Intermap Technologies Reports 46% Revenue Growth in 2006



    NEXTMap(R) Multi-Client Data License Revenue Jumps 51%

    CALGARY, ALBERTA, March 6 /CNW/ - Intermap Technologies Corporation (the
"Company") (TSX:IMP)(AIM:IMAP), today reported financial results for the year
ended December 31, 2006. A conference call will be held today to discuss the
results.

    Financial Review

    All amounts in this news release are in U.S. dollars unless otherwise
noted.

    For 2006, Intermap reported a 46% increase in total revenue to $21.8
million, as compared to total revenue of $15.0 million in 2005. The
Multi-Client Data Library (MCDL) revenue component of total revenue grew 51%
in 2006 to $6.7 million, from $4.4 million in 2005. Following the completion
of NEXTMap(R) California in July of 2005, an increasing amount of MCDL revenue
is being derived from NEXTMap(R) USA license sales. In 2006, approximately 76%
of the MCDL revenue was associated with the Company's NEXTMap(R) USA program,
primarily in the areas of California, Texas, and Arizona.

    The contract services revenue component of total revenue in 2006
increased to $15.1 million, compared to $10.6 million for 2005, reflecting an
increase in fee-for-service work in Southeast Asia and South America.

    Cost of services expense for the year ended December 31, 2006 increased
to $7.9 million, compared to $5.0 million in 2005, due to increased contract
services work and preparation costs associated with future mapping activities.

    Sales, general and administrative expenses for the year ended December
31, 2006 were $19.0 million, compared to $10.7 million for 2005. The increase
was related to the overall expansion of the Company's operations to support
its NEXTMap(R) USA and NEXTMap(R) Europe programs.

    Amortization expense of the MCDL in 2006 increased to $3.1 million, from
$1.6 million in 2005, as a result of the increase in amortization on the
NEXTMap(R) USA dataset. Amortization of the NEXTMap(R) USA dataset totaled
$2.4 million in 2006, versus $0.7 million in 2005.

    Intermap reported a net loss of $11.0 million, or ($0.30) per share,
compared to a net loss of $6.5 million, or ($0.32) per share in 2005.

    Total revenue for Intermap's fourth quarter ended December 31, 2006 was
$6.7 million, up 58% from revenue of $4.3 million reported in the fourth
quarter of 2005. The increase was primarily a result of the completion of two
large contracts in Southeast Asia totaling $3.5 million. A total of $5.5
million of contract services work was performed during the fourth quarter of
2006, compared to $2.9 million for the same period in 2005. Revenue from the
Company's NEXTMap(R) programs totaled $1.2 million for the fourth quarter of
2006, compared to$1.4 million in 2005. MCDL revenue during the fourth quarter
of 2006 was primarily associated with preliminary sales of recently available
NEXTMap(R) USA data.

    Cost of services totaled $2.6 million for the fourth quarter of 2006,
compared with $1.6 million in the fourth quarter of 2005, reflecting an
increase in the costs associated with increased revenue generation and the
investment in personnel and equipment to accommodate increased NEXTMap(R) data
collection and processing.

    Intermap reported a net loss for the fourth quarter of $3.8 million, or
($0.10) per share, as compared to a net loss of $1.2 million, or ($0.04) per
share for the same period in 2005.

    Cash and cash equivalents at December 31, 2006 were $48.2 million, as
compared with $63.5 million at December 31, 2005. The Company's working
capital was $51.0 million, compared with $64.7 million at December 31, 2005.

    "During the fourth quarter we completed the collection of the entire
country of Germany, making it the fourth full country in our European
NEXTMap(R) library. We also added into production another aircraft equipped
with our proprietary industry-leading IFSAR airborne data collection system.
The new aircraft is capable of collecting approximately 1,500,000 sq. km.
(580,000 sq. mi.) of highly-accurate digital elevation data per year,"
commented Brian Bullock, president and CEO of Intermap Technologies. "In
addition, we secured two substantial contract services projects valued at $5.5
million."

    MultiMedia Computer s.r.o. Acquisition

    On March 1, 2007, Intermap acquired the shares and ongoing operations of
MultiMedia Computer s.r.o. (MMC). The acquisition enables Intermap to enhance
its product offerings from strictly data sales to solution-based sales for
specific markets.

    "The acquisition of MMC allows us to deliver complete geospatial
solutions to our customers and partners within a variety of diverse markets.
For example, MMC's technological expertise will help propel Intermap into the
emerging recreational PND and advanced driver assistance systems arenas.
Additionally, MMC will support our continued efforts to bundle progressive
solutions for existing enterprise and government markets," commented Mr.
Bullock.

    Web-based 3D Visualization

    The enormous growth of Web-based mapping applications is driving an
increasing demand for higher quality data that can both improve the user
experience and enable new higher value applications. Ultimately, the quality
of the data is what will separate providers in this space.

    In February 2007, Intermap announced an agreement to provide Microsoft
Corp. with its NEXTMap(R) Britain digital elevation data for use within
Microsoft's Virtual Earth platform. The agreement enables Microsoft to create
and deliver a Live Search Maps product powered by the most current and
accurate digital terrain model of Great Britain.

    NEXTMap(R) Europe Progress

    In 2006, Intermap announced its intention to accelerate its NEXTMap(R)
Europe project with the collection of the entire dataset expected to be
completed by the end of 2007. Driven by demand within the European automotive,
government, and insurance sectors, the final processing and editing of the
project is expected to be complete and available for sale shortly thereafter
in 2008.

    NEXTMap(R) Europe calls for the mapping of 17 European countries,
including Austria, Belgium, Czech Republic, Denmark, England, France, Germany,
Irish Republic, Italy, Luxembourg, Netherlands, Northern Ireland, Portugal,
and Spain. England, Scotland, and Wales have already been completed and the
data collection of Germany was completed in 2006. Priority of data collection
in Europe will be given to areas with the strongest customer demands. Once
completed, these datasets will be the most accurate 3D digital maps of Europe
in existence.

    During 2006, approximately 487,000 square kilometers of data was
collected in Europe including all of Germany which is the fourth country
mapped in its entirety under the Company's NEXTMap(R) Europe program. "As
individual countries are completed during 2007 in Europe, we expect additional
revenue opportunities will develop that will increase the overall financial
performance of the Company," stated Mr. Bullock.

    NEXTMap(R) USA Progress

    During 2005 and 2006, we made significant progress towards the completion
of Intermap's largest project, NEXTMap USA. The project includes terrain
elevation and imagery data accurate to one-meter or better, covering nearly
eight million square kilometers of the United States.

    By the end of 2006, Intermap had collected data for the entire states of
California, Florida, Mississippi, and Hawaii. Also completed were portions of
Alabama, Arizona, Louisiana, Michigan, Nevada, New Mexico, Oklahoma, Oregon,
Texas, West Virginia, and Wyoming. Since the inception of the project,
approximately 2.1 million (777,000 in 2006) square kilometers of data has been
collected. The Company expects to have the collection portion of the
NEXTMap(R) USA project completed by the end of 2008. The net book value of the
NEXTMap(R) USA data as of December 31, 2006 was $28.1 million.

    "Our NEXTMap(R) USA project will continue to ramp-up during 2007 with
full capacity expected to be in place during the second quarter," said Mr.
Bullock. "We expect to complete the collection of the project by the end of
2008 with 100% of the fully processed and edited data completed and ready for
sale during 2009. As part of this ramp-up, an additional Learjet aircraft was
purchased during 2006 and a second King Air aircraft was leased. The second
King Air is now at work on NEXTMap(R) USA and the second Learjet is currently
being calibrated and certified after being modified to incorporate Intermap's
proprietary IFSAR radar system."

    Currently, Intermap has data available off-the-shelf for 512 counties in
the U.S. The Company expects a continued increase in license revenues in 2007
as marketing activities generate interest from new NEXTMap(R) USA customers.
Through December 31, 2006, total cumulative license revenue for NEXTMap(R) USA
data was approximately $7.4 million.

    Intelligent Transportation Systems (ITS)

    Intermap is creating 3D road vector data products to improve ITS
applications that will drive active safety devices, improve fuel performance,
and enhance in-car navigation. Market interest for ITS applications using
Intermap's 3D map data and geometries have been increasing as active safety,
advanced car navigation and related applications are developing a larger
worldwide focus.

    In 2006, Intermap announced agreements with TeleAtlas, Harman Becker, and
Siemens VDO to support emerging ITS applications with Intermap's 3D road
vector data. These applications will deliver 3D maps and active safety within
vehicles to reduce accidents and traffic fatalities. NEXTMap(R) databases will
enable automotive electronics to predict what lies ahead and alert drivers of
impending hazards. Advance predictions of road geometries will also be an
invaluable component of visualization devices, vehicle fuel performance
enhancement systems, and advanced driver assistance systems. Intermap is in
discussions with other automotive suppliers and manufacturers in Europe and
North America.

    Detailed financial results for the quarter and management's discussion
and analysis can be found on SEDAR, at www.sedar.com.

    Conference Call Details

    On today's call, management will also unveil the Company's three primary
market initiatives highlighting those core markets which Intermap intends to
retain as it moves from strictly a database focus, to the development of
applications and end-user solutions incorporating NEXTMap(R) 3D elevation
data. Today's announcement of the strategic acquisition of MMC is a core
component of this strategy and will be discussed in detail during the call.
Intermap is developing and co-developing solutions for several of these large
market opportunities. These markets encompass Internet visualization,
automotive safety, personal navigation devices (PNDs), and flood insurance map
modeling. The call will provide an update on progress with Intermap's target
markets and the partners and customers that are sharing Intermap's vision.

    A slide presentation accompanies Intermap's conference call on Tuesday,
March 6, 2007 at 4:30 p.m. EST (2:30 p.m. MST, 7:30 p.m. GMT). Please download
the presentation "IMP_Q4_Quarterly_Call_Mar_07" to your computer in advance of
the call from ftp1.intermaptechnologies.com (copy and paste the file into your
browser).

    Username: client24

    Password: w3e4r5t6 (Password is case sensitive)

    For security reasons this FTP site will be active until March 14, 2007.

    To participate in the call, please dial 416-644-3418 or 1-866-250-4892
approximately 10 minutes prior to the conference call. A recording of the
conference call will be available through March 13, 2007. Please dial
416-640-1917 or 1-877-289-8525 and provide the password 21208201# to listen to
the rebroadcast. An audio webcast of the teleconference will also be available
on Intermap's website.

    About Intermap Technologies

    Intermap enables customers to facilitate better decision-making and
create applications for numerous commercial, governmental, military, and
consumer products through the purchase of high quality and affordable
elevation datasets. The Company is proactively remapping entire countries and
building unprecedented national databases, called NEXTMap(R), consisting of
highly accurate digital topographic maps that include elevation data.

    Demand for NEXTMap(R) data is growing as new commercial applications are
emerging, including geographical information systems (GIS), engineering
planning, transportation, automotive, navigation, flood, irrigation,
environmental management and planning, telecommunications/wireless network
planning, aviation, simulation, and 3D visualization. Internet applications
include virtual tours, topographic maps and computer games. Datasets are also
used to add interactive intelligence to airborne and satellite imagery.

    Headquartered in Denver, Colorado, Intermap employs more than 400 people
worldwide, with additional offices in Calgary, Detroit, Jakarta, London,
Munich, Ottawa, and Prague. For more information, visit www.Intermap.com.

    The above disclosure contains certain forward-looking statements that
involve substantial known and unknown risks and uncertainties. These
forward-looking statements are subject to numerous risks and uncertainties,
certain of which are beyond Intermap's control, including: the impact of
general economic conditions, industry conditions, increased competition, the
lack of availability of qualified personnel or management, fluctuations in
foreign exchange or interest rates, stock market volatility and market
valuations of companies with respect to the announced transactions and the
final valuations thereof, and obtaining required approvals of regulatory
authorities. Intermap's actual results, performance or achievement could
differ materially from those expressed in, or implied by these forward-looking
statements and, accordingly, no assurances can be given that any of the events
anticipated by the forward-looking statements will transpire or occur, or if
any of them do so, what benefits, including the amount of proceed, that
Intermap will derive therefrom.

    
    INTERMAP TECHNOLOGIES CORPORATION
    Consolidated Balance Sheets
    (In thousands of United States dollars)

                                                 December 31, December 31,
                                                        2006         2005

    Assets

    Current assets:
       Cash and cash equivalents                 $    48,170  $    63,492
       Amounts receivable                              8,177        2,259
       Unbilled revenue                                2,477        2,270
       Prepaid expenses                                  850          443
                                                      59,674       68,464

    Property and equipment                            19,755       13,340
    Multi-client data library                         32,402       23,015
    Future income taxes                                   23           23
    Long-term investments                                  -          281
                                                 $   111,854  $   105,123

    Liabilities and Shareholders' Equity

    Current liabilities:
       Accounts payable and accrued liabilities  $     6,003  $     2,641
       Current portion of deferred lease
        inducements                                      120          128
       Deferred revenue                                1,715          153
       Income taxes payable                               30           35
       Current portion of obligations under
        capital lease                                    231          212
       Current portion of long-term debt                 538          552
                                                       8,637        3,721

    Deferred lease inducements                           468          212
    Obligations under capital lease                      165          134
    Long-term debt                                     1,242        1,760
    Non-controlling interest                              14           14
                                                      10,526        5,841

    Shareholders' equity:
       Share capital                                 122,458      109,264
       Contributed surplus                             2,387        2,462
       Deficit                                       (29,711)     (18,638)
       Cumulative translation adjustment               6,194        6,194
                                                     101,328       99,282


                                                 $   111,854  $   105,123
    

    
    INTERMAP TECHNOLOGIES CORPORATION
    Consolidated Statements of Operations and Deficit
    (In thousands of United States dollars, except per share information)

                                                        2006         2005
    ----------------------------------------------------------------------

    Revenue:
       Contract services                         $    15,127  $    10,575
       Multi-client data licenses                      6,711        4,433
    ----------------------------------------------------------------------
                                                      21,838       15,008
    Operating costs:
       Cost of services                                7,882        5,026
       Research and development                        2,746        1,848
       Sales, general and administrative              18,953       10,673
       Depreciation of property and equipment          3,479        3,530
       Amortization of multi-client data library       3,139        1,600
       Write-down of long-term investment                280            -
    ----------------------------------------------------------------------
                                                      36,479       22,677

    ----------------------------------------------------------------------
    Loss before interest, income taxes and
     foreign exchange                                (14,641)      (7,669)

    Interest expense                                    (175)        (184)
    Interest income                                    2,647          360
    Gain on foreign currency translation               1,237          974
    ----------------------------------------------------------------------

    Loss before income taxes                         (10,932)      (6,519)

    Income tax expense (recovery)
       Current                                            63           35
       Future                                              -           (5)
    ----------------------------------------------------------------------
                                                          63           30

    Net loss                                         (10,995)      (6,549)

    Deficit, beginning of year                       (18,638)     (12,089)
    Redemption of Class A common shares                  (78)           -

    ----------------------------------------------------------------------
    Deficit, end of year                         $   (29,711) $   (18,638)
    ----------------------------------------------------------------------

    Basic and diluted loss per share             $     (0.30) $     (0.32)
    ----------------------------------------------------------------------

    Weighted average number of Class A common
     shares - basic and diluted                   36,476,697   20,192,813
    ----------------------------------------------------------------------
    

    
    INTERMAP TECHNOLOGIES CORPORATION
    Consolidated Statements of Cash Flows
    (In thousands of United States dollars)

                                                           2006      2005
    ----------------------------------------------------------------------

    Cash flows (used in) provided by:

    Operations:
      Net loss                                         $(10,995) $ (6,549)
      Items not involving cash and cash equivalents:
        Depreciation of property and equipment            3,479     3,530
        Amortization of multi-client data library         3,139     1,600
        Stock compensation expense                        2,091       661
        Loss (gain) on sale of property and equipment        30        (8)
        Write-down of long-term investment                  280         -
        Amortization of deferred lease inducements         (161)     (126)
        Future income taxes                                   -        (5)
      Change in non-cash operating working capital       (1,613)      (44)
    ----------------------------------------------------------------------
                                                         (3,750)     (941)
    ----------------------------------------------------------------------

    Financing:
      Proceeds from issuance of Class A common shares    11,216    76,531
      Issuance costs                                         (2)   (4,256)
      Redemption of Class A common shares                  (264)        -
      Deferred lease inducements                            409         -
      Proceeds of long-term debt                              -     2,115
      Repayment of long-term debt                          (401)     (370)
      Repayment of bank loan                               (131)        -
      Repayment of obligations under capital lease         (275)     (313)
    ----------------------------------------------------------------------
                                                         10,552    73,707
    ----------------------------------------------------------------------

    Investments:
      Purchase of property and equipment                (11,138)   (1,902)
      Investment in multi-client data library           (10,986)  (10,918)
      Proceeds on sale of property and equipment              -        16
      Proceeds on disposal of long-term investments           -       122
    ----------------------------------------------------------------------
                                                        (22,124)  (12,682)
    ----------------------------------------------------------------------

    Effect of foreign exchange on cash                        -      (173)
    ----------------------------------------------------------------------

    (Decrease) increase in cash and cash equivalents    (15,322)   59,911

    Cash and cash equivalents, beginning of year         63,492     3,581

    ----------------------------------------------------------------------
    Cash and cash equivalents, end of year             $ 48,170  $ 63,492
    ----------------------------------------------------------------------

    Supplemental cash flow information:
      Cash paid for interest expense                   $    170  $    180

      Cash paid for income taxes                       $     65  $      -
    ----------------------------------------------------------------------
    




For further information:

For further information: Intermap Technologies Richard Mohr,
303-708-0955 Senior Vice President & Chief Financial Officer
rmohr@Intermap.com or E-vestor Communications Inc. Corbet Pala, 416-657-2400
(Canada - Financial) Investor Relations cpala@evestor.com or Genesis Select
Corporation Budd Zuckerman, 303-415-0200 (United States - Financial) Investor
Relations bzuckerman@genesisselect.com or Canaccord Adams Limited Neil Johnson
or Clayton Bush, +(44) (0) 20 7518 2777 (United Kingdom - AIM, Nominated
Advisor)


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