CORPORATE FINANCIAL REPORTS 8-21-17

The following are recent financial reports as posted by selected Utah corporations:

Vista Outdoor

Vista Outdoor Inc., based in Farmington, reported net income of $16.7 million, or 29 cents per share, for the fiscal first quarter ended July 2. That compares with $29.1 million, or 48 cents per share, for the same quarter a year earlier.

Sales in the most recent quarter totaled $568.8 million, down from $620.3 million in the year-earlier quarter.

Vista Outdoor designs, manufactures and markets consumer products in the outdoor sports and recreation markets. The company operates in two segments, Outdoor Products and Shooting Sports. It has manufacturing operations and facilities in 13 U.S. States, Canada, Mexico and Puerto Rico along with international customer service, sales and sourcing operations in Asia, Australia, Canada and Europe.

{mprestriction ids="1,3"}“We delivered a solid start to fiscal year 2018 in the face of a challenging retail environment,” Michael Callahan, interim chairman and chief executive officer, said in announcing the results. “The company continues its focus on new product development, improved operational performance and cost savings.”

Myriad Genetics

Myriad Genetics Inc., based in Salt Lake City, reported net income of $12.9 million, or 19 cents per share, for the fiscal fourth quarter. That compares with $23.4 million, or 32 cents per share, for the same quarter a year earlier.

Revenue in the most recent quarter totaled $200.5 million, up from $186.5 million in the year-earlier quarter.

Myriad Genetics discovers and commercializes molecular diagnostic tests that determine the risk of developing disease, accurately diagnose disease, assess the risk of disease progression, and guide treatment decisions across six major medical specialties.

“This quarter we saw record demand for hereditary cancer tests and now have 86 percent of our hereditary cancer revenue under long-term contract, providing future stability upon which to build our growing portfolio of new products,” Mark C. Capone, president and chief executive officer, said in announcing the results. “Our diversification efforts showed continued success, with new products representing greater than two-thirds of test volume and 28 percent of revenue in the fourth quarter. Our strong progress on transforming the company leaves us well-positioned to achieve our long-term strategic goals.”

For the full fiscal year, the company reported net income of $21.8 million, or 32 cents per share. That compares with $125.3 million, or $1.71 per share, for the prior year. Revenues in the most recent fiscal year totaled $771.4 million, up from $753.8 million in the prior year.

Vivint Solar

Vivint Solar, based in Lehi, reported net income available to common stockholders of $5 million, or 4 cents per share, for the second quarter ended June 30. That compares with $12.4 million, or 11 cents per share, for the same quarter a year earlier.

Revenue in the most recent quarter totaled $43.4 million, up from $30 million in the year-earlier quarter.

Vivint Solar is a full-service residential solar provider.

Profire Energy

Profire Energy Inc., based in Lindon, reported net income of $1.3 million, or 3 cents per share, for the quarter ended June 30. That compares with a loss of $605,295, or 1 cent per share, for the same quarter a year earlier.

Revenues in the most recent quarter totaled $9.5 million, up from $4 million in the year-earlier quarter.

Profire is involved in the production and transportation of oil and natural gas. It has offices in Lindon; Houston; Shelocta, Pennsylvania; Greeley, Colorado; and Spruce Grove, Alberta, Canada.

“With the substantial increase in revenues over the prior year and over the prior quarter, our operating cost structure has remained relatively flat, only increasing 13 percent year over year,” Ryan Oviatt, chief financial officer, said in announcing the results. “This structure allowed us to achieve a 317 percent increase in net income when compared to the same quarter a year ago. We are committed to maintaining an appropriate cost structure as we continue to grow and will remain vigilant in the pursuit of other opportunities that could add value to our company and its shareholders.”

Brenton Hatch, president and chief executive officer, said the company has “proven that we can turn a profit and adapt quickly even as the industry continues to struggle. We believe we can take advantage of opportunities as they arise that will help Profire to succeed in the future.”

Superior Drilling Products

Superior Drilling Products Inc., based in Vernal, reported net income of $307,000, or 1 cent per share, for the second quarter ended June 30. That compares with a net loss of $3 million, or 18 cents per share, for the same quarter a year earlier.

Revenue in the most recent quarter totaled $4 million, up from $1.1 million in the year-earlier quarter.

The company designs and manufactures drill tool technologies.

“We delivered exceptional results in the quarter from sales of our Drill-N-Ream (DnR) well bore conditioning tool, increased aftermarket support and royalties, and solid performance in contract services,” Troy Meier, Chairman and chief executive officer, said in announcing the results. “Our channel partner has successfully achieved their June 2017 market share goal with the DnR and is focused on meeting their year-end goal. Higher volume and revenue delivered positive bottom-line results for us.”

Nature’s Sunshine

Nature’s Sunshine Products Inc., based in Lehi, reported a net loss attributable to common shareholders of $200,000, or 1 cent per share, for the second quarter ended June 30. That compares with net income of $2.6 million, or 14 cents per share, for the same quarter a year earlier.

The company said the net loss in China was about 6 cents per share in the most recent quarter.

Sales in the most recent quarter totaled $81.3 million, down from $89.4 million in the year-earlier quarter.

Nature’s Sunshine Products markets and distributes nutritional and personal care products through direct sales.

“Second-quarter financial results were negatively impacted by disruptions associated with the implementation of the company’s Oracle ERP system and the incremental costs of the system, as well as continued pressure in Korea,” Gregory L. Probert, chairman and chief executive officer, said in announcing the results.

“The ERP implementation primarily impacted sales in North America and we are working to address the issues. While we are disappointed that sales and profits have been impacted during the initial phase of implementation, I am confident that the long-term benefits of the enhanced ERP system will be evident over the coming years. In Korea, the combination of geopolitical and economic challenges and lower distributor engagement have impacted business activity. We are focused on activities to enhance distributor engagement and improve sales trends.”

ClearOne

ClearOne, based in Salt Lake City, reported a net loss of $820,000, or 9 cents per share, for the quarter ended June 30. That compares with net income of $955,000, or 10 cents per share, for the same quarter a year earlier.

Revenue for the most recent quarter totaled $10.3 million, down from $12 million in the year-earlier quarter.

ClearOne designs, develops and sells conferencing, collaboration and network streaming and signage solutions for voice and visual communications.

“Our major product transition continued to impact the company resulting in a disappointing second quarter, notwithstanding the 34 percent sequential increase in revenues in Q2 from the new Converge Pro 2 (CP2), which with our Beamforming Microphone Array 2 is our next -generation conferencing platform,” Zee Hakimoglu, president and chief executive officer, said in announcing the results.

“Our fundamentals are strong as a result of our award-winning product set, efficient operations and strong balance sheet. As we further our revenue expansion with CP2 platform and video, we expect to close the profitability gap. In addition, we continue to create shareholder value through our on-going repurchase program and dividend plan.”{/mprestriction}