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Westaim announces 2009 third quarter results
Date:11/13/2009

TORONTO, Nov. 13 /PRNewswire-FirstCall/ - The Westaim Corporation announced today that for the quarter ended September 30, 2009, it recorded a net loss of $0.2 million, or zero cents per share, on revenues of $6.7 million compared to a net loss of $3.1 million, or 3 cents per share, on revenues of $5.5 million in the same quarter for the previous year.

The loss from continuing operations for the quarter ended September 30, 2009 was $0.02 million compared to a loss of $1.9 million for the same period in 2008.

For the nine months ended September 30, 2009, the Company posted revenues of $17.6 million and a net loss of $4.1 million or 4 cents per share. For the same period in 2008, Westaim reported revenues of $15.4 million and a net loss of $13.0 million, or 14 cents per share, which included the write-down of the capital assets and the termination of the operations of iFire Technology Ltd.

The loss from continuing operations for the nine months ended September 30, 2009 was $3.4 million compared to $0.5 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 September 30, 2009, Westaim had $38.6 million in consolidated cash and cash equivalents and $2.2 million in short-term investments compared to $39.1 million in consolidated cash and cash equivalents at September 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 $24.2 million.

Westaim recently announced the execution of an amalgamation agreement with NUCRYST Pharmaceuticals Corp. ( NCST; TSX: NCS). Under the agreement, NUCRYST has agreed to amalgamate with a newly-formed, wholly-owned subsidiary of Westaim with each holder of NUCRYST common shares (other than Westaim) to receive one redeemable preferred share in the capital of the a
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SOURCE Westaim Corporation
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