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SWK Holdings Corp (OTCMKTS:SWKH) Reports 4Q2014 Financial Results

SWK Holdings Corp (OTCMKTS:SWKH) a life science focused specialty finance firm, reported its 4Q2014 and full year 2014 financial results. The total revenues surged by 93% to about $6.7 million in 4Q2014 compared to $3.4 million in 4Q2013. The adjusted net income jumped 109% to approximately $5.4 million against $2.6 million for the fourth quarter of FY2013. The company raised more than $36 million in new equity during the quarter. It funded $49.8 million into three transactions.

The financials

SWK Holdings reported total revenue of about $17.4 million, up 170% in FY2014 from $6.4 million for FY2013. The total income producing assets came at approximately $102.4 million compared to $37.2 million in same period last year. The valuation allowance worth $10.0 million were released against the SWK’s net deferred tax assets. The company deployed $71.5 million of fresh capital across 9 transactions.

The management view

Brett Pope, the Chief Executive Officer of SWK Holdings Corp (OTCMKTS:SWKH) said that the company is very pleased with FY2014 financial performance. The company made considerable progress in creating the franchise. The management believes that the company is poised for continued success. There has been a strong pipeline of potential deals. Also, the capital of $113 million raised will assist the company to capitalize on existing opportunities in the market. The company continues to use opportunities to deploy funds in the niche with the objective of compounding book value per share.

Equity financing

Last August, SWK Holdings entered into a Securities Purchase deal and related deals with Carlson Capital, L.P. and its affiliates pursuant to which, funds linked with Carlson stockholder bought newly issued shares of the SWK’s common stock such that its total ownership surged to 69.0%. Under the equity financing, the Company raised almost $113 million. SWK Holdings intends to use the funds from the equity financing to meet general corporate needs.

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