On November 2, 2023, Safeguard Scientifics Inc (SFE, Financial) announced its financial results for the third quarter of 2023. The company reported a net income of $932K for the quarter, a significant improvement from the net loss of $3.16M reported in the same period last year.
Financial Performance
The company's operating expenses for the third quarter of 2023 were $1.31M, slightly lower than the $1.36M reported in the same period last year. The net income before taxes for the quarter was $932K, compared to a net loss before taxes of $3.16M in Q3 2022.
As of September 30, 2023, the company's total assets stood at $32.4M, a decrease from $37.7M at the end of 2022. The total equity was $29.9M, down from $34.6M at the end of 2022.
Ownership Interests
The company's ownership interests as of September 30, 2023, were valued at $14.8M. These interests span across various companies in the healthcare and digital media sectors, with revenues ranging from $5M to $30M.
We have made substantial progress preparing for the transaction described in our proxy. As a result, we expect to achieve substantially lower operating costs beginning in 2024 as we work to monetize the remaining positions in our portfolio", said Eric C. Salzman, Chief Executive Officer.
Outlook
While the company did not provide specific forward-looking statements, the CEO's commentary suggests a strategic focus on reducing operating costs and monetizing the company's portfolio. This strategy is expected to drive shareholder value in the coming years.
Explore the complete 8-K earnings release (here) from Safeguard Scientifics Inc for further details.
