November 12, 2010 / 10:10 PM / in 8 years

UPDATE 1-Intermap Tech Q3 posts wider-than-expected loss

* Q3 loss/shr $0.20 vs est loss/shr $0.11

* Q3 rev $1.6 mln vs est $9.3 mln

* Sees weak contract service rev in Q4

Nov 12 (Reuters) - Intermap Technologies’ (IMP.TO) third-quarter loss was wider-than-expected, hurt by plummeting revenues at its contract services and multi-client data license segments.

The Denver, Colorado-based digital mapper expects current challenges in the economic environment to hinder revenue at its key contract service segment in the fourth quarter as well.

Intermap, however, expects the segment to revive next year on the back of a project in Asia, which will likely generate revenues of about $12 million in 2011.

The company posted loss was $11.8 million, or 20 cents a share, in the July-September quarter, compared with a loss of $4.3 million, or 8 cents a share, a year ago.

Intermap, which makes high resolution 3D digital models of the earth’s surface, posted a seven-fold drop in revenue to $1.6 million, hurt mainly by a fall in revenue from mapping projects in southeast Asia.

Analysts on an average expected the company to post a loss of 11 cents on revenue of $9.3 million, according to Thomson Reuters I/B/E/S.

Shares of Intermap, which has been posting losses for the past five years, have shed about 9 percent since it cut 17 percent of its workforce late September.

The stock closed at 56 Canadian cents on Friday on the Toronto Stock Exchange. (Reporting by Gowri Jayakumar in Bangalore; Editing by Roshni Menon)

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