For the three months ended December 31, 2008 revenues were up 144% to CAD687,666 from CAD282,053 for the two months ended December 31, 2007. The prior year comparable was two months due to the change of year end from January 31 to December 31. Net loss for Q4 in 2008 was CAD2,251,641, seven cents (CAD0.07) per share compared to a loss of CAD926,017, three cents (CAD0.03) per share for the two months ended December 31, 2007. Loss from continuing operations for the three months ended December 31, 2008 was CAD2,127,812, seven cents (CAD0.07) per share compared to a loss of CAD1,165,855 for the two months ended December 31, 2007.
The company’s financial position as at December 31, 2008 was significantly stronger than the prior year as cash increased from CAD449,493 at December 31, 2007 to CAD1,817,371 at December 31, 2008. Working capital improved from a deficiency of CAD15,419,200 last year to a positive working capital of CAD1,388,165 at December 31, 2008 and shareholders’ equity jumped from CAD2.8 million to CAD22.4 million. The financial position improved primarily as a result of an CAD18 million private placement that closed in June 2008 and the repayment of the Mesa Acquisition Loan for around CAD12.4 million owed to Pacific Hydro.
Windstar Development
The U.S. Congress recently passed the American Recovery and Reinvestment Act of 2009, which extends the CAD21/Mwh production tax credits through 2012 and provides an option to elect a 30% investment tax credit or equivalent cash grant from the US Department of Energy. This is expected to have a positive impact for US renewable energy projects. Under this new operating landscape, Western Wind has seen an increase in the number of parties that have expressed an interest in financing Windstar and further time will be needed to evaluate and negotiate these new proposals.
