THE WESTAIM CORP. $0.60 - Toronto symbol WED

THE WESTAIM CORP. $0.60 (Toronto symbol WED, Aggressive Growth Portfolio, Finance sector; Shares outstanding: 586.8 million; Market cap: $352.1 million; Price-to-sales ratio: 1.0; No dividends paid; TSINetwork Rating: Speculative; www.westaim.com) owns Jevco Insurance Co., which sells insurance to high-risk drivers, as well as owners of motorcycles, snowmobiles and recreational vehicles.

Westaim earned $32.9 million, or $0.05 a share, in 2011. That’s down 40.3% from $55.1 million, or $0.11 a share, in 2010. However, the 2010 earnings included a $25.1-million gain stemming from the company’s reorganization and purchase of Jevco in March 2010.

The company’s combined ratio, or claims paid out divided by premiums taken in (the lower, the better), improved to 95.5% from 97.6%. Westaim is a hold for aggressive investors only.

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