Westaim announces 2009 second quarter results

About this update from Westaim Corporation

[{"type":"text","content":"\n\n\n\nTORONTO, Aug. 12 /CNW/ - The Westaim Corporation announced today that for\nthe quarter ended June 30, 2009, it recorded a net loss of $1.3 million, or 1\ncent per share, on revenues of $5.8 million compared to a net loss of $3.0\nmillion, or 3 cents per share, on revenues of $4.8 million in the same quarter\nfor the previous year.\n\n\nThe loss from continuing operations for the quarter ended June 30, 2009\nwas $1.0 million compared to a loss of $1.9 million for the same period in\n2008.\n\n\nFor the six months ended June 30, 2009, the Company posted revenues of\n$11.0 million and a net loss of $4.0 million or 4 cents per share. For the\nsame period in 2008, Westaim reported revenues of $10.0 million and a net loss\nof $9.9 million, or 10 cents per share, which included the write-down of the\ncapital assets and the closing of iFire Technology Ltd.\n\n\nThe loss from continuing operations for the six months ended June 30,\n2009 was $3.4 million compared to income of $1.3 million in the same period\nlast year. The 2008 results benefited from a dilution gain of $6.0 million\nrelating to the sale of a non-core subsidiary.\n\n\nAt June 30, 2009, Westaim had $38.2 million in consolidated cash and cash\nequivalents and $2.0 million in short-term investments compared to $40.1\nmillion in consolidated cash and cash equivalents at June 30, 2008. Westaim's\ncash position, excluding cash and cash equivalents and short-term investments\nheld by its 75 per cent owned subsidiary NUCRYST Pharmaceuticals Corp., was\n$24.5 million.\n\n\n"Westaim's management continues to reduce the Company's operating costs\nand maintain a strong cash and asset position," said Cameron MacDonald,\nPresident & CEO of Westaim. "We are focused on enhancing shareholder value and\nare reviewing all opportunities to deploy excess capital and maximize the\nvalue of our assets."\n\n\nThe Westaim Corporation invests, directly and indirectly, through\nacquisitions, joint ventures and other arrangements, with the objective of\nproviding its shareholders with capital appreciation and real wealth\npreservation. Westaim holds a 75 per cent interest in NUCRYST Pharmaceuticals\nCorp. (NASDAQ: NCST; TSX: NCS). Westaim's common shares are listed on The\nToronto Stock Exchange under the trading symbol WED.\n\n\nThis news release contains forward-looki...

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