CRAiLAR Technologies Inc., which produces and markets CRAiLAR® Flax fiber The Friendliest Fiber On The Planet™, reported a net loss for the first quarter ended March 30, 2013 of $3.4 million or $0.08 per share compared with a net loss of $2.8 million or $0.07 per share for Q1 2012. This quarter’s loss included a $0.4 million non-cash impairment loss. The Company’s Adjusted EBITDA for the quarter was a loss of $1.8 million unchanged from Q1 2012.
“Q1 2013 is an important milestone for us as a company, in that we started production of our first full scale CRAiLAR production facility” stated Kenneth C. Barker, CEO. “Fiber processed at our Pamplico facility was sent to our third party enzyme processor for CRAiLAR processing, and was still in enzyme processing at the end of the quarter. We therefore are looking forward to the current quarter as the first quarter in which we will generate CRAiLAR revenue. In addition, the harvest for flax begins in May and runs through June which will provide additional feedstock for future production.”
Cash and cash equivalents and investments at March 30, 2013 were $2.9 million unchanged from December 31, 2012. Changes in cash equivalents were the result of $2.8 million of cash used in operations and $1.9 million of cash invested in property and equipment. This was partially offset by $4.4 million of cash from financing activities through the issuance of $4.7 million of convertible debentures (net $4.2 million after expenses) and $0.2 million of common stock and exchange gains of $0.3 million.