CALGARY, May 1 /PRNewswire-FirstCall/ - The Westaim Corporation announced
today that for the first quarter ended March 31, 2007, it recorded a net loss
of $6.7 million or 7 cents per share, on revenues of $6.1 million. In the same
quarter last year, the company recorded a net loss of $18.0 million, or 19
cents per share, on revenues of $7.3 million. The results for the first
quarter of 2007 benefited from a $4.5 million dilution gain.
At March 31, 2007, Westaim had $51.7 million in consolidated cash and
short-term investments.
Tomorrow, May 2, 2007, The Westaim Corporation is holding its Annual
Meeting of Shareholders in Toronto, Canada at 10:00 a.m. EDT. The meeting and
accompanying investor briefing, which will provide an update on the company's
businesses, will be webcast live and is available through the company website
www.westaim.com. An archive of the webcast will be posted following the
meeting.
On April 23, 2007, Westaim announced it was conducting a strategic review
of its business strategy to determine the optimal use of existing resources
and assets to maximize value for shareholders.
The Westaim Corporation's technology investments include iFire Technology
Corp., which is developing a low-cost flat panel display technology and a 74.8
per cent interest in NUCRYST Pharmaceuticals Corp. (NASDAQ: NCST; TSX: NCS),
which develops, manufactures and commercializes medical products that fight
infection and inflammation based on its nanocrystalline silver technology.
Westaim's common shares are listed on NASDAQ under the trading symbol WEDX and
on The Toronto Stock Exchange under the trading symbol WED. A more detailed
discussion of Westaim's 2007 first quarter results can be found at
www.westaim.com and www.sedar.com.
THE WESTAIM CORPORATION
Financial Highlights
(unaudited)
(thousands of dollars except per share data)
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Three Months Ended March 31
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Consolidated Statements of Operations 2007 2006
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Revenue $ 6,131 $ 7,253
Net loss (6,700) (18,006)
Net loss per common share
- basic and diluted (0.07) (0.19)
Weighted average number of common
shares outstanding (thousands) 93,992 92,922
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Three Months Ended March 31
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Segmented Information 2007 2006
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Revenue
Nucryst Pharmaceuticals $ 6,131 $ 7,253
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Operating loss
Nucryst Pharmaceuticals $ (2,157) $ (3,341)
iFire Technology (8,595) (11,373)
Other (including corporate costs) (1,274) (4,624)
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Operating loss $ (12,026) $ (19,338)
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Consolidated Balance Sheets March 31, 2007 December 31, 2006
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Cash and short-term investments $ 51,668 $ 62,832
Current assets 68,117 80,256
Other assets 65,271 68,083
Current liabilities 6,416 15,797
Shareholders' equity 106,660 112,977
SOURCE Westaim Corporation
-0- 05/01/2007
/CONTACT: David Wills, Investor Relations, (416) 504-8464,
info@westaim.com, www.westaim.com/
(WED. WEDX)
CO: Westaim Corporation
ST: Alberta
IN: MLM MTC
SU: ERN
-30-
SB
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