CALGARY, ALBERTA, CANADA – The Westaim Corporation announced today that for the third quarter ended September 30, 2002, it recorded a net loss of $6.3 million, or eight cents per share, on revenues of $11.7 million. In the same quarter last year, the Company recorded a net loss of $7.7 million, or ten cents per share, on revenues of $12.5 million. The results from the prior year include losses from discontinued operations totaling $2.9 million.
For the nine months ended September 30, 2002, the Company posted revenues of $35.4 million and a net loss of $40.3 million or 52 cents per share compared to revenue of $37.8 million and a net loss of $13.7 million, or 18 cents per share for the same period last year. The loss from continuing operations for the first nine months of 2002 was $23.8 million or 31 cents per share compared to income from continuing operations of $0.5 million or $0.1 cents per share in the same period of 2001. The prior year results included a $20.1 million gain on sale of assets related to the sale of Nucryst Pharmaceuticals’ burn dressing business to Smith & Nephew plc.
At September 30, 2002, Westaim had $104.9 million in cash and short-term investments and no debt.
“Westaim continues to benefit from its partnering strategies,” said Kevin J. Jenkins, President & CEO of Westaim. “Although the technical collaboration agreement with Sanyo was only signed in July of this year, iFire is already benefiting from Sanyo’s expertise in video circuitry and manufacturing as it moves toward commercialization of its consumer priced flat panel display television. Nucryst Pharmaceuticals continues to see significant growth in worldwide ActicoatTM sales through its agreement with Smith and Nephew.”
The Westaim Corporation is a technology accelerator that launches exceptional technologies into the marketplace. Its technology investments include Nucryst Pharmaceuticals, which researches, develops and commercializes medical devices and pharmaceutical products based on its nanocrystalline silver technology; and iFire Technology, which has developed a revolutionary low-cost flat panel display. 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
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.
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