CORPORATE FINANCIAL REPORTS - 8-28-17

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

Sportsman’s Warehouse

Sportsman’s Warehouse Holdings Inc., based in Midvale, reported net income of $6.6 million, or 15 cents per share, for the quarter ended July 29. That compares with $8.3 million, or 20 cents per share, for the same quarter a year earlier.

Sales in the most recent quarter totaled $191.5 million, up from $189.8 million in the year-earlier quarter.

Sportsman’s Warehouse is an outdoor sporting goods retailer with 83 stores in 22 states.

“Our second-quarter top-line results were in line with our expectations given the anticipated continued softness in firearm demand as we anniversaried difficult comparisons from the Orlando tragedy in June 2016,” John Schaefer, chief executive officer, said in announcing the results. “Our better-than-expected bottom-line results were driven by stronger gross margins resulting primarily from the higher margin product mix shift that we experienced in the second quarter.

“We remained focused on continuing to capture market share during the quarter and are encouraged by the progress we made against our strategic priorities of expanding our private-label segment, maximizing our loyalty program, investing in our best-in-class customer service and enhancing our e-commerce platform.”

Schaefer said the company expects softness in firearm demand through the rest of the year “until we anniversary the pre-election run-up that drove increased demand in our firearm and ammunition categories last year.”

Flexpoint

Flexpoint Sensor Systems Inc., based in Draper, reported a net loss of $193,474, or zero cents per share, for the second quarter ended June 30. That compares with a net loss of $414,381, or 1 cent per share, for the same quarter a year earlier.

Revenues in the most recent quarter totaled $154,639, up from $93,039 in the year-earlier quarter.

Flexpoint is a technology firm specializing in developing products that feature the company’s patented Bend Sensor and related technology. The company said the biggest contributor to second-quarter revenue was glove-based products and a relationship with a toymaker.

“We received revenue from repeat orders from our existing customers, as well as design contract and development engineering,” Clark Mower, president, said in announcing the results. “The majority of the revenue for this period came from production products. This is an important development as it leads to continued future growth.”

“The company continues to concentrate its marketing resources on a limited number of customers that have the greatest potential to generate the most short-term revenue while still building relationships with our larger customers,” said Paul Sexauer, vice president of sales and marketing. “Management anticipates revenues will increase as we continue to execute our long-term business plan and cultivate larger customer bases with our existing product offering. Therefore, management continues to work with larger companies and industries, and is hopeful that in the near future we will sign a long-term licensing or manufacturing contract.”