Revenue for the second quarter of 2011 was $4.4 million, a 16% decrease from the $5.3 million recorded in the same period in 2010. Of the revenue recognized in the second quarter, $2.4 million was attributable to the Company’s contract services business and $2.0 million was attributable to the licensing of the Company’s NEXTMap database.
“During the quarter, Intermap recognized approximately $1.0 million of revenue from the delivery of Digital Terrain Models (DTMs) along French rivers to an existing customer,” said Todd Oseth president and CEO of Intermap. “Our digital terrain information will be used by this customer to derive and generate flood maps in conjunction with the European Flood Directive. We believe additional opportunities exist in other regions in France as they continue to prepare their flood mapping plans.”
Contract service revenue in the amount of $2.1 million was recognized on a previously announced $12.4 million mapping services project in Southeast Asia (December 2010). Intermap has now recognized $4.8 million of revenue on this contract during the first half of 2011, with the bulk of the remaining contract revenue expected to be recognized during the second half of this year.
Subsequent to the close of the second quarter in 2011, Intermap announced the receipt of several new contracts for NEXTMap® data and related services totaling more than $3.0 million. Revenue will be recognized on these contracts beginning with immediate deliveries and subsequent deliveries are scheduled to occur over the next two to three months.
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