May 12, 2009 (Close-Up Media via COMTEX) -- Safeguard Scientifics, a holding
company for science and technology companies, announced that consolidated
revenue for the three months ended March 31, increased 41 percent year-over-year
to $22.4 million, excluding discontinued operations.
In a release on May 7, the company noted that Safeguard's consolidated net loss
from continuing operations attributable to common shareholders in the quarter
was $10.3 million, or $0.08 per share, compared with a loss of $11.8 million, or
$0.10 per share, for the same period of 2008.
"Safeguard continues to focus on its long-term objectives of increasing
shareholder value by building value in our partner companies and realizing that
value through well-timed exits," said Peter J. Boni, President and CEO of
Safeguard Scientifics. "Our life sciences partner companies grew slightly faster
than we expected, whereas growth for the technology partner companies was slower
largely due to the weakened U.S. economy. Taking these factors into account and
given today's challenging business climate, we have assumed that no exits will
occur during 2009, although a few opportunities may develop later in the year.
We remain flexible, adjusting our prospects as external conditions warrant."
Stephen T. Zarrilli, Safeguard Senior Vice President and Chief Financial Officer
said, "Safeguard's financial strategies for 2009 remain focused on the strength
of our balance sheet and the prudent use of cash. We continue to evaluate and
pursue opportunities in the following four areas: reduce parent company
operating expenses where possible; opportunistic repurchase of our senior
convertible debentures at a discount; manage cash deployments conservatively;
and augment existing capital with alternative pools of capital."
Safeguard noted that it reiterates prior expectations for total aggregate
revenue of its partner companies to be between $200 million and $220 million for
2009. For the life sciences partner companies, aggregate revenue is expected to
be between $145 million and $155 million, excluding pre-revenue companies Avid
Radiopharmaceuticals, Garnet BioTherapeutics, NuPathe and Tengion as they do not
impact aggregate revenue expectations. For the technology group, aggregate
revenue is expected to be between $55 million to $65 million, excluding Genband.
((Comments on this story may be sent to newsdesk@closeupmedia.com))
“Those who don't know history are destined to repeat it.”
Edmund Burke (British Statesman and Philosopher, 1729-1797
