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Westaim announces 2009 second quarter results
Date:8/12/2009

TORONTO, Aug. 12 /PRNewswire-FirstCall/ - The Westaim Corporation announced today that for the quarter ended June 30, 2009, it recorded a net loss of $1.3 million, or 1 cent per share, on revenues of $5.8 million compared to a net loss of $3.0 million, or 3 cents per share, on revenues of $4.8 million in the same quarter for the previous year.

The loss from continuing operations for the quarter ended June 30, 2009 was $1.0 million compared to a loss of $1.9 million for the same period in 2008.

For the six months ended June 30, 2009, the Company posted revenues of $11.0 million and a net loss of $4.0 million or 4 cents per share. For the same period in 2008, Westaim reported revenues of $10.0 million and a net loss of $9.9 million, or 10 cents per share, which included the write-down of the capital assets and the closing of iFire Technology Ltd.

The loss from continuing operations for the six months ended June 30, 2009 was $3.4 million compared to income of $1.3 million in the same period last year. The 2008 results benefited from a dilution gain of $6.0 million relating to the sale of a non-core subsidiary.

At June 30, 2009, Westaim had $38.2 million in consolidated cash and cash equivalents and $2.0 million in short-term investments compared to $40.1 million in consolidated cash and cash equivalents at June 30, 2008. Westaim's cash position, excluding cash and cash equivalents and short-term investments held by its 75 per cent owned subsidiary NUCRYST Pharmaceuticals Corp., was $24.5 million.

"Westaim's management continues to reduce the Company's operating costs and maintain a strong cash and asset position," said Cameron MacDonald, President CEO of Westaim. "We are focused on enhancing shareholder value and are reviewing all opportunities to deploy excess capital and maximize the value of our assets."

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      Six Months Ended
                                               June 30               June 30
                                  --------------------- ---------------------
    Consolidated Statements of
     Operations                        2009       2008       2009       2008
    -------------------------------------------------------------------------
    Revenue                        $  5,798   $  4,754   $ 10,972   $  9,962
    (Loss) income from continuing
     operations                      (1,025)    (1,887)    (3,364)     1,340
    Net loss                         (1,288)    (3,002)    (3,969)    (9,859)
    Net (loss) income per common
     share - basic and diluted
      Continuing operations           (0.01)     (0.02)     (0.04)      0.01
      Net loss                        (0.01)     (0.03)     (0.04)     (0.10)
    Weighted average number of
     common shares outstanding
     (thousands)                     94,221     94,215     94,219     94,200


    -------------------------------------------------------------------------
                                    Three Months Ended      Six Months Ended
                                               June 30               June 30
                                  --------------------- ---------------------
     Segmented Information             2009       2008       2009       2008
    -------------------------------------------------------------------------
    Revenue from continuing
     operations
      Nucryst Pharmaceuticals      $  5,798   $  4,754   $ 10,972   $  9,962
    -------------------------------------------------------------------------

    (Loss) income from continuing
     operations
      Nucryst Pharmaceuticals      $   (509)  $ (1,781)  $ (1,886)  $ (4,019)
      Other (including corporate
       costs)                          (516)      (106)    (1,478)     5,359
    -------------------------------------------------------------------------
    (Loss) income from continuing
     operations                    $ (1,025)  $ (1,887)  $ (3,364)  $  1,340
    -------------------------------------------------------------------------
    -------------------------------------------------------------------------


    Consolidated Balance Sheets                           June 30,  December
                                                             2009   31, 2008
    -------------------------------------------------------------------------
    Cash and cash equivalents                            $ 38,189   $ 46,768
    Current assets                                         49,622     59,783
    Other assets                                           16,231     17,494
    Current liabilities                                     7,494      9,841
    Shareholders' equity                                   46,370     50,002


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SOURCE Westaim Corporation
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