Westaim announces 2008 first quarter results

Tuesday, May 13, 2008 General News
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CALGARY, May 12 /PRNewswire-FirstCall/ - The Westaim Corporation announcedtoday that for the first quarter ended March 31, 2008, it recorded a net lossof $6.9 million or 7 cents per share, on revenues of $5.2 million. In the samequarter last year, the company recorded a net loss of $6.7 million, or 7 centsper share, on revenues of $6.1 million.

Income from continuing operations was $3.2 million for the quartercompared to $1.9 million in the same period last year. The results include aloss from discontinued operations of $10.1 million, primarily reflecting awrite-down of capital assets of $7.1 million and severance costs of $2.0million at the Company's wholly owned subsidiary, iFire Technology Ltd.,compared to a loss from discontinued operations of $8.6 million for the firstquarter of 2007. The first quarter 2008 results also include a dilution gainof $6.0 million relating to the sale of a non-core wholly owned subsidiary,compared to a dilution gain of $4.5 million in the first quarter of 2007.

At March 31, 2008, Westaim had $38.2 million in consolidated cash and cashequivalents compared to $31.0 million at December 31, 2007. Westaim's cashposition, excluding cash and cash equivalents held by its 74.5 per cent ownedaffiliate NUCRYST Pharmaceuticals Corp., was $14.2 million. In addition,Westaim held asset-backed commercial paper (ABCP) with an estimated fair valueof $6.0 million.

Tomorrow, The Westaim Corporation is holding its Annual Meeting ofShareholders in Toronto, Canada at 10:00 a.m. EDT. The meeting will be webcastlive and is available through the company website www.westaim.com. An archiveof the webcast will be posted following the meeting.

The Westaim Corporation's investments include iFire Technology Ltd., and a74.5 per cent interest in NUCRYST Pharmaceuticals Corp. (NASDAQ: NCST; TSX:NCS). Westaim's common shares are listed and on The Toronto Stock Exchangeunder the trading symbol WED.

A more detailed discussion of Westaim's 2008 first quarter results can befound at www.westaim.com and www.sedar.com.THE WESTAIM CORPORATION Financial Highlights (unaudited) (thousands of dollars except per share data) ------------------------------------------------------------------------- Three Months Ended March 31 -------------------------------- Consolidated Statements of Operations 2008 2007 ------------------------------------------------------------------------- Revenue $ 5,209 $ 6,131 Income from continuing operations 3,227 1,899 Net loss (6,857) (6,700) Net income (loss) per common share - basic and diluted Continuing operations 0.03 0.02 Net loss (0.07) (0.07) Weighted average number of common shares outstanding (thousands) 94,186 93,992 ------------------------------------------------------------------------- Three Months Ended March 31 -------------------------------- Segmented Information 2008 2007 ------------------------------------------------------------------------- Revenue from continuing operations Nucryst Pharmaceuticals $ 5,209 $ 6,131 ------------------------------------------------------------------------- ------------------------------------------------------------------------- (Loss) income from continuing operations Nucryst Pharmaceuticals $ (2,238) $ (2,178) Other (including


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