Catch the Wind has reported its financial results for the three-month period ended March 31, 2010. The Company did not recognize any revenue for the three-month period ended March 31, 2010.
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Catch the Wind recorded a net loss for the first quarter of 2010 of US$ 3.2 million, or US$ 0.06 per share. This compares to a loss of US$ 1.7 million, or US$ 0.04 per share, for the corresponding period of 2009. On a sequential basis, Catch the Wind reduced its net loss for Q1 by US$ 1.0 million, due principally to a lower inventory valuation adjustment, when compared to the net loss of US$ 4.2 million for the fourth quarter of 2009. Operating expenses for Q1 of 2010 were US$ 3.3 million, compared to US$ 1.7 million for the first quarter of 2009. Net cash usage for the first quarter of 2010 was approximately US$ 4.0 million. At March 31, 2010, Catch the Wind held cash and cash equivalents of US$ 6.6 million, compared to cash and cash equivalents of US$ 10.6 million at December 31, 2009. Subsequent to quarter-end, the company completed a brokered private placement of 2,576,000 units, each at a price of CDN$ 2.00, generating gross proceeds of CDN$ 5,152,000.
