Business
Westaim announces 2006 second quarter results
Westaim announces 2006 second quarter results.
About this update from Westaim Corporation
[{"type":"text","content":"\n\n\n\n\nCALGARY, Aug. 9 /CNW/ - The Westaim Corporation announced today that for\nthe second quarter ended June 30, 2006, it recorded a net loss of\n$12.0 million or 13 cents per share, on revenues of $7.0 million. In the same\nquarter last year, the company recorded a net loss of $10.2 million, or\n11 cents per share, on revenues of $5.7 million.\nAt June 30, 2006, Westaim had $84.6 million in cash and short-term\ninvestments.\n\"We have made important advancements at both iFire Technology and NUCRYST\nPharmaceuticals in the first half of 2006,\" said Barry M. Heck, President and\nCEO of Westaim. \"iFire continues to generate positive results from its pilot\nmanufacturing facility and is moving towards engineering samples of its TDEL\nflat panel displays. NUCRYST's second Phase 2 clinical trial is well underway\nfor a topical cream formulation of its nanocrystalline silver and they remain\non target to release results before year end.\"\n\nReview of Operations:\n\niFire Technology\n\niFire Technology demonstrated high-quality 34-inch high-definition flat\npanel display modules manufactured at its pilot manufacturing facility at the\nWestaim Annual Meeting of Shareholders in May and to industry peers at the\nSociety for Information Display conference in June.\nThrough pilot production, iFire intends to complete the baseline\nprocesses for the manufacture of its displays and focus on continual\nimprovements to both performance and manufacturing efficiency. The pilot plant\nwill provide information and experience to allow iFire to work with partners\nto construct and operate the first volume production facility. Initial\nplanning work for this 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 partnership with industry leaders and plans to\ninitially target the 30- to 45-inch screen size television segment.\n\nNUCRYST Pharmaceuticals\n\nNUCRYST's wound care division reported revenues of $7.0 million in the\nsecond quarter compared to $5.7 million in the same period last year.\nNUCRYST's net loss, reported in Westaim's consoli...