Aug 13 2009
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."