Friday, May 20, 2011

Intermap Gets $600,000 Order, As Firm Seeks Buyer

Denver-based Intermap, the provider of 3D mapping data, reported today that it has scored a $600,000 order from a customer in France. The order came from an existing customer. The firm said the data will be used to provide terrain data along French rivers. Separately, Intermap said it is continuing its "exploration of strategic alternatives" to realize the value of its NextMAP database and its systems, but is not currently in receipt of any formal or informal bids regarding the sale of the company. Intermap has been facing tough times, having already made several major cuts to its staffing over the last six months, and even selling its corporate aircraft. The firm also revealed that it made another, "significant" workforce reduction in the first quarter of 2011 in its earnings release this week. The firm's operating costs are exceeding its revenues, despite an increase in its Q1 revenues.