Bryan,
I think you might be right. Looking around the Safeguard web site, I found this (emphasis added, from here: safeguard.com
Commented Donald R. Caldwell, president and chief operating officer, Safeguard Scientifics, Inc., "We have been very active in investing in future rights offering candidates and in helping our existing companies develop into future public companies. Our primary goal remains creating shareholder value, and based on our results to date, 1998 is proving to be another successful year for Safeguard. We have said we want to average three rights offerings per year and add seven new companies to the portfolio in 1998. We are on target to accomplish these goals."
"AVERAGE"???!!!
I had previously been focusing on the Q2 report statements (emphasis added, from here: safeguard.com
Outlook
We remain very enthusiastic regarding our performance for the year. Each facet of Safeguard is marked by positive trends.
-New investments are the fuel for our pipeline. Together with our venture funds, we continue to see an impressive array of investment opportunities. Additionally, our venture fund relationships provide the resources needed to make significantly larger investments.
-Our private companies are making good progress in developing solid businesses. We have companies in the three fastest growing, leading-edge markets: electronic security (Who? Vision), telecommunications (Pac-West) and the Internet (Internet Capital Group).
-Lastly, we are on target with our goal to deliver three rights offerings to our shareholders.
No average there!
Anyway, time will tell.
--John |
