Intermap Technologies Reports 2013 Second Quarter Financial Results

Condensed Consolidated Interim Statements of Cash Flows
(In thousands of United States dollars)

For the Six Months Ended June 30, 2013        2012
           
Cash flows provided by:      
           
Operating activities:      
  Net loss for the period $         (1,830)   $          (4,278)
  Adjusted for the following non-cash items:      
    Depreciation of property and equipment                724                1,067 
    Amortization of data library             2,305                2,305 
    Amortization of intangible assets                  59                   108 
    Share-based compensation expense                249                   490 
    Gain on disposal of equipment               (204)                    (26)
    Amortization of deferred lease inducements                 (94)                   133 
    Deferred taxes                   -                      (8)
    Net financing costs                450                      93 
    Current income tax expense                  47                      36 
    Interest paid                 (49)                    (65)
    Income tax paid                 (29)                    (96)
  Changes in working capital, net of investing activities:      
    Amounts receivable, net            (1,310)                1,400 
    Work in process and other assets                933                  (105)
    Accounts payable                345                   526 
    Accrued liabilities               (122)                   116 
    Unearned revenue and deposits                 (86)               (1,289)
    Loss on foreign currency translation                 (25)                    (91)
                  1,363                   316 
           
Investing activities:      
  Purchase of property and equipment               (259)                       -
  Investment in intangible assets                   -                  (113)
  Proceeds from sale of equipment                112                     33 
                    (147)                    (80)
           
Financing activities:      
  Proceeds from issuance of convertible note                   -                2,500 
  Financing costs of convertible note                   -                    (70)
  Issuance costs of convertible note                   -                      (5)
  Repayment of obligations under finance lease               (176)                  (156)
  Repayment of long-term debt               (419)                  (273)
                    (595)                1,996 
           
Effect of foreign exchange on cash                 (16)                       7 
           
Increase in cash and cash equivalents                605                2,239
           
Cash and cash equivalents, beginning of period             2,055                   597 
           
Cash and cash equivalents, end of period $          2,660   $           2,836 
           

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