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Catch the Wind recognised revenue of US$ 200,000 for the three-month period ended March 31, 2012, compared to recognized revenue of US$ 390,500 for the three-month period ended March 31, 2011. Operating expenses for Q1 2012 were US$ 2.0 million, down 75% from US$ 7.9 million for the corresponding period last year. 

Cost of sales for the three-month period ended March 31, 2012 was US$ 151,000 compared to US$ 783,000 for the same period last year.  The decrease in cost of sales is mainly due to replacement of Optical Air Data Systems LLC (OADS) labour that was used in the first quarter of last year with growth of the Company's internal engineering capability and the outsourcing of manufacturing of the OCS to Sanmina.  Cost of sales for the first quarter of 2011 included OADS labour charges of US$ 333,000 related to installation and customer support charges, whereas there were no OADS labour charges in the current quarter. The Company utilized its own personnel for installation and customer support in the first quarter of 2012. General and administrative expense for the three-months ended March 31, 2012 were US$ 293,000, down from US$ 853,000 for the same period last year. The decrease in general and administrative costs, when compared to the same period last year, is primarily due to a reduction in travel and travel related expenses as well as repairs and maintenance costs associated with the Falcon 50 aircraft. Travel and travel related expenses were US$ 33,000 for the current quarter compared to US$ 473,000 for the same quarter last year. Expenses associated with repairs and maintenance of the Falcon 50 aircraft, owned by Falcon Fifty LLC, of which CTW had a 75% membership interest until October 22, 2011 when it withdrew from the LLC, were US$ 0 in the first quarter of 2012 compared to US$ 244,000 for the first quarter of 2011. Research and development expense was US$ 56,000 for the three-month period ended March 31, 2012, down from US$ 1.5 million (OADS labour) for the three-month period ended March 31, 2011. Catch the Wind recorded a net loss for Q1 2012 of US$ 1.8 million or US$ compared to a net loss US$ 7.5 million for Q1 2011. As of March 31, 2012, Catch the Wind had cash and cash equivalents of US$ 3.0 million, compared to US$ 6.0 million at December 31, 2011.
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