Navigation Links
Westaim announces 2008 first quarter results
Date:5/12/2008

CALGARY, May 12 /PRNewswire-FirstCall/ - The Westaim Corporation announced today that for the first quarter ended March 31, 2008, it recorded a net loss of $6.9 million or 7 cents per share, on revenues of $5.2 million. In the same quarter last year, the company recorded a net loss of $6.7 million, or 7 cents per share, on revenues of $6.1 million.

Income from continuing operations was $3.2 million for the quarter compared to $1.9 million in the same period last year. The results include a loss from discontinued operations of $10.1 million, primarily reflecting a write-down of capital assets of $7.1 million and severance costs of $2.0 million at the Company's wholly owned subsidiary, iFire Technology Ltd., compared to a loss from discontinued operations of $8.6 million for the first quarter of 2007. The first quarter 2008 results also include a dilution gain of $6.0 million relating to the sale of a non-core wholly owned subsidiary, compared to a dilution gain of $4.5 million in the first quarter of 2007.

At March 31, 2008, Westaim had $38.2 million in consolidated cash and cash equivalents compared to $31.0 million at December 31, 2007. Westaim's cash position, excluding cash and cash equivalents held by its 74.5 per cent owned affiliate NUCRYST Pharmaceuticals Corp., was $14.2 million. In addition, Westaim held asset-backed commercial paper (ABCP) with an estimated fair value of $6.0 million.

Tomorrow, The Westaim Corporation is holding its Annual Meeting of Shareholders in Toronto, Canada at 10:00 a.m. EDT. The meeting will be webcast live and is available through the company website http://www.westaim.com. An archive of the webcast will be posted following the meeting.

The Westaim Corporation's investments include iFire Technology Ltd., and a 74.5 per cent interest in NUCRYST Pharmaceuticals Corp. (NASDAQ: NCST; TSX: NCS). Westaim's common shares are listed and on The Toronto Stock Exchange under the trading symbol WED.

A more detailed discussion of Westaim's 2008 first quarter results can be found at http://www.westaim.com and http://www.sedar.com.

THE WESTAIM CORPORATION

Financial Highlights

(unaudited)

(thousands of dollars except per share data)

-------------------------------------------------------------------------

Three Months Ended March 31

--------------------------------

Consolidated Statements of Operations 2008 2007

-------------------------------------------------------------------------

Revenue $ 5,209 $ 6,131

Income from continuing operations 3,227 1,899

Net loss (6,857) (6,700)

Net income (loss) per common share -

basic and diluted

Continuing operations 0.03 0.02

Net loss (0.07) (0.07)

Weighted average number of common

shares outstanding (thousands) 94,186 93,992

-------------------------------------------------------------------------

Three Months Ended March 31

--------------------------------

Segmented Information 2008 2007

-------------------------------------------------------------------------

Revenue from continuing operations

Nucryst Pharmaceuticals $ 5,209 $ 6,131

-------------------------------------------------------------------------

-------------------------------------------------------------------------

(Loss) income from continuing operations

Nucryst Pharmaceuticals $ (2,238) $ (2,178)

Other (including corporate costs) 5,465 4,077

-------------------------------------------------------------------------

Income from continuing operations $ 3,227 $ 1,899

-------------------------------------------------------------------------

-------------------------------------------------------------------------

Consolidated Balance Sheets March 31, 2008 December 31, 2007

-------------------------------------------------------------------------

Cash and cash equivalents $ 38,222 $ 30,993

Current assets 50,155 51,561

Other assets 24,605 31,826

Current liabilities 6,482 8,461

Shareholders' equity 50,268 56,371


'/>"/>
SOURCE Westaim Corporation
Copyright©2008 PR Newswire.
All rights reserved

Related medicine news :

1. The Westaim Corporation update on status of short-term investments
2. Webcast Advisory - The Westaim Corporation Webcast of Conference Call to Discuss 2007 Third Quarter Results
3. Westaim announces 2007 third quarter results
4. Westaim reduces ABCP exposure
5. Webcast Advisory - The Westaim Corporation Webcast of Conference Call to Discuss 2007 Fourth Quarter Results
6. Westaim announces 2007 year-end results
7. Webcast Advisory - The Westaim Corporation Webcast of Annual Meeting of Shareholders
8. HHS Announces $75 Million in Supplemental Funding to States for Pandemic Flu Preparedness
9. CRC Health Group Announces Acquisition of Bayside Marin Recovery Center, San Rafael
10. UHW Announces: Antelope Valley Hospital Caregivers and Board Vote to Ratify First Union Contract With SEIU UHW-West
11. HEI, Inc. Announces Sale of RFID Division Assets
Post Your Comments:
*Name:
*Comment:
*Email:
(Date:3/24/2017)... ... March 24, 2017 , ... Viewers who like to educate themselves on current ... practices, goods, services, and societal issues tend to appreciate and love the "Informed" series, ... of utilizing running events for causes around the world. , Running for ...
(Date:3/24/2017)... ... March 24, 2017 , ... Empower Brokerage, ... their training and leads programs. , In February, 2017, Empower Brokerage introduced their ... Performance Partners is designed to teach how to maximize their sales efforts, as ...
(Date:3/24/2017)... ... March 24, 2017 , ... “Finding Christ Through ... a devotional journal chronicling the writer’s path toward true communion with God. “Finding ... God #TruthwithGrace” is the creation of published author Lea Michelle Johnson, a follower ...
(Date:3/24/2017)... ... ... and Harvest A Cultivation of Christian Love” is the creation of published author, David ... wife, Anna Marie. He and his wife are the proud parents of four grown ... “Shadow and Substance.” , “Love, the agape kind, is seen as more than an ...
(Date:3/24/2017)... ... 24, 2017 , ... “The Adventures of Joey, The Dog Who Barks at ... his life to the fullest, as God intended. “The Adventures of Joey, The Dog ... and grandmother pursuing her passion for writing, especially about truth and human behavior. , ...
Breaking Medicine News(10 mins):
(Date:3/23/2017)... 2017 Research and Markets has announced the ... report to their offering. ... The global oxygen therapy devices market to grow at ... The report, Global Oxygen Therapy Devices Market 2017-2021, has been prepared ... The report covers the market landscape and its growth prospects over ...
(Date:3/23/2017)... , March 23, 2017  Additive Orthopaedics, ... announced that it has kicked off a multi-centered ... 3D printed bone segments. According to ... unique variable honeycomb lattice structures have already shown ... compared to current allograft wedges from which we ...
(Date:3/23/2017)...  The goal of the pilot is to ... prescription drugs as they are distributed in ... from US FDA to better protect consumers by improving ... Blockchain startup Chronicled, which links the physical ... technology and recently raised $6.25M, and the LinkLab, a ...
Breaking Medicine Technology: