Business
Intermap Technologies Reports 2014 Second Quarter Financial Results
DENVER , Aug. 11, 2014 /CNW/ - (TSX: IMP) - Intermap Technologies Corporation ("Inte...
About this update from Intermap Technologies Corporation Class A
[{"type":"text","content":"\n\n\nDENVER, Aug. 11, 2014 /CNW/ - (TSX: IMP) - Intermap Technologies Corporation (\"Intermap\" or the \"Company\") today\n reported financial results for the second quarter ended June 30, 2014.\n A conference call will be held tomorrow, August 12th, at 10:00 a.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 $2.4 million for the second quarter\n of 2014, a 12% increase from the first quarter of the year. Second\n quarter revenue of $2.4 million is compared to $8.9 million in the same\n period of 2013. During the second quarter of last year, $7.6 million of\n mapping services revenue was recognized on a new $15.0 million contract\n that was announced earlier in the year. No similar sized contract was\n closed during the first six months of the current year, making up the\n majority of the variance between the current year and the prior year\n periods. Net loss for the second quarter of 2014 was $3.5 million, or\n ($0.04) per share, compared to a net profit of $170 thousand, or\n ($0.00) per share, for the second quarter of 2013. Second quarter\n adjusted EBITDA, a non IFRS financial measure, was a loss of $2.8\n million, a decrease from an adjusted EBITDA profit of $2.2 million for\n the same period in 2013. Adjusted EBITDA excludes share-based\n compensation, gain or loss on the disposal of equipment, and gain or\n loss on foreign currency translation.\n\n\n\"Our continued focus during the quarter was the further development of\n our 3DBI® (3D business intelligence) software applications,\" said Todd Oseth,\n President & CEO of Intermap. \"We're pleased to report that during the\n quarter we successfully introduced two new 3DBI software applications;\n InsitePro™ and GeoPro Server™. InsitePro is a Software-as-a Service\n (\"SaaS\") product built to analyze location specific risk caused by\n natural catastrophes. It is a powerful tool that gives users the\n ability to evaluate risk for locations one-by-one or thousands at a\n time via innovative risk models and analytics. GeoPro Server is the\n centerpiece of our Orion Platform®. It functions as a geospatial-data agnostic server deriving actionable\n answers from \"big data\". The application allows users (novice, or\n geospatia...