Intermap Technologies Corporation reported financial results for the third quarter ended September 30, 2011. A conference call will be held today at 4:30 p.m. Eastern Time to discuss the results. The financial information presented herein has been prepared on the basis of International Financial Reporting Standards (IFRS) for interim financial reporting and is expressed in United States dollars, unless otherwise noted. The amounts in this earnings release, including the interim financial statements for the three and nine months ended September 30, 2010, have been restated to reflect the adoption of IFRS, with effect from January 1, 2010.

Revenue for the third quarter of 2011 was $8.1 million, a 419% increase from $1.6 million recorded in the same period of 2010. $3.2 million was attributable to the Company's contract services business and $4.9 million was attributable to the licensing of the Company's NEXTMap(R) database, which now includes data from LiDAR, satellite imagery, and 3D city models. As of September 30, 2011, there remained $16.8 million in revenue from existing contracts ($6.3 million in contract services and $10.5 million in data licenses contracts) to be recognized beginning in the fourth quarter of 2011, but primarily during the first three quarters of 2012. Subsequent to the close of the third quarter, Intermap announced the receipt of additional contracts for NEXTMap data and related services totaling more than $2.0 million. Revenue will be recognized on these contracts beginning in the fourth quarter of this year and subsequent deliveries are scheduled to occur throughout 2012. Read More

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