Intermap Technologies Reports 2013 Third Quarter Financial Results

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[{"type":"text","content":"\n\n\nDENVER, Nov. 11, 2013 /CNW/ - (TSX: IMP) - Intermap Technologies Corporation (\"Intermap\" or the \"Company\"), a\n leading provider of geospatial software and solutions created from its\n uniform, high-resolution 3D digital models of the earth's surface and\n third party information, today reported financial results for the third\n quarter ended September 30, 2013. A conference call will be held today,\n November 11th, 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 $6.4 million for the third quarter of\n 2013, compared to $8.0 million recorded in the same period of 2012. Net\n loss for the second quarter of 2013 was $0.5 million, or ($0.01) per\n share, compared to net income of $0.4 million, or $0.01 per share, for\n the third quarter of 2012. Third quarter adjusted EBITDA, a non IFRS\n financial measure, was $0.6 million, compared to adjusted EBITDA of\n $2.5 million for the same period in 2012. Adjusted EBITDA excludes\n restructuring costs, share-based compensation, gain or loss on the\n disposal of equipment, and gain or loss on foreign currency\n translation.\n\n\n\"We're pleased to report our sixth quarter of positive or breakeven\n adjusted EBITDA as our expense management has lowered our breakeven\n levels,\" said Todd Oseth, President & CEO of Intermap. \"On a\n year-to-date basis, our financial performance shows revenue growth,\n lower operating expenses, improved bottom line performance, and\n improved adjusted EBITDA margin over last year at this time. The\n improved operating results for the first three quarters of the year are\n coupled with a stronger balance sheet where working capital has more\n than tripled from $1.9 million at year-end to $6.1 million.\"\n\n\nFinancial Review\n\n\nContract services revenue in the second quarter increased to $5.4\n million from $4.1 million in the year ago quarter, and data licensing\n revenue decreased to $0.9 million from $3.9 million in the year ago\n quarter. As of September 30, 2013, the Company's contract backlog of\n $3.9 million consisted of $3.3 million in contract services and $0.6\n million in data licensing revenue.\n\n\nDuring the third quarter of 2013, contract services revenue was\n recognized primarily from two contr...

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