This Day On The Street
Continue to site
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

Safeguard Scientifics Announces Second Quarter 2011 Financial Results

Safeguard Scientifics, Inc. (NYSE: SFE), a holding company that builds value in growth-stage life sciences and technology companies, today announced results of operations for the second quarter of 2011.

Consolidated net income in the second quarter of 2011 was $121.8 million, or $5.87 per share, compared with net income of $2.7 million, or $0.13 per share, in the second quarter of 2010. For the six months ended June 30, 2011, net income was $112.8 million, or $5.45 per share, versus a net loss of $19.1 million, or $0.93 per share, in the same period of 2010. The quarter’s income was principally due to the sale of life sciences partner company, Advanced BioHealing.

“During the second quarter of 2011, we deployed $45.8 million in new and existing partner companies while we realized $145.4 million, including $7.6 million held in escrow, through the sale of life sciences partner company, Advanced BioHealing, to Shire,” said Peter J. Boni, President and Chief Executive Officer. “Yesterday, we announced the completed sale of technology partner company Portico Systems to McKesson for $90 million, of which Safeguard expects to receive $38.1 million. In light of our continued success and commitment to execute against our game plan, it’s also important to look at the bigger picture as it relates to Safeguard’s current management team’s track record.”

Boni continued, “Since January 2006, Safeguard has deployed approximately $268 million and realized approximately $631 million through the sale of partner companies and private-equity holdings that represented transactions undertaken and value built by Safeguard’s current management team. The sale of partner companies Advanced BioHealing, Avid Radiopharmaceuticals, Clarient and Portico Systems to Shire, Eli Lilly, GE Healthcare, Eli Lilly, and McKesson, respectively, represents well-timed exits with top-tier multinational acquirers yielding cash-on-cash returns ranging from 3x to 13.5x. Despite this recent success, we continue to remain focused and disciplined in the execution of our game plan to drive value for our partner companies and our shareholders.”

1 of 4

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!
SYM TRADE IT LAST %CHG

Markets

DOW 17,826.30 -279.47 -1.54%
S&P 500 2,081.18 -23.81 -1.13%
NASDAQ 4,931.8150 -75.9760 -1.52%

Partners Compare Online Brokers

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs