Safeguard Scientifics Inc., which invests in high-tech and life sciences ventures, said Tuesday it swung to a fourth-quarter loss as it exited several income-generating businesses.
The company lost $15.2 million, or 12 cents per share, compared to a profit in the year-earlier period of $71.2 million, or 59 cents per share.
Revenue rose to $47.7 million from $44.2 million.
During the fourth quarter of 2006 Safeguard reported income of $83.9 million from operations that were reported as discontinued in the fourth quarter of 2007.
"In 2007, we executed upon our strategy to deploy capital, build value in our holdings and realize that value through selective, well-timed exits," Peter J. Boni, chief executive, said in a statement.
For the full year 2007, Safeguard lost $64.8 million, or 53 cents per share, compared to a profit for all of 2006 of $45.9 million, or 38 cents per share. Revenue rose to $176.1 million from $162.6 million.
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