Safeguard Scientifics revenues up, income down

Safeguard Scientifics Inc. reported today that second-quarter aggregate revenues for its growth-stage life sciences and technology companies were $91.6 million, up 47 percent from $62.3 million from the comparable period a year ago.

Based on the quarter's performance, Safeguard increased its 2010 revenues guidance to a range of $325 million to $350 million, up from $300 million to $325 million.

However, Safeguard's second-quarter net income from continuing operations was $2.9 million, or 14 cents a share, compared with net income of $146.2 million, or $7.21 a share, for the earlier period.

"The continued steady growth and maturation of Safeguard's life sciences and technology partner companies is exciting to see," said Peter J. Boni, Safeguard president and chief executive officer.

"Over the course of the next year, we anticipate several potential exit opportunities involving some of our more mature partner companies.

Company shares were priced at $12.01, up 30 cents, early this afternoon.    - Roslyn Rudolph