Safeguard Scientifics, Inc., a holding company that provides capital and business resources to its partner companies in the information technology and life sciences fields, announced a 59% growth in the third quarter revenue. Consolidated revenue rose to $19 million, compared to just under $12 million for the same quarter last year. As a result, the company is updating its aggregated partner revenue outlook for 2008 (consolidated and non-consolidated) to between $155 million and $165 million, versus the $135 million to $150 million figures previously given.
Safeguard’s Sr. V.P. and CFO, Stephen T. Zarrilli, said, “We are able to take advantage of the volatility in the market in a very positive fashion. Our prudent use of cash allows Safeguard to continue to invest in exciting opportunities while improving our own balance sheet at this time. During the third quarter, Safeguard repurchased $38 million in face amount of our convertible debentures for $30 million, a 21% discount from face value. This transaction resulted in an approximate gain of $7.6 million. During the second quarter, the company also repurchased 813,300 common shares at an average price of $1.30 per share.”
Some of Safeguard’s partner companies also announced quarterly results. Clarient, Inc., a medical diagnostics services company, reported its 17th consecutive quarter of revenue growth, reporting positive earnings before interest and taxes. Advanced BioHealing, Inc., a regenerative medicine technology company, increased revenues 62% year-over-year.
Additional companies in which Safeguard has an ownership position include:
• Alverix, an optoelectronics company that develops portable medical diagnostics instruments
• Avid Radiopharmaceuticals, a leader in the development of molecular imaging products
• Cellumen, a toxicology services company
• NuPathe, provider of therapeutics for the treatment of neurological and psychiatric disorders
• Rubicor Medical, developer of minimally invasive breast biopsy and tissue removal technologies
• Advantage Healthcare, provider of proprietary software for medical billing
• Authentium, provider of data security technologies for financial institutions
• Beyond.com, the world’s largest network of online niche career communities
• Bridgevine, the leading advertising platform for purchasing digital products and services
• Genband, developer of next-generation IP infrastructure solutions
• Kadoo, currently building the world’s first social information management system
• Portico Systems, health plan software and services provider
• Swaptree, an online platform for trading books
About QualityStocks:
QualityStocks’ Small Cap Stock Newsletter is a free service that collects data from hundreds of Small-Cap online Investment Newsletters into one free Daily Newsletter Report.
Sign up for “The QualityStocks Daily Newsletter” please visit www.QualityStocks.net
The Quality Stocks Daily Stock Report http://video.qualitystocks.net
The Quality Stocks Daily Blog http://blog.qualitystocks.net
The Quality Stocks “Ones to Watch” http://Gotstocks.QualityStocks.net
Please see disclaimer on QualityStocks website: http://disclaimer.qualitystocks.net
Friday, October 31, 2008
Subscribe to:
Post Comments (Atom)
No comments:
Post a Comment