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Westaim announces 2008 year-end results
Date:2/18/2009

CALGARY, Feb. 18 /PRNewswire-FirstCall/ - The Westaim Corporation announced today that for the year ended December 31, 2008, it recorded a net loss of $10.2 million, or 11 cents per share, on revenues of $22.4 million compared to a net loss of $58.0 million, or 62 cents per share, on revenues of $31.8 million in the previous year. For the three months ended December 31, 2008, the Company posted a net income of $2.7 million, or 3 cents per share, compared to a net loss of $26.8 million, or 28 cents per share, in the same period in the previous year.

The loss from continuing operations for the year ended December 31, 2008 was $1.7 million compared to a loss of $2.8 million in 2007. At the operations level, this improvement resulted from lower manufacturing and research and development costs compared to 2007 and $4.9 million of severance costs included in the 2007 results, all of which was offset by $10.1 million milestone revenue earned by NUCRYST Pharmaceuticals Corp. in 2007. The improvement in results also benefitted from a $7.3 million favourable change in foreign exchange gains as a result of the stronger U.S. dollar in 2008 as well as lower write-downs in the value of asset-backed commercial paper (ABCP). These improvements were partially offset by an $8.7 million gain on the sale of real estate in 2007. The loss from discontinued operations, which includes windup and operating costs at the Company's wholly owned subsidiary, iFire Technology Ltd., declined significantly in 2008 to $8.5 million compared to $55.2 million in 2007. This improvement is the result of reduced operating costs of $26.7 million and lower severances and net asset write-downs in 2008 compared to 2007.

At December 31, 2008, Westaim had $46.8 million in consolidated cash and cash equivalents, compared to $31.0 million at December 31, 2007. Westaim's cash position, excluding cash and cash equivalents held by its 74.7 per cent owned subsidiary NUCRYST Pharmaceuticals Corp
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