Business
Westaim announces 2006 first quarter results
Westaim announces 2006 first quarter results.
About this update from Westaim Corporation
[{"type":"text","content":"\n\n\n\n\nCALGARY, May 3 /CNW/ - The Westaim Corporation announced today that for\nthe first quarter ended March 31, 2006, it recorded a net loss of\n$18.0 million or 19 cents per share, on revenues of $7.3 million. In the same\nquarter last year, the company recorded net income of $2.5 million, or\nthree cents per share, on revenues of $5.0 million. Westaim's results in the\nfirst quarter of 2005 benefited from $11.4 million of income from discontinued\noperations.\nAt March 31, 2006, Westaim had $101.5 million in cash and short-term\ninvestments.\n\"The first quarter of 2006 was productive for both iFire Technology and\nNUCRYST Pharmaceuticals,\" said Barry M. Heck, President and CEO of Westaim.\n\"Pilot production is well underway at iFire and we are encouraged with the\nprogress made to date. NUCRYST continues to strengthen its intellectual\nportfolio in dermatology and it recently completed patient enrolment for its\nsecond Phase 2 human clinical trial of its investigational drug for the\ntreatment of atopic dermatitis.\"\nToday, The Westaim Corporation is holding its Annual Meeting of\nShareholders in Toronto, Canada at 10:00 a.m. EDT. The meeting and\naccompanying investor briefing, which will provide an update on the company's\nbusinesses, will be webcast live and is available through the company website\nwww.westaim.com. An archive of the webcast will be posted following the\nmeeting.\n\nReview of Operations:\n\niFire Technology\niFire Technology's pilot manufacturing facility is now operational with\nprocess development and early production samples progressing as expected.\nThrough pilot production, iFire intends to complete the baseline processes for\nthe manufacture of its displays and focus on continual improvements to both\nperformance and manufacturing efficiency. The pilot plant will provide\ninformation and experience to allow iFire to work with partners to construct\nand operate the first volume production facility. Initial planning work for\nthis facility is under way.\nThe pilot facility is intended to simulate manufacturing in a commercial\nenvironment in order to generate repeatability data and engineering samples of\nhigh-definition 34-inch flat panel display modules based on its proprietary\nthick dielectric electroluminescent (TDEL) technology. iFire expects to\ncommercialize its technology in partnershi...