Intermap reported total revenue of $5.1 million for the first quarter of 2013, a 21% increase from $4.2 million recorded in the same period of 2012. Net loss for the first quarter of 2013 was $2.0 million, or ($0.03) per share, compared to a net loss of $5.1 million, or ($0.06) per share, for the first quarter of 2012. First quarter adjusted EBITDA, a non IFRS financial measure, was a loss of $0.1 million, a significant improvement from an adjusted EBITDA loss of $2.9 million for the same period in 2012. Adjusted EBITDA excludes restructuring costs, share-based compensation, gain or loss on the disposal of equipment, and gain or loss on foreign currency translation. "We showed a significant improvement in our year-over-year first quarter results, even though historically this quarter is a low revenue quarter for Intermap," said
Todd Oseth , President & CEO of Intermap. "Our restructuring efforts over the past two years have resulted in significantly lower operating costs, creating a lower threshold for Intermap to achieve positive adjusted EBITDA."
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