FORT SASKATCHEWAN, ALBERTA, CANADA - The Westaim Corporation announced today that for the second quarter ended June 30, 1998, the company recorded revenues of $20.8 million and a net loss of $0.3 million or 0 cents per share.
For the same quarter ended June 30, 1997, the company posted revenues of $22.5 million and net earnings of $4.7 million, or 7 cents per share. The 1997 figures included a loss from discontinued operations of $2.0 million and a one-time gain of $6.0 million realized on the sale of 3,500 tonnes of surplus nickel inventory.
For the first six months ended June 30, 1998, the company recorded revenues of $43.0 million and a net loss of $0.8 million or 1 cent per share. For the same period a year ago, Westaim had revenues of $41.5 million and net earnings of $1.3 million, or 2 cents per share.
At June 30, 1998, Westaim’s cash position stood at $220 million.
During the period, Westaim’s Advanced Display Technologies (ADT) division acquired a 36,000-square foot facility, complete with intellectual property and significant process knowledge from Litton Systems Canada. ADT also unveiled an 8.5-inch color solid state flat panel display and announced it would demonstrate a 17-inch display by the end of 1998.
In May 1998, Westaim’s Coinage Products division announced that it had been awarded the first-ever Euro coin contract from the French Mint to supply copper-bonded steel coin blanks for France’s Euro five-cent coin. The division expects to compete for several Euro coin blank contracts over the next two years.
About Westaim
The Westaim Corporation’s technology businesses consist of Westaim Biomedical, Surface Engineered Products and Advanced Display Technologies. Its industrial businesses produce coin blanks, aerospace materials and chemical products. A TSE 300 company, Westaim’s common shares are listed on The Toronto Stock Exchange, The Alberta Stock Exchange and the Montreal Exchange under the trading symbol “WED”.
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THE WESTAIM CORPORATION |
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Financial Highlights |
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(unaudited) |
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(thousands of dollars) |
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Statement of
Earnings |
Quarter
Ended
June 30, 1998 |
Quarter Ended
June 30, 1997 |
Six Months
Ended
June 30,
1998 |
Six Months
Ended
June 30, 1997 |
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Revenue |
$ 20,791 |
$ 22,493 |
$ 43,020 |
$ 41,498 |
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Loss from continuing
operations |
(277) |
6,732 |
(821) |
6,425 |
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Loss from discontinued
operations |
- |
(2,010) |
-
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(5,129) |
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Net loss |
(277) |
4,722 |
(821) |
1,296 |
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Loss per share |
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|
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Continuing
operations |
0.00) |
0.09 |
(0.01) |
0.09 |
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Net (loss) earnings |
(0.00) |
0.07 |
(0.01) |
0.02 |
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Weighted average number of outstanding
common
shares (thousands) |
75,186 |
75,004 |
75,186 |
75,004 |
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Balance Sheet |
June 30, 1998 |
Dec. 31, 1997 |
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Cash and short term
investments |
220,344 |
$240,063 |
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Current assets |
274,032 |
315,754 |
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Other assets |
46,377 |
33,894 |
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Current liabilities |
24,202 |
39,488 |
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Shareholders' equity |
295,980 |
309,893 |
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For more information, contact:
Tony Johnston
Senior Vice President, Corporate Affairs
(403) 234-3103
website: www.westaim.com
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