Business
Intermap Technologies Reports 2013 Second Quarter Financial Results
Year-over-year consolidated revenue increases 11% to $8.9M Net income of $0.2M Adj...
About this update from Intermap Technologies Corporation Class A
[{"type":"text","content":"\n\n\nYear-over-year consolidated revenue increases 11% to $8.9MNet income of $0.2MAdjusted EBITDA of $2.2MContinued trend of positive financial performance\n\n\nDENVER, Aug. 12, 2013 /CNW/ - (TSX: IMP) - Intermap Technologies Corporation (\"Intermap\" or the \"Company\"), a\n leading provider of geospatial solutions on-demand created from its\n uniform, high-resolution 3D digital models of the earth's surface,\n today reported financial results for the second quarter ended June 30,\n 2013. A conference call will be held today, August 12th, at 4:30 p.m. Eastern Time to discuss the results.\n\n\nAll amounts in this news release are in United States dollars unless\n otherwise noted.\n\n\nIntermap reported total revenue of $8.9 million for the second quarter\n of 2013, an 11% increase from $8.0 million recorded in the same period\n of 2012. Net income for the second quarter of 2013 was $0.2 million, or\n $0.002 per share, compared to net income of $0.8 million, or $0.01 per\n share for the second quarter of 2012. Second quarter adjusted EBITDA, a\n non IFRS financial measure, was $2.2 million, compared to adjusted\n EBITDA of $2.7 million for the same period in 2012. Adjusted EBITDA\n excludes restructuring costs, share-based compensation, gain or loss on\n the disposal of equipment, and gain or loss on foreign currency\n translation.\n\n\n\"We're pleased to report revenue growth on a quarter-over-quarter and\n year-over-year basis for the second quarter and year-to-date periods in\n 2013,\" said Todd Oseth, President & CEO of Intermap. \"Our year-to-date\n financial performance not only shows improved revenue growth, but also\n includes lower operating expenses, higher bottom line performance, and\n improved adjusted EBITDA over last year at this time. With this\n performance, we are well positioned to achieve our goal for a third\n consecutive year of growth. The improved operating results for the\n first half of the year are coupled with a stronger balance sheet where\n working capital has more than doubled from $1.9 million at year-end to\n $4.3 million. Additionally, this quarter's financial performance\n contributes to the Company's average quarterly adjusted EBITDA of over\n $2.0 million for the past five quarters. It's clear that our efforts to\n refocus the business into a solutions-driven company are continuing to\n p...