Corporate Financial Reports: 10-30-17

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

Zions

Zions Bancorporation, based in Salt Lake City, reported net earnings applicable to common shareholders of $152 million, or 72 cents per share, for the third quarter ended Sept. 30. That compares with $117 million, or 57 cents per share, for the same quarter a year earlier.

Zions offers banking services in 11 western states.

Net interest income increased to $522 million in the most recent quarter, from $469 million. Total noninterest income for the third quarter fell by 4.1 percent to $139 million from $145 million.

{mprestriction ids="1,3"}Loans and leases, net of unearned income and fees, increased $1.6 billion, or 3.8 percent, from $42.5 billion a year earlier to $44.2 billion. When compared with the prior-year period, commercial loans increased $915 million and consumer loans increased $1 billion, predominantly in residential loans for homes of one to four family members. Commercial real estate loans declined slightly from the prior year period, primarily due to active management of credit risk concentrations.

Total deposits increased by $1.3 billion, or 2.5 percent, from $50.8 billion a year earlier. Average total deposits increased to $51.9 billion in the most recent quarter, compared with $50.7 billion a year earlier. Average noninterest bearing deposits increased to $23.8 billion, compared with $22.5 billion a year earlier.

“Our third-quarter earnings reflect moderate loan growth and continued improvement in credit quality,” Harris H. Simmons, chairman and chief executive officer, said in announcing the results. “Furthermore, the year-to-date efficiency ratio, at 62.6 percent, is on track to meet the cost objective we established for 2017.”

Simmons noted that the quarterly results were impacted by Hurricane Harvey, which led the company to provide financial relief to affected employees in Texas and to set aside additional reserves for any credit-related impact from the storm.

“We are pleased with the quarterly earnings result, and look forward to continued progress in simplifying our business, meeting our customers’ needs and improving our profitability in the year ahead,” he said.

Dynatronics

Dynatronics Corp., based in Cottonwood Heights, reported a net loss applicable to common shareholders of $2.5 million, or 64 cents per share, for the fiscal fourth quarter ended June 30. That compares with $1.2 million, or 45 cents per share, for the same quarter a year earlier.

Net sales in the most recent quarter totaled $11.2 million, up from $8.1 million in the prior-year quarter.

For the full fiscal year, the company reported a net loss applicable to common shareholders of $4.3 million, or $1.36 per share. That compares with $2.3 million, or 84 cents per share, for the prior fiscal year.

Net sales in the most recent year totaled $35.8 million, up from $30.4 million in the prior year.

Dynatronics designs, manufactures, markets and distributes medical devices, therapeutic and medical treatment tables, rehabilitation equipment, custom athletic training treatment tables and equipment, institutional cabinetry, as well as other rehabilitation and therapy products and supplies.

The company said its acquisition of Hausmann contributed $3.8 million in net sales during the most recent quarter and fiscal year. “Legacy business sales were down approximately $775,000 for the quarter, mostly attributable to temporary weakness in demand for the company’s therapeutic modality product lines,” the company said.

“Not only did Hausmann contribute significant revenue and gross profit, but sales of our legacy business operations also increased $1.5 million or 5.0 percent for fiscal year 2017 compared to fiscal year 2016,” said Jeff Gephart, senior vice president of sales and marketing. “Much of our organic growth came in long-term care markets, where we have increased sales and marketing efforts.”

Kelvyn H. Cullimore Jr., chairman and chief executive officer, said fiscal 2017 was “an exciting year” for the company.

“With the successful purchase and integration of Hausmann Industries in our fourth quarter, and the announcement … of our acquisition of Bird & Cronin Inc., we continue to demonstrate our ability to grow by acquiring profitable operations while simultaneously increasing the legacy business. The combination of Hausmann and Bird & Cronin with the legacy Dynatronics business significantly strengthens our competitive position and enhances our ability to further implement our growth strategy.” {/mprestriction}