US: Intermap Technologies Corporation has reported financial results for the first quarter ended March 31, 2017.
For the first quarter of 2017, Intermap reported total revenue of $2.6 million, compared to $1.4 million last year. For the first quarter 2017 and 2016, personnel expense was $1.9 million and $2.7 million, respectively. First quarter adjusted EBITDA, a non-GAAP and non-IFRS financial measure, was negative $0.8 million, compared with negative $2.3 million last year.
In addition, the Company announced members of its new senior management team.
Jennifer Bakken, a nine year veteran of Intermap, has been appointed Executive Vice President Finance and Chief Financial Officer. Keith Tennant, a 30-year veteran of Intermap, has been appointed Executive Vice President Government Solutions and Chief Operating Officer. Ivan Maddox, a 17-year veteran of Intermap, has been appointed Executive Vice President Commercial Solutions; and Stephen Griffiths, an 18-year veteran of Intermap, has been appointed Executive Vice President Value-Added Data Solutions and Chief Technology Officer.
“Our gradually improving financial position reflects progress in our strategy to achieve long term profitable growth within Intermap’s core business,” commented Patrick Blott, Chairman and CEO of Intermap. “We are executing from a unique position of strength with a fresh leadership team that contributes 75 years of combined experience delivering geospatial solutions. This new organization is driven, customer focused, and pointed in the right strategic direction.”
As a reminder, last fall the Company adopted a no further guidance disclosure policy until it is profitable and its debt burden has been reduced.
All amounts in this news release are in United States dollars, unless otherwise noted.
Intermap is striving to become the premier worldwide provider of geospatial data solutions.
Our new strategic goal, which focuses on the core business, currently generates revenue from three primary business activities, comprised of i) data acquisition and collection, using proprietary radar sensor technologies, ii) value-added data products and services, which leverage the Company’s proprietary NEXTMap database, together with proprietary software and fusion technologies, and iii) commercial applications and solutions, including a webstore and software sales targeting selected industry verticals that rely on accurate high resolution elevation data.
For the first quarter of 2017, Intermap reported total revenue of $2.6 million, compared to $1.4 million last year. Government solutions revenue was $1.8 million, compared to $0.2 million last year. The increase from the prior year relates to our previously announced Southeast Asian assignment, without a similar project at the beginning of 2016. Value added data solutions contributed revenue of $0.5 million, compared to $0.8 million last year.
The decrease from prior year relates primarily to a large data sale during 2016, without a similar transaction in 2017. With respect to value-added data sales, the Company has implemented a new process for reviewing the profitability of each of its data accounts and is selectively reducing data sales to unprofitable customers and competitors. Software and solutions revenue was $0.3 million, compared to $0.4 million last year. The decrease from the prior year relates to the timing of contract renewals. Attrition was nil.
For the first quarter 2017 and 2016, personnel expense was $1.9 million and $2.7 million, respectively. The decrease is primarily due to decreases in headcount on a year-over-year basis, following the restructuring actions taken at the end of the third quarter and beginning of the fourth quarter of 2016.
First quarter adjusted EBITDA, a non-GAAP and non-IFRS financial measure, was negative $0.8 million, compared with negative $2.3 million last year. Adjusted EBITDA is defined as earnings before interest, taxes, depreciation and amortization, and excludes non-recurring payments, share-based compensation expense, fair value adjustments to derivative instruments and gain or loss on foreign currency translation.
Adjusted EBITDA is not a recognized performance measure under IFRS. The most directly comparable measure to adjusted EBITDA calculated in accordance with IFRS is net income (loss). See Non-IFRS Measures below for a reconciliation of the Company’s net loss to adjusted EBITDA for the first quarter of 2017 as compared to 2016.