Business
The Westaim Corporation Reports 2010 Third Quarter Results
The Westaim Corporation Reports 2010 Third Quarter Results
About this update from Westaim Corporation
[{"type":"text","content":"\n\n\n\n Nov. 10, 2010 (Canada NewsWire Group) -- \n\n#ReleaseContent TABLE\n{\n BORDER-COLLAPSE: collapse\n}\nTR.cnwUnderlinedCell TD\n{\n BORDER-BOTTOM: #000000 1px solid\n}\nTR.cnwDoubleUnderlinedCell TD\n{\n BORDER-BOTTOM: #000000 3px double\n}\nTR.cnwBoldUnderlinedCell TD\n{\n BORDER-BOTTOM: #000000 3px solid\n}\nTD.cnwUnderlinedCell\n{\n BORDER-BOTTOM: #000000 1px solid\n}\nTD.cnwDoubleUnderlinedCell\n{\n BORDER-BOTTOM: #000000 3px double\n}\nTD.cnwBoldUnderlinedCell\n{\n BORDER-BOTTOM: #000000 3px solid\n}\n#ReleaseContent TABLE.cnwBorderedTable TD\n{\n BORDER-RIGHT: black 1px solid;\n PADDING-RIGHT: 2px;\n BORDER-TOP: black 1px solid;\n PADDING-LEFT: 2px;\n PADDING-BOTTOM: 2px;\n BORDER-LEFT: black 1px solid;\n PADDING-TOP: 2px;\n BORDER-BOTTOM: black 1px solid;\n BORDER-COLLAPSE: collapse\n}\n#ReleaseContent TABLE TD\n{\n PADDING-RIGHT: 2px;\n PADDING-LEFT: 2px;\n PADDING-BOTTOM: 2px;\n PADDING-TOP: 2px\n}\n\n\nTORONTO, Nov. 10 /CNW/ - The Westaim Corporation ("Westaim") today\n announced it recorded net income of $5.7 million, or $0.01 per share\n for the quarter ended September 30, 2010, compared to a net loss of\n $0.2 million or $0.00 loss per share for the quarter ended September\n 30, 2009. For the nine months ended September 30, 2010, Westaim\n recorded net income of $35.2 million, or $0.08 per share, compared to a\n net loss of $4.1 million or $0.04 loss per share for the nine months\n ended September 30, 2009. Net income for the first nine months of 2010\n includes a gain on the purchase of JEVCO Insurance Company ("Jevco") of\n $25.1 million, $24.9 million of which was recorded in the first and\n second quarters of 2010. As of September 30, 2010, Westaim's\n Consolidated Shareholders' Equity increased to $365.3 million or $0.57\n per share compared to $49.4 million or $0.52 per share at December 31,\n 2009.\n\n\nWestaim's acquisition of Jevco closed on March 29, 2010.  As a result,\n Westaim consolidated the results of Jevco beginning in the second\n quarter of 2010.  Jevco is a Canadian open market specialty insurer\n offering products through two divisions. The Personal Lines Division\n provides insurance in the non-standard automobile, standard automobile,\n motorcycle and recreational vehicles product lines. The Commercial\n Lines Division offers property and liability, niche ...