The following are recent financial reports as posted by selected Utah corporations:
SkyWest
SkyWest Inc., based in St. George, reported net income of $54 million, or $1.01 per share, for the third quarter ended Sept. 30. That compares that compares with $41 million, or 79 cents per share, for the same quarter a year earlier.
Revenue in the most recent quarter totaled $832 million, up from $800 million in the year-earlier quarter.
SkyWest Inc. is a holding company for two scheduled passenger airline operations and an aircraft leasing company. Its airline companies provide commercial air service in cities throughout North America with nearly 3,000 daily flights carrying more than 50 million passengers annually. SkyWest has more than 17,000 employees.
{mprestriction ids="1,3"} “Our results reflect strong production, solid operating performance and ongoing fleet transition improvements,” Chip Childs, chief executive officer, said in announcing the results. “Additionally, our teams did a great job of managing severe weather events during the quarter. None of this is possible without our outstanding professionals and the work they do each day to provide an excellent product to our customers.”
People’s Utah Bancorp
People’s Utah Bancorp., based in American Fork, reported net income of $6.2 million, or 34 cents per share, for the third quarter ended Sept. 30. The results were flat with those for the same quarter a year earlier.
During the most recent quarter, the company had a $500,000 loss on the sale of $80.4 million of investment securities to raise liquidity to fund the purchase of net assets from the acquisition of Banner Bank branches, and recorded $500,000 in costs related to the purchase of the Utah branches of Banner Bank and the pending merger of Town & Country Bank. Net income from core operations was $6.9 million, or 37 cents per share, for the most recent quarter.
“We are pleased to have achieved strong financial performance for the third quarter across our community banking family, excluding acquisition-related costs,” Richard Beard, president and chief executive officer, said in announcing the results. “While we continue to achieve solid loan and deposit growth, we’ve maintained a strong focus on credit equality as reflected in our low level of nonperforming assets. As a result of our efforts to profitably grow our business, we continue to experience positive trends in our overall operating performance.”
People’s Utah Bancorp is the holding company for People’s Intermountain Bank, which has 25 locations in two banking divisions, Bank of American Fork and Lewiston State Bank; a leasing division, GrowthFunding Equipment Finance; and a mortgage division, People’s Intermountain Bank Mortgage.
During the most recent quarter, deposits grew $116.3 million year-over-year to reach $1.5 billion. Loans held for investment grew $110.2 million to reach $1.2 billion year-over-year. Net interest income during the quarter grew $2.3 million during the past year and non-interest income fell $800,000 during that time.
Utah Medical Products
Utah Medical Products Inc., based in Salt Lake City, reported net income of $3.5 million, or 97 cents per share, for the third quarter ended Sept. 30. That compares with $2.9 million, or 78 cents per share, for the same quarter a year earlier.
Net sales in the most recent quarter totaled $10.1 million, up from $9.7 million in the year-earlier quarter.
Utah Medical Products develops, manufactures and markets disposable and reusable specialty medical devices.
Merit Medical
Merit Medical Systems Inc., based in South Jordan, reported a net loss of $3.6 million, or 7 cents per share, for the third quarter ended Sept. 30. That compares with net income of $1 million, or 2 cents per share, for the same quarter a year earlier.
Revenue in the most recent quarter totaled $179.3 million, up from $157 million in the year-earlier quarter.
The company said that during the most recent quarter, it made investments in intellectual property of approximately $12.1 million as part of asset and equity acquisitions that were recorded as acquired in-process research and development expense. Merit also recognized a reduction of $778,000 to a gain related to the acquisition of the critical care business of Argon Medical Devices Inc. earlier in the year.
Merit Medical Systems manufactures and markets disposable devices used in interventional, diagnostic and therapeutic procedures, particularly in cardiology, radiology, oncology, critical care and endoscopy.
“Despite challenges with the general conditions of summer selling, the company delivered earnings above expectations, which demonstrates both our commitment and discipline to our financial and operating plan, which … we are confirming for the balance of this year, as well as our announced plans for 2018 and 2019,” Fred P. Lampropoulos, chairman and chief executive officer, said in announcing the results.
“Recently, we made four strategic tuck-in acquisitions. The first, the assets we acquired from Laurane Medical, add additional bone biopsy technology to our biopsy portfolio. Second, we acquired the assets of Osseon, which adds products and technology to our vertebral augmentation and kyphoplasty portfolio. The products and technologies acquired in these two transactions will be manufactured at our facility in Ireland as we scale both of these businesses.” The company also acquired IntelliMedical Technologies in Melbourne, Australia.
Instructure
Instructure Inc., based in Salt Lake City, reported a net loss of $13.8 million, or 42 cents per share, for the third quarter ended Sept. 30. That compares with a loss of $12.3 million, or 44 cents per share, for the same quarter a year earlier.
Revenue in the most recent quarter totaled $42.9 million, up from $30.1 million in the year-earlier period.
Instructure is a software-as-a-service (SaaS) technology company.
“We had a solid third quarter, delivering 42 percent revenue growth while posting continued improvements to our operating margin,” Josh Coates, chief executive officer, said in announcing the results. “Strong adoption of both Canvas and Bridge, as well as exceptional customer satisfaction, give us confidence in our ability to continue to expand our leadership position.”{/mprestriction}
