Westaim announces 2008 second quarter results

About this update from Westaim Corporation

[{"type":"text","content":"\n\n\n\nCALGARY, Aug. 13 /CNW/ - The Westaim Corporation announced today that for\nthe second quarter ended June 30, 2008, it recorded a consolidated net loss of\n$3.0 million or 3 cents per share, on revenues of $4.8 million. In the same\nquarter last year, the Company recorded a consolidated net loss of\n$7.4 million, or 8 cents per share, on revenues of $6.7 million.\n\n\nThe loss from continuing operations was $1.9 million for the quarter\ncompared to income of $2.9 million in the same period last year. Included in\n2007 income from continuing operations was an $8.6 million gain on the sale of\nthe Company's real estate assets in Fort Saskatchewan, Alberta. The loss from\ndiscontinued operations, which includes windup and operating costs at the\nCompany's wholly owned subsidiary iFire Technology Ltd., declined\nsignificantly to $1.1 million compared to $10.3 million in the second quarter\nof 2007.\n\n\nFor the six months ended June 30, 2008, the Company posted revenues of\n$10.0 million and a consolidated net loss of $9.9 million or 10 cents per\nshare. For the same period in 2007, Westaim reported revenues of $12.8 million\nand a net loss of $14.1 million or 15 cents per share.\n\n\nIncome from continuing operations for the six months ended June 30, 2008\nwas $1.3 million compared to income of $4.8 million in the same period last\nyear. Results from continuing operating in 2008 benefited from a dilution gain\nof $6.0 million relating to the sale of a non-core subsidiary and in 2007\nbenefited from the $8.6 million gain on sale of the real estate and a dilution\ngain of $4.5 million. The loss from discontinued operations for the six months\nwas $11.2 million, reflecting a write-down of capital assets of $7.1 million\nas well as severance and other windup costs at iFire, compared to a loss of\n$18.9 million for the first six months of 2007.\n\n\nAt June 30, 2008, Westaim had $40.1 million in consolidated cash and cash\nequivalents compared to $38.2 million at March 31, 2008. Westaim's cash\nposition, excluding cash and cash equivalents held by its 74.5 per cent owned\naffiliate NUCRYST Pharmaceuticals Corp., was $12.6 million compared to\n$14.2 million at March 31, 2008. In addition, Westaim held asset-backed\ncommercial paper (ABCP) with an estimated fair value of $6.0 million.\n\n\n"The Board of Directors is continuing...

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