THE WESTAIM CORP. $0.37 (Toronto symbol WED; Aggressive Growth Portfolio, Manufacturing & Industry sector; Shares outstanding: 94.1 million; Market cap: $34.8 million; SI Rating: Speculative) has two main subsidiaries: wholly owned iFire Technologies Corp. is developing a new, cheaper way to make flat-panel displays; 74.8%-owned Nucryst Pharmaceuticals Corp. (Toronto symbol NCS) makes medical products that prevent infection in burns and wounds. Based on current prices, Nucryst now accounts for $0.36 per Westaim share.
Westaim was the technology development subsidiary of fertilizer producer Viridian Inc., a one-time recommendation of ours. In 1996, Viridian handed out its Westaim shares to its own shareholders as a special dividend.
In the second quarter of 2007, Westaim’s losses fell to $0.08 a share from $0.13 a year earlier, thanks to a gain on sale of real estate. Revenue fell 4.3%, to $6.7 million from $7.0 million.
iFire recently restructured its operations. That should give it more time to perfect its manufacturing process, and attract a partner to share costs.
The outlook for Nucryst is also improving. Although a new agreement with UK-based medical device maker Smith & Nephew plc will probably hurt future royalty payments, cost controls and revenues from the upcoming launch of a new skin cream should help offset this.
Westaim is far riskier than most of our recommendations. But it’s still debt free, and it has about $55.6 million or $0.59 a share in cash.
Westaim is a hold.
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