May 12, 2009 / 9:08 PM / 9 years ago

UPDATE 1-Intermap Technologies posts wider Q1 loss

* Q1 loss $0.15/shr vs yr-ago loss $0.09/shr

* Q1 rev down 28.6 pct to $5.5 mln

May 12 (Reuters) - Canadian digital mapping company Intermap Technologies Corp (IMP.TO) reported a wider first-quarter loss, hurt by a 27 percent drop in contract services revenue.

For the first quarter, Intermap posted a loss of $7.0 million, or 15 cents a share, compared with a loss of $4.2 million, or 9 cents a share, a year ago.

Revenue fell 28.6 percent to $5.5 million.

Analysts on average were expecting a loss of 9 cents a share, before items, on revenue of $7.1 million, according to Reuters Estimates.

Revenue from contract services fell to $4.3 million from $5.9 million in the year-ago quarter.

The company said the outlook for contract services revenue for the remainder of 2009 is positive as its Federal Services Inc unit received an $11.3 million contract during the first quartr.

    “Although the current economy underscores the need to have a conservative financial plan, contracts closed in the first quarter of this year suggest strong quarters to come,” CEO Brian Bullock said in a statement.

    As of March 31, the company has cash and cash equivalents of $21.4 million, with working capital at $21.2 million.

    “We anticipate reaching positive cash flow in the second half of 2009, and we are expecting to begin 2010 with a strong working capital position,” Bullock said.

    Intermap shares closed at C$2.06 Tuesday on the Toronto Stock Exchange. (Reporting by R. Manikandan in Bangalore; Editing by Ratul Ray Chaudhuri)

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