Business
Westaim announces 2007 first quarter results
Westaim announces 2007 first quarter results.
About this update from Westaim Corporation
[{"type":"text","content":"\n\n\n\nCALGARY, May 1 /CNW/ - The Westaim Corporation announced today that for\nthe first quarter ended March 31, 2007, it recorded a net loss of $6.7 million\nor 7 cents per share, on revenues of $6.1 million. In the same quarter last\nyear, the company recorded a net loss of $18.0 million, or 19 cents per share,\non revenues of $7.3 million. The results for the first quarter of 2007\nbenefited from a $4.5 million dilution gain.\n\n\nAt March 31, 2007, Westaim had $51.7 million in consolidated cash and\nshort-term investments.\n\n\nTomorrow, May 2, 2007, The Westaim Corporation is holding its Annual\nMeeting of Shareholders 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\n\nOn April 23, 2007, Westaim announced it was conducting a strategic review\nof its business strategy to determine the optimal use of existing resources\nand assets to maximize value for shareholders.\n\n\nThe Westaim Corporation's technology investments include iFire Technology\nCorp., which is developing a low-cost flat panel display technology and a\n74.8 per cent interest in NUCRYST Pharmaceuticals Corp. (NASDAQ: NCST; TSX:\nNCS), which develops, manufactures and commercializes medical products that\nfight infection and inflammation based on its nanocrystalline silver\ntechnology. Westaim's common shares are listed on NASDAQ under the trading\nsymbol WEDX and on The Toronto Stock Exchange under the trading symbol WED. A\nmore detailed discussion of Westaim's 2007 first quarter results can be found\nat www.westaim.com and www.sedar.com.\n\n\nTHE WESTAIM CORPORATION\nFinancial Highlights\n(unaudited)\n(thousands of dollars except per share data)\n\n-------------------------------------------------------------------------\n\n Three Months Ended March 31\n ------------------------------\nConsolidated Statements of Operations 2007 2006\n-------------------------------------------------------------------------\n\nRevenue $ 6,131 $ 7,253\nNet loss (6,700) (18,006)\nNet loss per common share\n - basic and diluted (0.07) (0.19)\nWeighted average number of common\nshares outstanding (thousands) 93,992 92,922\n\n---------...