Intermap reports 55% growth, narrows losses



Intermap reports 55% growth, narrows losses
Intermap Technologies, a 3D map provider announced last week its financial results for 2007, reporting a 55% increase in revenue to $33.8 million, as compared $21.8 million in 2006. Intermap reduced its net loss to $8.9 million as compared to a net loss of $11.0 million in 2006.

“Contract services revenue during the year was driven by several mapping contracts in Southeast Asia and a $12.5 million governmental contract announced during the third quarter,” stated Brian Bullock, president & CEO of Intermap. “As of December 31, 2007, we had also received over $8.8 million in signed contract services work where revenue will be recognized throughout 2008. In addition, we expect to receive new contracts during the year from several government entities around the world. The cash generated from these contracts helps support our ongoing investment in the NEXTMap databases which reached record collection levels in 2007. We have now collected 60% of the U.S. and 63% of our Western European program. Germany, England, Wales, and Scotland are now commercially available.”

Intermap reports 55% growth, narrows losses
Intermap reports 55% growth, narrows losses
AccuTerra
In the third quarter of 2007, Intermap launched AccuTerra, a product that provides outdoor GPS and personal navigation device (PND) products with detailed maps, land coverage, digital terrain data and off-road points-of-interest (POI). Intermap has already entered into relationships with two handheld GPS manufacturers Magelland and Bushnell. Both companies are expected to release devices that leverage AccuTerra data in 2008.

Intermap is developing a 3D version of AccuTerra to allow users to visualize trails and other features in the context of the natural terrain where they exist – all in three dimensions. “We are excited about our new PND relationships and optimistic about the increasing interest in our data,” said Mr. Bullock. “Intermap is in discussions with other PND manufacturers also looking to enter the GPS crossover and 3D PND segment. The evolution of PNDs to 3D will improve the user experience for off-road vehicles, hikers, hunters, fisherman, skiers, and mountaineers. Rapidly increasing development in 3D visualization is driving consumer awareness and market adoption.”

Tuesday, February 26th 2008


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