Safeguard Scientifics, Inc. (SFE), a provider of growth capital for technology and life sciences companies, reported Thursday a wider loss for the fourth quarter, despite a 78% rise in revenues.
The Wayne, Pennsylvania-based company's quarterly net loss widened to $19.39 million or $0.16 per share from $15.52 million or $0.13 per share in the previous year. Net loss from continuing operations was $19.39 million or $0.16 per share, compared to $11.91 million or $0.10 per share in the earlier year.
Revenues for the quarter grew to $21.94 million from $12.36 million in the preceding year.
Operating expenses increased to $26.57 million from $20.81 million last year.
For the full year, the company posted net loss of $52.01 million or $0.42 per share, compared to net loss of $65.87 million or $0.54 per share in the previous year. Loss from continuing operations narrowed to $42.78 million or $0.35 per share from $46.48 million or $0.38 per share a year ago.
Revenues for the year increased to $73.73 million from $42.99 million in the earlier year.
In 2008, Safeguard repurchased 974,900 shares of its common stock at an average price of $1.31 per share.
SFE closed Wednesday's regular trading at $0.42 on the NYSE.
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