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:2/10/2016)... NASHVILLE, Tenn. (PRWEB) , ... February 10, 2016 ... ... by the American Academy of Emergency Medicine , an emergency medicine ... of practice management services . , The American Academy of Emergency Medicine, ...
(Date:2/10/2016)... ... February 10, 2016 , ... The Wickman Agency in ... assist the local community. Pledging to select a new beneficiary every 60 days, ... area. Their goal is to bring community awareness to important local causes by ...
(Date:2/10/2016)... (PRWEB) , ... February 10, 2016 , ... 10 ... Brand. There were three leading bottled water brand owners that topped the list as ... enhance connectivity and optimize conversion. The premier brand was Tibet 5100, a top notch ...
(Date:2/10/2016)... ... , ... Dr. Jessica Barron, of Barron Family Dental in Thornton, Colorado ... families in the North Metro Denver area. The new dental practice focuses on comfort ... all in the most relaxing environment. , While some dental visits can create anxiety ...
(Date:2/10/2016)... ... February 10, 2016 , ... ... bring together more than 200 of the country’s top healthcare executives to share ... “The true benefit of the Forum is the provider-centric perspective, experience, expertise and ...
Breaking Medicine News(10 mins):
(Date:2/10/2016)... -- Resolve Therapeutics, LLC, a clinical stage biopharmaceutical company ... of lupus and Sjogrens syndrome, today announced the ... in patients with systemic lupus erythematosus (SLE) with ... --> Data from a multicenter ... RSLV-132 in 32 subjects with SLE demonstrate the ...
(Date:2/10/2016)... HILLS, Calif. , Feb. 10, 2016  Rich ... "Company") today announced a 1-for-100 reverse split of its ... the opening of trading on Thursday, February 11, 2016. ... basis under new CUSIP number 76303T308 and temporary ticker ... will commence trading under the ticker symbol (RCHA).  ...
(Date:2/10/2016)... MEMPHIS, Tenn. , Feb. 10, 2016 ... School of Nursing received an in-kind ... of a VeinViewer® Vision vein finder ... donation will help students as they learn ... blood, combining technology with traditional technique. ...
Breaking Medicine Technology: