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Intermap Announces Filing of 2020 Annual Results
Intermap Announces Filing of 2020 Annual Results Canada NewsWire COVI...
About this update from Intermap Technologies Corporation Class A
[{"type":"text","content":"\n \n \n \n Intermap Announces Filing of 2020 Annual Results\n \n \n /* Style Definitions */\nspan.prnews_span\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\na.prnews_a\n{\ncolor:blue;\n}\nli.prnews_li\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\np.prnews_p\n{\nfont-size:0.62em;\nfont-family:\"Arial\";\ncolor:black;\nmargin:0in;\n}\n.prntac{\nTEXT-ALIGN: CENTER\n}\n \n \n \n \n \n \n Canada NewsWire\n \n \n \n \n \n COVID-19 delayed but did not cancel aviation projects\n \n \n \n \n Government pipeline is robust and will support future revenue\n \n \n \n \n Software subscriptions renewed at higher prices for additional services\n \n \n \n \n DENVER\n \n ,\n \n March 31, 2021\n \n /CNW/ - Intermap Technologies (TSX: IMP) (OTCQX: ITMSF) (\"Intermap\" or the \"Company\"), a global leader in geospatial intelligence solutions, today filed its audited annual financial statements for the year ended\n \n December 31, 2020\n \n , the annual management discussion and analysis for the corresponding period, related management certifications of annual filings and its annual information form. The documents are available on SEDAR at\n \n www.sedar.com\n \n .\n \n \n Consolidated revenue for the year ended\n \n December 31, 2020\n \n totaled\n \n $4.7 million\n \n , compared to\n \n $10.1 million\n \n for 2019, reflecting the disruption from the COVID-19 pandemic. The decline was expected and due entirely to delayed government contracts given the economic environment resulting from the pandemic. Approximately 71% of consolidated revenue was generated outside\n \n the United States\n \n , compared to 41% for 2019.\n \n \n Net income improved from a loss of\n \n $4.8 million\n \n to income of\n \n $26.6 million\n \n for the years ended\n \n December 31, 2020\n \n and 2019, respectively, due to the gain on the modification of debt of\n \n $32.1 million\n \n , offset by the reduction in revenue discussed above.\n \n \n In a year that was filled with global business disruption, Intermap achieved significant milestones necessary to grow the business. With the elimination of\n \n $33.9 million\n \n notes payable and the rebuilding of the government pipeline, the Company is well-positioned for growth. Intermap also welcomed sophisticated investors through fully subscribed issuer private placements while maintaining the val...