Kenneth A. Paladino , President and Chief Executive Officer , stated , " The effect of the economic recession continued to negatively impact our sales levels in the first quarter resulting in a loss for the quarter . Despite this loss , our financial position continued to improve due to our ongoing operating expense reductions of more than $ 700,000 from the prior year quarter . Our balance sheet remains strong , with cash increasing from January 1 , 2009 by $ 1.3 million to $ 9.5 million at March 31 , 2009 .