Navigation Links
Westaim announces 2009 first quarter results
Date:5/11/2009

CALGARY, May 11 /PRNewswire-FirstCall/ - The Westaim Corporation announced today that for the quarter ended March 31, 2009, it recorded a net loss of $2.7 million, or 3 cents per share, on revenues of $5.2 million compared to a net loss of $6.9 million, or 7 cents per share, on revenues of $5.2 million in the previous year. The loss from continuing operations for the quarter ended March 31, 2009 was $2.3 million compared to income of $3.2 million for the same period in 2008.

At March 31, 2009, Westaim had $40.2 million in consolidated cash and cash equivalents, compared to $46.8 million at December 31, 2008. Westaim's cash position, excluding cash and cash equivalents held by its 75 per cent owned subsidiary NUCRYST Pharmaceuticals Corp., was $29.6 million. In addition, Westaim held ABCP with a book value of $4.0 million.

"Westaim is well positioned with strong cash and asset resources," said Cameron MacDonald, President & CEO of Westaim. "We will look for opportunities to make the most of our investment resources and leverage our experience to increase shareholders' equity."

Tomorrow, May 12, 2009, 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 www.westaim.com. An archive of the webcast will be posted following the meeting.

The Westaim Corporation invests, directly and indirectly, through acquisitions, joint ventures and other arrangements, with the objective of providing its shareholders with capital appreciation and real wealth preservation. Westaim holds a 75 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.

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 Westaim's examination of possible new investment opportunities in an effort to enhance shareholder value. 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
                                                             March 31
    Consolidated Statements of Operations                 2009          2008
    -------------------------------------------------------------------------

    Revenue                                          $   5,174     $   5,209
    (Loss) income from continuing operations            (2,339)        3,227
    Net loss                                            (2,681)       (6,857)
    Net (loss) income per common share - basic
     and diluted
      Continuing operations                              (0.02)         0.03
      Net loss                                           (0.03)        (0.07)
    Weighted average number of common
    shares outstanding (thousands)                      94,216        94,186


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

                                                         Three Months Ended
                                                             March 31
    Segmented Information                                 2009          2008
    -------------------------------------------------------------------------

    Revenue from continuing operations
      Nucryst Pharmaceuticals                        $   5,174     $   5,209
    -------------------------------------------------------------------------
    -------------------------------------------------------------------------

    (Loss) income from continuing operations
      Nucryst Pharmaceuticals                        $  (1,377)    $  (2,238)
      Other (including corporate costs)                   (962)        5,465
    -------------------------------------------------------------------------
    (Loss) income from continuing operations         $  (2,339)    $   3,227
    -------------------------------------------------------------------------
    -------------------------------------------------------------------------


                                                      March 31,  December 31,
    Consolidated Balance Sheets                           2009          2008
    -------------------------------------------------------------------------

    Cash and cash equivalents                        $  40,159     $  46,768
    Current assets                                      50,254        59,783
    Other assets                                        16,818        17,494
    Current liabilities                                  7,132         9,841
    Shareholders' equity                                47,830        50,002


'/>"/>
SOURCE Westaim Corporation
Copyright©2009 PR Newswire.
All rights reserved

Related medicine news :

1. Westaim enters into Management Services Agreement
2. Westaim announces 2008 year-end results
3. The Westaim Corporation requisitions meeting of shareholders of NUCRYST Pharmaceuticals to return capital to NUCRYST shareholders
4. Westaim announces 2008 third quarter results
5. Webcast Advisory - The Westaim Corporation Webcast of Conference Call to Discuss 2008 Third Quarter Results
6. Westaim terminates reorganization agreement and cancels shareholders meeting
7. Westaim to deregister its common stock in the United States
8. Westaim announces sale of iFire Technology Ltd. assets
9. Westaim announces 2008 second quarter results
10. Webcast Advisory - The Westaim Corporation Webcast of Conference Call to Discuss 2008 Second Quarter Results
11. Westaim announces 2008 first quarter results
Post Your Comments:
*Name:
*Comment:
*Email:
(Date:6/25/2016)... ... June 25, 2016 , ... On Friday, June 10, ... Bronze Wellness at Work award to iHire in recognition of their exemplary accomplishments in ... the 7th annual Maryland Workplace Health & Wellness Symposium at the BWI Marriott in ...
(Date:6/24/2016)... ... ... June 19, 2016 is World Sickle Cell Observance Day. In an effort ... holistic treatments, Serenity Recovery Center of Marne, Michigan, has issued a pain ... Disease (SCD) is a disorder of the red blood cells, which can cause episodes ...
(Date:6/24/2016)... ... 24, 2016 , ... Dr. Amanda Cheng, an orthodontist ... has extensive experience with all areas of orthodontics, including robotic Suresmile technology, ... , Micro-osteoperforation is a revolutionary adjunct to orthodontic treatment. It can be used ...
(Date:6/24/2016)... ... June 24, 2016 , ... EB Medicine ... Making in Emergency Medicine conference in Ponte Vedra Beach, FL. The awards honor ... Emergency Medicine Practice and Pediatric Emergency Medicine Practice. , “With this ...
(Date:6/24/2016)... ... 24, 2016 , ... National recruitment firm Slone Partners is pleased ... and genomics experience, as Vice President of North American Capital Sales at HTG ... leading the sales team in the commercialization of the HTG EdgeSeq system and associated ...
Breaking Medicine News(10 mins):
(Date:6/24/2016)... , June 24, 2016  Global Blood ... biopharmaceutical company developing novel therapeutics for the treatment ... today announced the closing of its previously announced ... stock, at the public offering price of $18.75 ... offering were offered by GBT. GBT estimates net ...
(Date:6/24/2016)... June 24, 2016 ... announced the addition of the " Global Markets ... This report focuses ... an updated review, including its applications in various applications. ... market, which includes three main industries: pharmaceutical and biotechnology, ...
(Date:6/24/2016)... , June 24, 2016 The Academy ... of recommendations that would allow biopharmaceutical companies ... with entities that make formulary and coverage decisions, a ... "value" of new medicines. The recommendations address ... not appear on the drug label, a prohibition that ...
Breaking Medicine Technology: