Business
Westaim announces 2007 second quarter results
Westaim announces 2007 second quarter results.
About this update from Westaim Corporation
[{"type":"text","content":"\n\n\n\nCALGARY, Aug. 9 /CNW/ - The Westaim Corporation announced today that for\nthe second quarter ended June 30, 2007, it recorded a net loss of $7.4 million\nor 8 cents per share, on revenues of $6.7 million. In the same quarter last\nyear, the Company recorded a net loss of $12.0 million, or 13 cents per share,\non revenues of $7.0 million.\n\n\nIn the 2007 second quarter, the Company recorded a one-time gain of $8.6\nmillion through the sale of its real estate holdings in Fort Saskatchewan,\nAlberta for net proceeds of $14.4 million. Also in the second quarter, the\nCompany recorded reorganization costs, including severances of $4.3 million\nrelated to operational changes at iFire and the Company, which will\nsignificantly reduce annual operating costs.\n\n\nFor the six months ended June 30, 2007, the Company posted revenues of\n$12.8 million and a net loss of $14.1 million or 15 cents per share. For the\nsame period in 2006, Westaim reported revenues of $14.2 million and a net loss\nof $30.0 million or 32 cents per share. Results in 2007 benefited from the\ngain on sale of the real estate and a dilution gain of $4.5 million reported\nin the first quarter of 2007.\n\n\nAt June 30, 2007, Westaim had $55.6 million in consolidated cash and\nshort-term investments which includes $21.6 million of NUCRYST Pharmaceuticals\nCorp. cash and short-term investments.\n\n\n"Through our ongoing strategic review process to maximize shareholder\nvalue, Westaim implemented a series of changes over the course of the second\nquarter," said Drew Fitch, President & CEO of The Westaim Corporation. "The\nsale of our Fort Saskatchewan real estate holdings has strengthened our\nbalance sheet and the operational changes at iFire have allowed the technology\ndevelopment team to focus on the core issues relating to phosphor development,\nwhile preserving our financial resources. We are committed to supporting the\nadvancement of iFire's TDEL technology and remain confident in the potential\nit holds for the consumer marketplace."\n\n\nThe Westaim Corporation's technology investments include iFire Technology\nCorp., which is developing a low-cost flat panel display technology, and a\n74.7 per cent interest in NUCRYST Pharmaceuticals Corp. (NASDAQ: NCST; TSX:\nNCS), which develops, manufactures and commercializes medical products...