel, following the completion of the NEXTMap Europe and NEXTMap USA programs in 2010. R&D, sales, and administrative personnel decreased by 30%, or 66 employees during the year. Salaries and related personnel expenses for the year ended December 31, 2010 and 2009 were $20.2 million and $24.4 million, respectively. On an annualized basis, the net impact on total expenses (after severance-related costs) of the workforce reductions made in 2010 will be a reduction of approximately $4.6 million of personnel-related expenses.

In January 2011, the Company made further workforce reductions and expects to incur approximately $845,000 in restructuring-related expenses during the first quarter of 2011. On an annualized basis, the net impact on total expenses (after severance-related costs) of the workforce reductions made in January 2011 will be a reduction of approximately $5.5 million of personnel-related expenses. The total full time equivalent headcount of the Company at the culmination of these restructuring efforts will be approximately 140 people worldwide, compared to approximately 306 on a year-over-year basis.

Net operations expense for the year ended December 31, 2010 totaled $10.5 million, compared to $10.0 million for the same period in 2009. The increase in net operations expense resulted primarily from a reduction of the capitalization of costs associated with the creation of the NEXTMap USA and NEXTMap Europe datasets. Operations-related capitalized costs decreased from $10.9 million in 2009 to $4.5 million in 2010. Gross operations expense, prior to capitalization, for the period ended December 31, 2010 and 2009 was $15.0 million and $20.9 million, respectively. The decrease in gross operations expense was primarily the result of the reduction in production operations (including significant personnel reductions) coinciding with the completion of the NEXTMap Europe and NEXTMap USA datasets.

Sales, general and administrative (“SG&A”) expense for the year ended December 31, 2010 was $22.2 million, compared to $25.8 million for the same period in 2009, the decrease was primarily attributable to a reduction in personnel-related costs.

Adjusted EBITDA, a non-GAAP measure, for the year ended December 31, 2010 showed a loss of $19.5 million, compared to a loss of $6.2 million for 2009.

Amortization expense of the MCDL database for the year increased to $14.7 million from $10.1 million for 2009. This increase, using the Company’s standard amortization policy, was primarily due to the expansion of the underlying NEXTMap datasets.

As previously mentioned, an asset impairment review was performed at year end to determine if the carrying value of the NEXTMap USA and NEXTMap Europe datasets were recoverable. The Company determined that the estimated fair value of the datasets was insufficient to recover the carrying value of the assets, resulting in a pre-tax asset impairment charge of $52.8 million.

For 2010, Intermap reported a net loss of $96.8 million or ($1.71) per share, compared to a net loss of $25.8 million or ($0.51) per share for 2009.

Fourth Quarter Results

For the fourth quarter of 2010, Intermap reported total revenue of $3.6 million, down 56% from $8.2 million for the fourth quarter of 2009. Contract services revenue decreased 84% in the fourth quarter of 2010 to $0.8 million, compared to $4.9 million in the same period in 2009. The decrease was primarily due to the recognition of revenue in the fourth quarter of 2009 from two large contract services projects in Asia and Germany totaling $1.8 million and $1.2 million, respectively, without any similar-sized projects in the fourth quarter of 2010. MCDL license revenue recognized during the fourth quarter of 2010 was $2.8 million, compared to $3.3 million during the same period in 2009. The decrease in MCDL license revenue was primarily attributable to decreased sales of NEXTMap USA data.

Net operations expense for the quarter ended December 31, 2010 totaled $3.8 million, unchanged from the same period in 2009. Gross operations expense, prior to capitalization, for the quarter ended December 31, 2010 was $4.4 million, compared to $5.5 million during the fourth quarter of 2009. The decrease in gross operations expense during the fourth quarter of 2010 was primarily from reduced production and overhead expenses associated with the completion of the NEXTMap Europe and NEXTMap USA programs.

SG&A expense for the quarter ended December 31, 2010 was $5.2 million, a decrease from $6.2 million for the same period in 2009. The decrease in SG&A expense resulted primarily from a reduction in personnel-related costs and a reduction in external consulting and professional services. These reductions were offset partially by an increase in rent expense related to the closure of the Company’s Ottawa, Canada office.

Intermap reported a net loss of $63.8 million or ($1.13) per share in the fourth quarter, compared to a net loss of $7.6 million or ($0.15) per share for the fourth quarter of 2009.

The cash position of the Company at December 31, 2010 (cash and cash equivalents) was $4.4 million, compared to $10.4 million at December 31, 2009. Working capital decreased to ($3.4) million at December 31, 2010.