August 11, 2010 / 4:42 PM / in 7 years

Intermap shares fall 11 pct on weaker quarterly results

Aug 11 (Reuters) - Shares of Canada’s Intermap Technologies Corp (IMP.TO) fell as much as 11 percent on Wednesday, a day after the 3D map maker posted weak quarterly results due to a delay in the signing of pending contract service agreements.

The company, which has been in the red for the past five years at least, said it started a restructuring process to manage costs that has led to a 31 percent cut in its workforce the second quarter.

The Denver, Colorado-based company, whose chief executive stepped down last week, posted a wider second-quarter loss that missed market expectations, while operating costs rose 15 percent. [ID:nASA00N38]

The company, whose CFO resigned in February, on Tuesday said it believes it has sufficient funds to run through at least June 30, 2011 and that it would monitor the level of sales and take appropriate actions to ensure that it can fund future operations.

The company’s shares, which have fallen about 69 percent in the past year, were trading down 8 percent at 69 Canadian cents in midday trade on the Toronto Stock Exchange. They touched a low of 67 Canadian cents earlier in the day. (Reporting by Koustav Samanta in Bangalore; Editing by Maju Samuel)

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