Safeguard Scientifics (SFE) Tops Q1 EPS by 42c

Safeguard Scientifics (NYSE: SFE) reported Q1 EPS of ($0.30), $0.42 better than the analyst estimate of ($0.72). Revenue for the quarter came in at $0 , versus $0 reported last year.

2018 First quarter Highlights

• For the three months ended March 31, 2018, Safeguard's net loss was $6.2 million, or $0.30 per share, compared with net loss of $22.1 million, or $1.08 per share, for the same period in 2017.
• Subsequent to the end of the quarter, the Company announced a series of management changes intended to streamline the Company\'s organizational structure and reduce operating costs, including the appointment of Brian J. Sisko as President and Chief Executive Officer, effective July 1, and David Kille as Chief Financial Officer, effective June 1. In connection with this, the roles of Chief Operating Officer and Corporate Controller have been eliminated.
• The management changes are part of aggressive cost-reduction initiatives that are expected to trim annual operating expenses to between $8 million and $9 million, excluding interest, depreciation, severance and stock-based compensation, compared to approximately $15.1 million in 2017.
• Partner Company Spongecell agreed to merge with privately held Flashtalking, a global platform for digital advertising management and analysis; Safeguard now holds a 10% equity position in Flashtalking.
• Nexxt, Inc., formerly Beyond.com, repaid a $10.5 million note received in connection with the Company\'s sale of its interests back to Nexxt for $26.0 million in March 2017.
• Deployed $4.0 million in follow-on funding to support seven existing Partner Companies.

For earnings history and earnings-related data on Safeguard Scientifics (SFE) click here.

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