Safeguard Announces First Quarter 2013 Financial Results, Promotes Jeff McGroarty to CFO
Posted by | April 26, 2013
President and CEO Steve Zarrilli announced further progress toward our goals during the first quarter of 2013 in our conference call yesterday. With the addition of Sotera Wireless and Pneuron, there are now 20 partner companies in the Safeguard family, and we reiterated that we expect partner company aggregate revenue to be between $250 million to $270 million this year, an increase of 27 percent to 37 percent over revenues of $197.3 million in 2012.
In a separate, but related, release, we announced that Jeff McGroarty was named Senior Vice President and CFO, a position held by Steve prior to his promotion to President and CEO late 2012. Jeff joined Safeguard in 2005 as Vice President and Corporate Controller, and since then has played a valuable role not only in managing and strengthening Safeguard’s financials, but also in our efforts to build great companies in the technology and healthcare sectors as well. Congratulations, Jeff, on your well-deserved promotion.
As Steve and Jeff articulated on the call, we continue to aggressively pursue the three facets of our strategic focus for 2013: to drive growth of existing partner companies; deploy capital at a more consistent pace and increase our roster of partner companies to 25 by the end of 2013; and realize solid risk-adjusted returns from additional, opportunistic exits from partner companies on a more consistent basis. Our target is two exit transactions by year-end 2013.
We also reported that we are in a solid position to support our goals and objectives. At March 31, 2013, our net cash, cash equivalents and marketable securities totaled $136.4 million, after subtracting the total carrying value of debt outstanding of $49.2 million. Safeguard’s net loss for the three months ended March 31, 2013 was $11.9 million, or $0.57 per share, compared to $9.7 million, or $0.46 per share, for the same period in 2012.
The webcast and full replay of the first quarter 2013 call is available through May 27, 2013 at 9:00 a.m. EDT. To hear the replay, dial 877-344-7529, or (International) +412-317-0088. The replay access code is 10026651. In addition, here’s a copy of the presentation that was presented during the call.
