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May 14, 2009

Intermap Technologies Q1 net loss widens

Revenues from multi-client data licenses were $1.16m

By CBR Staff Writer

Intermap Technologies, a provider of digital and GIS mapping software, has reported a net loss of $6.98m, or basic and diluted loss per share of $0.15, for the first quarter ended March 31, 2009, compared to $4.24m, or basic and diluted loss per share of $0.09, for the same quarter of 2008.

For the first quarter of 2009, total revenues were $5.5m, compared to $7.69m for the same quarter of 2008. Adjusted EBITDA was a loss of $2.9m, compared to $1m for the same quarter of 2008.

The company has reported revenues from contract services for the first quarter of 2009 of $4.33m, compared to $5.92m for the same quarter of 2008. Revenues from multi-client data licenses for the first quarter of 2009 were $1.16m, compared to $1.77m for the same quarter of 2008.

Brian Bullock, president and CEO of Intermap Technologies, said: The collection phase of the NEXTMap initiatives was a Herculean effort, demanding focus and diligence from our team, and patience and faith from our investors. For a small company to have completed such an enormous undertaking is extraordinary. In less than nine months, customers will have access to the most uniform, accurate, and complete 3D maps of Western Europe and the US in existence.

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