The following are recent financial reports as posted by selected Utah corporations:
Extra Space Storage
Extra Space Storage Inc., based in Salt Lake City, reported funds from operations (FFO) attributable to common stockholders and unit holders of $146.1 million, or $1.08 per share, for the quarter ended June 30. That compares with $120.9 million, or 91 cents per share, for the same quarter a year earlier.
Net income attributable to common shareholders totaled $87 million, or 69 cents per share. That compares with $83 million, or 66 cents per share, for the same quarter a year earlier.
Revenues in the most recent quarter totaled $276 million, up from $244.3 million in the year-earlier quarter.
{mprestriction ids="1,3"}Extra Space Storage is a self-administered and self-managed real estate investment trust. At the end of the quarter, it owned and/or operated 1,470 self-storage stores in 38 states; Washington, D.C.; and Puerto Rico. It is the second-largest owner and/or operator of self-storage stores in the United States and is the largest self-storage management company in the U.S.
“We had another solid quarter despite headwinds from new supply and tough year-over-year comparables,” Joseph D. Margolis, chief executive officer, said in announcing the results. “We increased rates and gained occupancy, leading to same-store revenue growth of 5.2 percent and NOI (net operating income) growth of 7.7 percent. Our acquisitions and third-party management platforms enhanced the growth of our FFO as adjusted, which was up 16 percent year-over-year.”
Nu Skin
Nu Skin Enterprises Inc., based in Provo, reported net income of $42 million, or 77 cents per share, for the quarter ended June 30. That compares with $44.7 million, or 79 cents per share, for the same quarter a year earlier.
Revenue in the most recent quarter totaled $550.1 million, down from $660.5 million in the year-earlier quarter. The year-ago total included $106 million in limited-time-offer sales.
Nu Skin develops and distributes consumer products, offering a line of beauty and wellness solutions.
“We are pleased to deliver strong quarterly results as we implement our growth strategy,” Ritch Wood, chief executive officer, said in announcing the results. “We believe our second-quarter results provide momentum we can build on as we prepare to introduce several new products and significant business initiatives in the fourth quarter. We remain focused on customer acquisition and are encouraged by our year-over-year customer growth. Looking forward, we believe our product and business initiatives, coupled with our continued efforts to increase our customer base, will help support business and sales leader growth in the second half of the year.”
Varex Imaging
Varex Imaging Corp., based in Salt Lake City, reported net income of $11 million, or 28 cents per share, for the third fiscal quarter ended June 30. That compares with $18 million, or 47 cents per share, for the same quarter a year earlier.
Revenues in the most recent quarter totaled $170 million and included $27 million from two months of contribution from the acquisition of PerkinElmer Inc. That compares with $151 million in the year-earlier quarter.
Varex Imaging is a designer and manufacturer of X-ray imaging components, which include tubes, digital flat-panel detectors and other image processing solutions. It employs approximately 1,900 people located at manufacturing and service center sites in North America, Europe and Asia.
“The third quarter of last year saw strong year-over-year revenue growth as our business started to recover from an earlier downturn,” Sunny Sanyal, chief executive officer, said in announcing the results. “While organic revenues declined in the third quarter of this year, for the trailing four quarters they were up 3 percent. Including revenues from the acquired imaging business, revenues for the trailing four quarters were up 8 percent.
“In our medical segment, we have seen strong year-to-date growth in the mammography and dental markets and stability in the CT, radiographic and fluoroscopic markets. However, we have seen declines in our non-OEM aftermarket X-ray tube sales to third-party service organizations. In the industrial segment, growth in the security market contributed to increased revenues during the quarter.”
Control4
Control4 Corp., based in Salt Lake City, reported net income of $3.9 million, or 15 cents per share, for the second quarter ended June 30. That compares with $500,000, or 2 cents per share, for the same quarter a year earlier.
Revenue in the most recent quarter was a company-record $61.4 million, up from $53.2 million in the year-earlier quarter.
Control4 provides automation and networking systems for homes and businesses.
“Our recent business performance aligns with the positive opportunities we see for our products, dealers and partners in delivering fantastic connected-experiences to homeowners, families and businesses,” Martin Plaehn, chairman and chief executive officer, said in announcing the results. “Our mid-Q1 addition of Triad to our business is being well received. We have completed the Triad integration into Control4, and we continue to execute on our strategies to enhance and deliver industry-leading connected-home solutions through our expert global channel.”
ZAGG
ZAGG Inc., based in Salt Lake City, reported net income of $3.4 million, or 12 cents per share, for the second quarter ended June 30. That compares with a net loss of $1 million, or 4 cents per share, for the same quarter a year earlier.
Sales in the most recent quarter totaled $115.2 million, up from $99.8 million in the year-earlier quarter.
ZAGG offers mobile accessories sold under the ZAGG, mophie, InvisibleShield and IFROGZ brands.
“The strong momentum we experienced early in the year continued in the second quarter,” Randy Hales, president and chief executive officer, said in announcing the results. “Our net sales for the first half of 2017 represent an all-time record for ZAGG Inc. as well as the ZAGG and mophie business units on an individual basis.”
“Operating performance at mophie continues to improve as a result of several initiatives implemented since the acquisition. For the first time in several years, the mophie business unit recorded positive adjusted EBITDA (earnings before interest, taxes, depreciation and amortization) during the last two months of the second quarter and we expect this trend to continue during the second half of the year.”
Black Diamond
Black Diamond Inc., Salt Lake City, reported a net loss of $3.7 million, or 12 cents per share, for the second quarter ended June 30. That compares with a net loss of $3.2 million, or 10 cents per share, for the same quarter a year earlier.
The year-earlier net loss benefited from a $2 million arbitral award for certain claims against the former owner of PIEPS associated with the voluntary recall of all of the PIEPS Vector transceivers during 2013.
Sales in the most recent quarter totaled $30.7 million, up from $29.1 million in the year-earlier quarter.
Black Diamond Inc. is a holding company, with Black Diamond Equipment Ltd. as its only operating subsidiary. Black Diamond Equipment is a manufacturer of active outdoor equipment and clothing for the climbing, skiing and mountain sports markets.
“In the second quarter, our strategy to refocus on our core customer while innovating in current and adjacent product categories continued to gain momentum,” John Walbrecht, president of Black Diamond Equipment, said in announcing the results. “We grew sales in all of our major geographic markets and across all distribution channels, including strong double-digit growth in our distributor and direct-to-consumer businesses. Products that drove this growth included the launch of Black Diamond climbing shoes, our new ropes line — a category we introduced last fall — as well as updates to our harness, carabiner and helmet lines.”
Walbrecht said the company expects a “robust” fall of this year and spring of 2018.
Lipocine
Lipocine Inc., based in Salt Lake City, reported a net loss of $6.1 million, or 31 cents per share, for the quarter ended June 30. That compares with a net loss of $5.8 million, or 32 cents per share, for the same quarter a year earlier.
Lipocine is a specialty pharmaceutical company developing innovative pharmaceutical products using its proprietary drug delivery technologies. Lipocine’s clinical development pipeline includes three development programs: LPCN 1021, LPCN 1111 and LPCN 1107.
“We are pleased with our accomplishments and progress in the second quarter with LPCN 1021 and LPCN 1111, our oral testosterone replacement therapies, and LPCN 1107, our oral alternative for the prevention of preterm birth,” Dr. Mahesh Patel, chairman, president and chief executive officer, said in announcing the results.
Overstock
Overstock.com Inc., based in Salt Lake City, reported a net loss of $7.5 million, or 29 cents per share, for the quarter ended June 30. That compares with a loss of $904,000, or 4 cents per share, for the same quarter a year earlier.
Revenue in the most recent quarter totaled $432 million, up from $418.5 million in the year-earlier period.
Overstock.com is an online retailer offering more than 6 million products. It employs about 1,500 people.
In a letter to shareholders, Patrick M. Byrne, founder and chief executive officer, said the loss on the blockchain side of the company’s business was expected.
“The loss on the retail side was unpleasant, but not as heart-stopping as it might appear,” he said. “In truth, almost all aspects of our retail business are running well: Our sourcing is expanding (we are up to 3 million products and have a clear path to having 5-10 times that many); our logistics operations are efficient; our site technology is intelligent and is becoming more so through our work in machine learning; our branding efforts are showing better responsiveness than they have in years; and our digital marketing channels (with one exception) are run by quants who have finely tuned them.”
APX Group Holdings
APX Group Holdings Inc., based in Provo, reported a net loss of $84.2 million for the quarter ended June 30. That compares with a loss of $89.7 million for the same quarter a year earlier.
Revenues in the most recent quarter totaled $212.1 million, up from $180.8 million in the year-earlier quarter.
Vivint Smart Home provides smart home services in North America.
“Vivint’s second quarter 2017 was another strong period of top-line growth in our core business, led by our inside sales channel, which grew 16 percent year over year,” Todd Pedersen, chief executive officer of APX Group, said in announcing the results. “During the second quarter, we successfully transitioned all of our sales channels to Vivint Flex Pay and customers have embraced this offering as we had over 50 percent paying for smart home products and installation through consumer financing or paying in full.”{/mprestriction}
