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Safeguard reports lower 2Q profits

Safeguard Scientifics, Inc. (NYSE: SFE) said Friday that second-quarter income was 2 cents a share, much lower than the 11 cents a share reported in last year's quarter.

Shares in the incubator for Internet infrastructure companies were down 1 13/16 to 22 15/16, or eight percent.

For the quarter, the company reported income of $2.2 million, or 2 cents a diluted share, compared with $11.5 million, or 11 cents a share, a year ago. For the six months ended June 30, Safeguard reported net income of $31.8 million, or 26 cents per diluted share, as compared with $35.7 million, or 35 cents a share, in 1999. First Call doesn't estimate earning figures for companies like ICG and CMGI (Nasdaq: CMGI), which get a majority of their income from IPOs of their holdings.

The company completed 14 acquisitions through the end of June, and said its partner companies are experiencing solid revenue growth.

For the second quarter, aggregate gross revenue was $1.2 billion, up over 30 percent from the prior quarter.

At the end of the quarter, Safeguard had direct ownership interests in 49 partner companies and an extended network of about 300 partner companies.

Internet Capital Group (Nasdaq: ICGE), a holding company in which Safeguard has a 14 percent stake, reported its second quarterThursday, with higher than expected losses. Shares were down 1 13/16 to 29 13/16 Friday.