Business
Westaim announces 2009 third quarter results
Westaim announces 2009 third quarter results
About this update from Westaim Corporation
[{"type":"text","content":"\n\n\n\nNov. 13, 2009 (Canada NewsWire Group) -- TORONTO, Nov. 13 /CNW/ -- The Westaim Corporation announced today that for the quarter ended September 30, 2009, it recorded a net loss of $0.2 million, or zero cents per share, on revenues of $6.7 million compared to a net loss of $3.1 million, or 3 cents per share, on revenues of $5.5 million in the same quarter for the previous year.The loss from continuing operations for the quarter ended September 30, 2009 was $0.02 million compared to a loss of $1.9 million for the same period in 2008.For the nine months ended September 30, 2009, the Company posted revenues of $17.6 million and a net loss of $4.1 million or 4 cents per share. For the same period in 2008, Westaim reported revenues of $15.4 million and a net loss of $13.0 million, or 14 cents per share, which included the write-down of the capital assets and the termination of the operations of iFire Technology Ltd.The loss from continuing operations for the nine months ended September 30, 2009 was $3.4 million compared to $0.5 million in the same period last year. The 2008 results benefited from a dilution gain of $6.0 million relating to the sale of a non-core subsidiary.At September 30, 2009, Westaim had $38.6 million in consolidated cash and cash equivalents and $2.2 million in short-term investments compared to $39.1 million in consolidated cash and cash equivalents at September 30, 2008. Westaim's cash position, excluding cash and cash equivalents and short-term investments held by its 75 per cent owned subsidiary, NUCRYST Pharmaceuticals Corp., was $24.2 million.Westaim recently announced the execution of an amalgamation agreement with NUCRYST Pharmaceuticals Corp. (NASDAQ: NCST; TSX: NCS). Under the agreement, NUCRYST has agreed to amalgamate with a newly-formed, wholly-owned subsidiary of Westaim with each holder of NUCRYST common shares (other than Westaim) to receive one redeemable preferred share in the capital of the amalgamated company, which will be redeemed for US$1.77 in cash upon completion of the amalgamation. The amalgamation agreement follows the execution of an asset purchase agreement between NUCRYST and subsidiaries of Smith & Nephew plc. under which NUCRYST has agreed to sell all of its operations and assets including all rights to its proprietary nanocrystalline silver technology to Smith & Nephew for...