-----BEGIN PRIVACY-ENHANCED MESSAGE-----
Proc-Type: 2001,MIC-CLEAR
Originator-Name: webmaster@www.sec.gov
Originator-Key-Asymmetric:
 MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen
 TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB
MIC-Info: RSA-MD5,RSA,
 B0KYZUCMQn9jZ0QOM8/pOGSH0xzPwloDjpigIrGJRmopegZSqwaqpP8iu4t179yB
 gb0cntZK5sgsgp6Rbk9rSQ==

<SEC-DOCUMENT>0000086115-04-000009.txt : 20040114
<SEC-HEADER>0000086115-04-000009.hdr.sgml : 20040114
<ACCEPTANCE-DATETIME>20040114153614
ACCESSION NUMBER:		0000086115-04-000009
CONFORMED SUBMISSION TYPE:	4
PUBLIC DOCUMENT COUNT:		1
CONFORMED PERIOD OF REPORT:	20040112
FILED AS OF DATE:		20040114

REPORTING-OWNER:	

	OWNER DATA:	
		COMPANY CONFORMED NAME:			DAVIS CHRISTOPHER J
		CENTRAL INDEX KEY:			0001186319

	FILING VALUES:
		FORM TYPE:		4
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-05620
		FILM NUMBER:		04524930

	BUSINESS ADDRESS:	
		STREET 1:		435 DEVON PARK DRIVE
		STREET 2:		BUILDING 800
		CITY:			WAYNE
		STATE:			PA
		ZIP:			19087-1945

ISSUER:		

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			SAFEGUARD SCIENTIFICS INC
		CENTRAL INDEX KEY:			0000086115
		STANDARD INDUSTRIAL CLASSIFICATION:	SERVICES-BUSINESS SERVICES, NEC [7389]
		IRS NUMBER:				231609753
		STATE OF INCORPORATION:			PA
		FISCAL YEAR END:			1231

	BUSINESS ADDRESS:	
		STREET 1:		435 DEVON PARK DR
		STREET 2:		800 THE SAFEGUARD BLDG
		CITY:			WAYNE
		STATE:			PA
		ZIP:			19087
		BUSINESS PHONE:		6102930600

	MAIL ADDRESS:	
		STREET 1:		435 DEVON PARK DR
		STREET 2:		BLDG 800
		CITY:			WAYNE
		STATE:			PA
		ZIP:			19087

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	SAFEGUARD INDUSTRIES INC
		DATE OF NAME CHANGE:	19810525

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	SAFEGUARD CORP
		DATE OF NAME CHANGE:	19690521
</SEC-HEADER>
<DOCUMENT>
<TYPE>4
<SEQUENCE>1
<FILENAME>edgardoc.xml
<DESCRIPTION>PRIMARY DOCUMENT
<TEXT>
<XML>
<?xml version="1.0"?>
<ownershipDocument>

    <schemaVersion>X0201</schemaVersion>

    <documentType>4</documentType>

    <periodOfReport>2004-01-12</periodOfReport>

    <notSubjectToSection16>0</notSubjectToSection16>

    <issuer>
        <issuerCik>0000086115</issuerCik>
        <issuerName>SAFEGUARD SCIENTIFICS INC</issuerName>
        <issuerTradingSymbol>SFE</issuerTradingSymbol>
    </issuer>

    <reportingOwner>
        <reportingOwnerId>
            <rptOwnerCik>0001186319</rptOwnerCik>
            <rptOwnerName>DAVIS CHRISTOPHER J</rptOwnerName>
        </reportingOwnerId>
        <reportingOwnerAddress>
            <rptOwnerStreet1>800 THE SAFEGUARD BUILDING</rptOwnerStreet1>
            <rptOwnerStreet2>435 DEVON PARK DRIVE</rptOwnerStreet2>
            <rptOwnerCity>WAYNE</rptOwnerCity>
            <rptOwnerState>PA</rptOwnerState>
            <rptOwnerZipCode>19087-1945</rptOwnerZipCode>
            <rptOwnerStateDescription></rptOwnerStateDescription>
        </reportingOwnerAddress>
            <reportingOwnerRelationship>
            <isDirector>0</isDirector>
            <isOfficer>1</isOfficer>
            <isTenPercentOwner>0</isTenPercentOwner>
            <isOther>0</isOther>
            <officerTitle>Managing Director and CFO</officerTitle>
        </reportingOwnerRelationship>
    </reportingOwner>

    <derivativeTable>

        <derivativeTransaction>
            <securityTitle>
                <value>Deferred Stock Units (right to buy) 2004</value>
            </securityTitle>
            <conversionOrExercisePrice>
                <value>0</value>
            </conversionOrExercisePrice>
            <transactionDate>
                <value>2004-01-12</value>
            </transactionDate>
            <transactionCoding>
                <transactionFormType>4</transactionFormType>
                <transactionCode>A</transactionCode>
                <equitySwapInvolved>0</equitySwapInvolved>
            </transactionCoding>
            <transactionAmounts>
                <transactionShares>
                    <value>100000</value>
                </transactionShares>
                <transactionPricePerShare>
                    <value>0</value>
                </transactionPricePerShare>
                <transactionAcquiredDisposedCode>
                    <value>A</value>
                </transactionAcquiredDisposedCode>
            </transactionAmounts>
            <exerciseDate>
                <footnoteId id="F1"/>
            </exerciseDate>
            <expirationDate>
                <footnoteId id="F1"/>
            </expirationDate>
            <underlyingSecurity>
                <underlyingSecurityTitle>
                    <value>Common Stock</value>
                </underlyingSecurityTitle>
                <underlyingSecurityShares>
                    <value>100000</value>
                </underlyingSecurityShares>
            </underlyingSecurity>
            <postTransactionAmounts>
                <sharesOwnedFollowingTransaction>
                    <value>100000</value>
                </sharesOwnedFollowingTransaction>
            </postTransactionAmounts>
            <ownershipNature>
                <directOrIndirectOwnership>
                    <value>D</value>
                </directOrIndirectOwnership>
            </ownershipNature>
        </derivativeTransaction>

    </derivativeTable>

    <footnotes>
        <footnote id="F1">The deferred stock units are payable in stock, on a one-for-one basis.  The deferred stock units vest as follows: (i) 50% of the units vest on the fifth anniversary of the grant, subject to acceleration of vesting upon the achievement of certain performance criteria established by the Compensation Committee; and (ii) the remaining 50% of the units vest 25% on the first anniversary of the grant and in equal monthly installments on the first day of each month during the three-year period thereafter.  Distributions in respect of the deferred stock units will be made after vesting at times established in accordance with the 1999 Equity Compensation Plan.</footnote>
    </footnotes>

    <ownerSignature>
        <signatureName>CHRISTOPHER J. DAVIS</signatureName>
        <signatureDate>2004-01-14</signatureDate>
    </ownerSignature>

</ownershipDocument>

</XML>
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
-----END PRIVACY-ENHANCED MESSAGE-----