Westaim announces 2008 first quarter results

About this update from Westaim Corporation

[{"type":"text","content":"\n\n\n\nCALGARY, May 12 /CNW/ - The Westaim Corporation announced today that for\nthe first quarter ended March 31, 2008, it recorded a net loss of $6.9 million\nor 7 cents per share, on revenues of $5.2 million. In the same quarter last\nyear, the company recorded a net loss of $6.7 million, or 7 cents per share,\non revenues of $6.1 million.\n\n\nIncome from continuing operations was $3.2 million for the quarter\ncompared to $1.9 million in the same period last year. The results include a\nloss from discontinued operations of $10.1 million, primarily reflecting a\nwrite-down of capital assets of $7.1 million and severance costs of\n$2.0 million at the Company's wholly owned subsidiary, iFire Technology Ltd.,\ncompared to a loss from discontinued operations of $8.6 million for the first\nquarter of 2007. The first quarter 2008 results also include a dilution gain\nof $6.0 million relating to the sale of a non-core wholly owned subsidiary,\ncompared to a dilution gain of $4.5 million in the first quarter of 2007.\n\n\nAt March 31, 2008, Westaim had $38.2 million in consolidated cash and\ncash equivalents compared to $31.0 million at December 31, 2007. Westaim's\ncash position, excluding cash and cash equivalents held by its 74.5 per cent\nowned affiliate NUCRYST Pharmaceuticals Corp., was $14.2 million. In addition,\nWestaim held asset-backed commercial paper (ABCP) with an estimated fair value\nof $6.0 million.\n\n\nTomorrow, The Westaim Corporation is holding its Annual Meeting of\nShareholders in Toronto, Canada at 10:00 a.m. EDT. The meeting will be webcast\nlive and is available through the company website www.westaim.com. An archive\nof the webcast will be posted following the meeting.\n\n\nThe Westaim Corporation's investments include iFire Technology Ltd., and\na 74.5 per cent interest in NUCRYST Pharmaceuticals Corp. (NASDAQ: NCST; TSX:\nNCS). Westaim's common shares are listed and on The Toronto Stock Exchange\nunder the trading symbol WED.\n\n\nA more detailed discussion of Westaim's 2008 first quarter results can be\nfound at 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 --------------------------------\nConsol...

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