CALGARY, ALBERTA, CANADA - The Westaim Corporation announced today that for the first quarter ended March 31, 2001, it recorded a net loss of $8.0 million, or 10 cents per share, on revenues of $21.1 million. In the same quarter last year, the company recorded net income of $2.4 million, or 3 cents per share, on revenues of $33.4 million. The first quarter last year included a one-time gain of $10.5 million from the sale of a minority interest of its subsidiary iFire Technology Inc. to TDK Corporation.
At March 31, 2001, Westaim had $131.3 million in cash and short-term investments, and no debt.
The Westaim Corporation is a technology accelerator that launches exceptional technologies into the marketplace. Its technology investments include Westaim Biomedical Corp., which has developed an infection control technology for use in the treatment of wounds, iFire Technology Inc., which has developed a revolutionary low-cost flat panel display, and Savvion, a leader in e-business management software. Westaim's common shares are listed on Nasdaq under the symbol WEDX and on The Toronto Stock Exchange under the trading symbol WED.
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For more information contact:
Tony Johnston, Senior Vice President
The Westaim Corporation
(403) 234-3103
info@westaim.com
www.westaim.com
Westaim Legal Notice Regarding Forward-Looking Statements
This news release may contain forward-looking statements. These statements are based on current expectations that are subject to risks and uncertainties, and the Company 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 financial considerations and those predicting the timing and market acceptance of future products. The Company disclaims any intention or obligations to revise forward-looking statements whether as a result of new information, future developments or otherwise. All forward-looking statements are expressly qualified in their entirety by this Cautionary Statement.
Financial Statements
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