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Westaim announces 2008 third quarter results
Date:11/12/2008

CALGARY, Nov. 12 /PRNewswire-FirstCall/ - The Westaim Corporation announced today that for the third quarter ended September 30, 2008, it recorded a net loss of $3.1 million or 3 cents per share, on revenues of $5.5 million. In the same quarter last year, the Company recorded a net loss of $17.1 million, or 18 cents per share, on revenues of $7.8 million.

The loss from continuing operations was $1.9 million for the quarter compared to a loss of $8.8 million in the same period in 2007. Included in the 2008 loss was a write-down of $0.9 million in the value of the Company's investment in Canadian third party asset-backed commercial paper (ABCP) compared to a write-down of $3.0 million in the third quarter of 2007. The third quarter of 2008 benefitted from lower corporate costs compared to 2007 as a result of reduced operations and $2.3 million of severance costs included in the 2007 results. The loss from discontinued operations, which includes windup and operating costs at the Company's wholly owned subsidiary, iFire Technology Ltd., declined significantly to $1.3 million compared to $8.4 million in the third quarter of 2007.

For the nine months ended September 30, 2008, the Company posted a net loss of $13.0 million or 14 cents per share on revenues of $15.4 million. For the same period in 2007, Westaim reported a net loss of $31.2 million or 33 cents per share on revenues of $20.7 million.

The loss from continuing operations for the nine months ended September 30, 2008 was $0.5 million compared to a loss of $4.0 million for the same period in 2007. Results from continuing operations in 2008 benefitted from a dilution gain of $6.0 million relating to the sale of a non-core subsidiary, a $4.6 million improvement in foreign exchange gains and losses and in 2007 benefitted from the $8.6 million gain on the sale of the Company's real estate assets in Fort Saskatchewan, Alberta and a dilution gain of $4.5 million. The loss from discontinued op
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SOURCE Westaim Corporation
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