Navigation Links
Westaim announces 2008 second quarter results
Date:8/13/2008

CALGARY, Aug. 13 /PRNewswire-FirstCall/ - The Westaim Corporation announced today that for the second quarter ended June 30, 2008, it recorded a consolidated net loss of $3.0 million or 3 cents per share, on revenues of $4.8 million. In the same quarter last year, the Company recorded a consolidated net loss of $7.4 million, or 8 cents per share, on revenues of $6.7 million.

The loss from continuing operations was $1.9 million for the quarter compared to income of $2.9 million in the same period last year. Included in 2007 income from continuing operations was an $8.6 million gain on the sale of the Company's real estate assets in Fort Saskatchewan, Alberta. The loss from discontinued operations, which includes windup and operating costs at the Company's wholly owned subsidiary iFire Technology Ltd., declined significantly to $1.1 million compared to $10.3 million in the second quarter of 2007.

For the six months ended June 30, 2008, the Company posted revenues of $10.0 million and a consolidated net loss of $9.9 million or 10 cents per share. For the same period in 2007, Westaim reported revenues of $12.8 million and a net loss of $14.1 million or 15 cents per share.

Income from continuing operations for the six months ended June 30, 2008 was $1.3 million compared to income of $4.8 million in the same period last year. Results from continuing operating in 2008 benefited from a dilution gain of $6.0 million relating to the sale of a non-core subsidiary and in 2007 benefited from the $8.6 million gain on sale of the real estate and a dilution gain of $4.5 million. The loss from discontinued operations for the six months was $11.2 million, reflecting a write-down of capital assets of $7.1 million as well as severance and other windup costs at iFire, compared to a loss of $18.9 million for the first six months of 2007.

At June 30, 2008, Westaim had $40.1 million in consolidated cash and cash equivalents compared to $38.2 million at March 31, 2008. Westaim's cash position, excluding cash and cash equivalents held by its 74.5 per cent owned affiliate NUCRYST Pharmaceuticals Corp., was $12.6 million compared to $14.2 million at March 31, 2008. In addition, Westaim held asset-backed commercial paper (ABCP) with an estimated fair value of $6.0 million.

"The Board of Directors is continuing to assess strategic alternatives for the Company," said Drew Fitch, President & CEO of The Westaim Corporation. "Our focus during the quarter has been on the divestiture of iFire's assets. At the same time, we have been considering all possible options for the longer-term structure of the corporate organization moving forward."

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 on The Toronto Stock Exchange under the trading symbol WED.

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

This news release contains forward-looking statements. These statements are based on current expectations that are subject to risks and uncertainties, and Westaim can give no assurance that these expectations are correct. Various factors could cause actual results to differ materially from those projected in such statements, including but not limited to statements regarding assessment of strategic alternatives for the Company, expectations regarding value to be realized from the sale of assets, and consideration of possible options for the longer-term structure of the corporate organization. Westaim disclaims any intention or obligation to revise forward-looking statements whether as a result of new information, future developments or otherwise. Accordingly, readers are advised not to place undue reliance on forward-looking statements, and should not rely on this information at any date other than the date of this news release. All forward-looking statements are expressly qualified in their entirety by this cautionary statement.

THE WESTAIM CORPORATION

Financial Highlights

(unaudited)

(thousands of dollars except per share data)

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

Three Months Ended Six Months Ended

June 30 June 30

Consolidated Statements ------------------- -------------------

of Operations 2008 2007 2008 2007

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

Revenue $ 4,754 $ 6,686 $ 9,962 $ 12,817

(Loss) income from continuing

operations (1,887) 2,875 1,340 4,774

Net loss (3,002) (7,388) (9,859) (14,088)

Net (loss) income per common

share - basic and diluted

Continuing operations (0.02) 0.03 0.01 0.05

Net loss (0.03) (0.08) (0.10) (0.15)

Weighted average number of common

shares outstanding (thousands) 94,215 94,051 94,200 94,021

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

Three Months Ended Six Months Ended

June 30 June 30

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

Segmented Information 2008 2007 2008 2007

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

Revenue from continuing

operations

Nucryst Pharmaceuticals $ 4,754 $ 6,686 $ 9,962 $ 12,817

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

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

(Loss) income from continuing

operations

Nucryst Pharmaceuticals $ (1,781) $ (3,322) $ (4,019) $ (5,501)

Other (including corporate

costs) (106) 6,197 5,359 10,275

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

(Loss) income from continuing

operations $ (1,887) $ 2,875 $ 1,340 $ 4,774

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

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

June December

Consolidated Balance Sheets 30, 2008 31, 2007

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

Cash and cash equivalents $ 40,121 $ 30,993

Current assets 48,350 51,561

Other assets 24,324 31,826

Current liabilities 7,992 8,461

Shareholders' equity 47,330 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. Westaim announces 2008 first quarter results
9. Webcast Advisory - The Westaim Corporation Webcast of Conference Call to Discuss 2008 Second Quarter Results
10. HHS Announces $75 Million in Supplemental Funding to States for Pandemic Flu Preparedness
11. CRC Health Group Announces Acquisition of Bayside Marin Recovery Center, San Rafael
Post Your Comments:
*Name:
*Comment:
*Email:
(Date:2/13/2016)... ... ... Many individuals looking to lead a healthy lifestyle have decreased carbohydrate consumption and ... Fitness has delved into this niche allowing those giving up their beloved pasta a ... 30 grams of protein and only 7 grams of carbohydrates per 50 gram serving--a ...
(Date:2/13/2016)... Salt Lake City, Utah (PRWEB) , ... February 13, 2016 , ... When an ... kids, Host Parents aren’t always sure what they are in for and they are often ... Pairs are more than they were hoping for. This year’s Au Pair of the Year ...
(Date:2/12/2016)... ... February 12, 2016 , ... The law firm of Morrow, ... Parishes. The purpose of these scholarships is to encourage applicants to pursue a ... seek employment within these two parishes. , “We have available jobs in St. ...
(Date:2/12/2016)... (PRWEB) , ... February 12, 2016 , ... Each year, ... will be held in Anaheim, CA at the Anaheim Convention Center. Almost 10,000 physical ... see new therapy products in action, learn more about their chosen field and network ...
(Date:2/12/2016)... FL (PRWEB) , ... February 12, 2016 , ... ... as a Service (WaaS), today announced the integration of Clarity Intelligence Platform (CIP) ... channel partners to offer real-time business intelligence (BI) to their small and medium ...
Breaking Medicine News(10 mins):
(Date:2/12/2016)... Feb. 12, 2016  Aralez Pharmaceuticals Inc. (Nasdaq: ... the Company will ring the Nasdaq Closing Bell at ... York at 4:00 p.m. ET on Tuesday, ... Adrian Adams , will perform the ... to 4:00 p.m. ET.  A live webcast will be ...
(Date:2/12/2016)... Ungarn, February 12, 2016 ... sich auf den ungedeckten medizinischen Bedarf bei ... Ergebnisse seines klinischen Forschungsprogramms bekannt. Das Programm, ... ergab Verbesserungen ihrer respiratorischen Funktionen und anderer ... , ein Medizintechnikunternehmen, das sich auf den ...
(Date:2/11/2016)... 11, 2016 Stem cells are primitive cells ... self-renewal and the capacity to differentiate into mature cell ... as the first mouse embryonic stem cells were derived ... 1995 that the first culturing of embryonic stem cells ... not produced until 2006 As a result of these ...
Breaking Medicine Technology: