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Westaim announces 2009 second quarter results

Friday, September 18, 2009 General News J E 4
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TORONTO, Aug. 12 /PRNewswire-FirstCall/ - The Westaim Corporation announced today that for the quarter ended June 30, 2009, it recorded a net loss of $1.3 million, or 1 cent per share, on revenues of $5.8 million compared to a net loss of $3.0 million, or 3 cents per share, on revenues of $4.8 million in the same quarter for the previous year.

The loss from continuing operations for the quarter ended June 30, 2009 was $1.0 million compared to a loss of $1.9 million for the same period in 2008.

For the six months ended June 30, 2009, the Company posted revenues of $11.0 million and a net loss of $4.0 million or 4 cents per share. For the same period in 2008, Westaim reported revenues of $10.0 million and a net loss of $9.9 million, or 10 cents per share, which included the write-down of the capital assets and the closing of iFire Technology Ltd.

The loss from continuing operations for the six months ended June 30, 2009 was $3.4 million compared to income of $1.3 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 June 30, 2009, Westaim had $38.2 million in consolidated cash and cash equivalents and $2.0 million in short-term investments compared to $40.1 million in consolidated cash and cash equivalents at June 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 $24.5 million.

"Westaim's management continues to reduce the Company's operating costs and maintain a strong cash and asset position," said Cameron MacDonald, President CEO of Westaim. "We are focused on enhancing shareholder value and are reviewing all opportunities to deploy excess capital and maximize the value of our assets."

The Westaim Corporation invests, directly and indirectly, through acquisitions, joint ventures and other arrangements, with the objective of providing its shareholders with capital appreciation and real wealth preservation. Westaim holds a 75 per cent interest in NUCRYST Pharmaceuticals Corp. (NASDAQ: NCST; TSX: NCS). Westaim's common shares are listed on The Toronto Stock Exchange under the trading symbol WED.

This news release contains forward-looking statements. These statements are based on current expectations that are subject to risks and uncertainties, and Westaim can give no assurance that these expectations are correct. Various factors could cause actual results to differ materially from those projected in such statements, including but not limited to statements regarding Westaim's examination of possible new investment opportunities in an effort to enhance shareholder value. Westaim disclaims any intention or obligation to revise forward-looking statements whether as a result of new information, future developments or otherwise. Accordingly, readers are advised not to place undue reliance on forward-looking statements, and should not rely on this information at any date other than the date of this news release. All forward-looking statements are expressly qualified in their entirety by this cautionary statement.

THE WESTAIM CORPORATION Financial Highlights (unaudited) (thousands of dollars except per share data) ------------------------------------------------------------------------- Three Months Ended Six Months Ended June 30 June 30 --------------------- --------------------- Consolidated Statements of Operations 2009 2008 2009 2008 ------------------------------------------------------------------------- Revenue $ 5,798 $ 4,754 $ 10,972 $ 9,962 (Loss) income from continuing operations (1,025) (1,887) (3,364) 1,340 Net loss (1,288) (3,002) (3,969) (9,859) Net (loss) income per common share - basic and diluted Continuing operations (0.01) (0.02) (0.04) 0.01 Net loss (0.01) (0.03) (0.04) (0.10) Weighted average number of common shares outstanding (thousands) 94,221 94,215 94,219 94,200 ------------------------------------------------------------------------- Three Months Ended Six Months Ended June 30 June 30 --------------------- --------------------- Segmented Information 2009 2008 2009 2008 ------------------------------------------------------------------------- Revenue from continuing operations Nucryst Pharmaceuticals $ 5,798 $ 4,754 $ 10,972 $ 9,962 ------------------------------------------------------------------------- (Loss) income from continuing operations Nucryst Pharmaceuticals $ (509) $ (1,781) $ (1,886) $ (4,019) Other (including corporate costs) (516) (106) (1,478) 5,359 ------------------------------------------------------------------------- (Loss) income from continuing operations $ (1,025) $ (1,887) $ (3,364) $ 1,340 ------------------------------------------------------------------------- ------------------------------------------------------------------------- Consolidated Balance Sheets June 30, December 2009 31, 2008 ------------------------------------------------------------------------- Cash and cash equivalents $ 38,189 $ 46,768 Current assets 49,622 59,783 Other assets 16,231 17,494 Current liabilities 7,494 9,841 Shareholders' equity 46,370 50,002

SOURCE Westaim Corporation
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