Corporate Financial Reports - 11-20-17

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

Huntsman

Huntsman, with main offices in Texas and Salt Lake City, reported net income of $179 million, or 60 cents per share, for the third quarter ended Sept. 30. That compares with $64 million, or 23 cents per share, for the same quarter a year earlier.

Revenues in the most recent quarter totaled $2.2 billion, up from $1.8 billion in the year-earlier quarter.

{mprestriction ids="1,3"}Huntsman manufactures and markets differentiated and specialty chemicals. It operates more than 75 manufacturing, research and development, and operations facilities in more than 30 countries and employs about 10,000 people in its four business divisions.

“While I am disappointed that the merger-of-equals agreement with Clariant has been terminated, Huntsman’s future has never been brighter as our businesses continue to improve across the board, our balance sheet is as strong as it has ever been and will get even stronger with proceeds from upcoming Venator secondary sales,” Peter R. Huntsman, president and chief executive officer, said in announcing the results.

“We look forward to achieving investment-grade metrics in the near future. Huntsman remains focused on growing our downstream differentiated and specialty businesses, expanding our margins, and generating a consistently strong free cash flow.”

Excluding the impact from Hurricane Harvey, “each one of our businesses performed well, growing adjusted EBITDA (earnings before interest, taxes, depreciation and amortization) versus the prior year, as our underlying fundamentals remain positive across our core markets,” Huntsman said. “I expect each of our businesses to show year-over-year growth in the fourth quarter as well.”

Vista Outdoor

Vista Outdoor Inc., based in Farmington, reported a net loss of $114.7 million, or $2.01 per share, for the fiscal second quarter ended Oct. 1. That compares with net income of $73.2 million, or $1.22 per share, for the same quarter a year earlier.

Sales totaled $587 million in the most recent quarter, down from $684.3 million a year earlier.

Vista designs, manufactures and markets consumer products in the growing 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.

“During the second quarter, the competitive environment in ammunition, firearms and shooting-related accessories continued to impact our business,” Stephen Nolan, chief financial officer, said in announcing the results. “Ongoing promotional activity combined with high inventory trends in our wholesale channels contributed to a challenging quarter.”

During the quarter, the company recorded an impairment of intangible assets of $152 million in its Outdoor Products segment, with $75 million related to the sports protection business and $77 million related to the hunting and shooting accessories business.

“The impairment was triggered by increased downward pressure on sales and margins as a result of challenging market conditions that have persisted longer than previously expected,” Nolan said.

“These challenging market conditions have been exacerbated by additional customer bankruptcies and consolidations. We continue to see high channel inventories for our hunting and shooting accessories business. We expect these inventory levels will take the remainder of the fiscal year to work through, and will continue to put pressure on sales and margins. Our Sports Protection business has been impacted by the ongoing challenges facing the cycling industry broadly and by reduced retail space for our products.”

Nu Skin

Nu Skin Enterprises Inc., based in Provo, reported net income of $41.7 million, or 76 cents per share, for the third quarter ended Sept. 30. That compares with $56.9 million, or 98 cents per share, for the same quarter a year earlier.

Revenue in the most recent quarter totaled $563.7 million, down from $604.2 million in the year-earlier quarter.

Nu Skin develops and distributes consumer products, offering a line of beauty and wellness products.

“During the third quarter, we continued to execute our growth strategy and delivered results at the top-end of our previous guidance range,” Ritch Wood, chief executive officer, said in announcing the results. “We generated sequential improvements in the business, and are confident that our focus on social selling served as an important catalyst for steady customer and business growth in many of our markets.”

Overstock.com

Overstock.com Inc., based in Salt Lake City, reported a net loss attributable to shareholders of $786,000, or 3 cents per share, for the quarter ended Sept. 30. That compares with a loss of $3.1 million, or 12 cents per share, for the same quarter a year earlier.

Revenue in the most recent quarter totaled $424 million, down from $441.6 million in the year-earlier quarter.

Overstock.com is an online retailer.

“I have indicated for about 18 months (and loud-and-clear in the last earnings call) that I hear the ‘Gods of Economics’ whispering that the best model is a brick-and-click model, and that around the end of 2017 I would be working on exploring such a hybridization, which could take various forms (by way of non-exhaustive examples, click-buying-brick or brick-buying-click, or a strategic partnership formed with the right large partner),” Patrick M. Byrne, founder and chief executive officer, said in announcing the results. “I stand by my earlier statements regarding the exploration of strategic alternatives.”

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 $147.6 million, or $1.09 per share, for the quarter ended Sept. 30. That compares with $134.5 million, or $1 per share, for the same quarter a year earlier.

Net income attributable to common shareholders was $93.8 million, or 74 cents per share. That compares with $118 million, or 93 cents per share, for the same quarter a year earlier.

Revenues in the most recent quarter totaled $284.2 million, up from $257.2 million in the year-earlier quarter.

Extra Space Storage is a self-administered and self-managed real estate investment trust that owns and/or operates 1,513 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 nation.

“I am proud of the efforts and sacrifices our team made to take care of our customers, fellow employees and our stores during three hurricanes in the quarter,” Joe Margolis, chief executive officer, said in announcing the results. “In the midst of these tragic events, we had strong execution this quarter and posted another solid result.”

USANA

USANA Health Sciences Inc., based in Salt Lake City, reported net earnings of $23.8 million, or 97 cents per share, for the third quarter ended Sept. 30. That compares with $30.1 million, or $1.20 per share, for the same quarter a year earlier.

Sales in the most recent quarter totaled $261.8 million, up from $254.2 million in the year-earlier quarter.

USANA develops and manufactures nutritional sup-plements, healthy foods and personal care products that are sold directly to associates and preferred customers.

“The third quarter was significant for USANA, not only for delivering record quarterly sales, but because of the accomplishments and announcements we made during the quarter,” Kevin Guest, chief executive officer, said in announcing the results.

At its international convention, the company introduced a new skincare line, Celavive, and announced plans to expand into four more European countries.

“These announcements were well received by thousands of our associates at our convention and demonstrate our commitment to improving the health of more individuals and families around the world,” Guest said.

Varex Imaging

Varex Imaging Corp., based in Salt Lake City, reported net earnings of $15 million, or 39 cents per share, for the fiscal fourth quarter ended Sept. 30. That compares with $21.9 million, or 58 cents per share, for the same quarter a year earlier.

Revenues in the most recent quarter totaled $216 million, up from $172 million in the prior-year quarter.

For the full fiscal year, the company reported net earnings of $52 million, or $136 per share. That compares with $69 million, or $1.82 per share, for the prior year. 

Revenues in the most recent fiscal year totaled $698 million, up from $620 million in the prior year.

Varex Imaging designs and manufactures X-ray imaging components, which include tubes, digital flat panel detectors and other image processing solutions. It has about 1,900 employees.

“Fiscal year 2017 was a transformational year for Varex,” Sunny Sanyal, chief executive officer, said in announcing the results. “We successfully completed our spin-off into a new publicly traded company and closed a major acquisition of the imaging business from PerkinElmer while maintaining our focus on growing revenue and providing excellent customer service.

“Our strong performance in the fourth quarter and the fiscal year reinforces our belief that our emphasis and commitment to X-ray imaging components has enabled us to serve our customers better and provide greater value to our stockholders.”

Myriad Genetics

Myriad Genetics Inc., based in Salt Lake City, reported net income attributable to stockholders of $81.1 million, or $1.15 per share, for the fiscal first quarter ended Sept. 30. That compares with a net loss of $1.2 million, or 2 cents per share, for the same quarter a year earlier.

Revenues in the most recent quarter totaled $190.2 million, up from $177.2 million in the year-earlier quarter.

Myriad Genetics is a personalized medicine company that discovers and commercializes molecular diagnostic tests.

“The first quarter exceeded our expectations and represented an excellent start to the fiscal year as a result of strong hereditary cancer and GeneSight test demand,” Mark C. Capone, president and chief executive officer, said in announcing the results. “Perhaps more importantly, we had a number of significant reimbursement catalysts that strengthen our ability to deliver on our long-term financial goals.” 

ZAGG

ZAGG Inc., based in Salt Lake City, reported net income of $9.8 million, or 34 cents per share, for the third quarter ended Sept. 30. That compares with a net loss of $7.1 million, or 25 cents per share, for the same quarter a year earlier.

Net sales in the most recent quarter totaled $134.4 million, up from $124.7 million in the year-earlier quarter.

ZAGG produces accessories and technologies that include screen protection, mobile keyboards, power management solutions, social tech and personal audio sold under the ZAGG, mophie, InvisibleShield and IFROGZ brands.

“Our business performed extremely well across the board during the third quarter,” Randy Hales, president and chief executive officer, said in announcing the results. “With two of the strongest brands in the mobile lifestyle category — InvisibleShield and mophie — combined with an enhanced operating structure, we’ve created a powerful platform that is generating record revenue and adjusted EBITDA (earnings before interest, taxes, depreciation and amortization).”

Hales added that the company “has a long runway for growth.”

Nature’s Sunshine

Nature’s Sunshine Products Inc., based in Lehi, reported net income attributable to common shareholders of $2.4 million, or 13 cents per share, for the third quarter ended Sept. 30. That compares with $4.2 million, or 22 cents per share, for the same quarter a year earlier.

Sales in the most recent quarter totaled $89.3 million, up from $85.4 million in the year-earlier quarter.

Nature’s Sunshine Products markets and distributes nutritional and personal care products through a global direct sales force of approximately 498,000 people in more than 40 countries.

“We are pleased to report improved third-quarter sales performance, returning to both year-over-year and sequential growth led by a recovery at Synergy Worldwide and strong growth in China,” Gregory L. Probert, chairman and chief executive officer, said in announcing the results.

“The disruptions that impacted sales earlier in the year have moderated with enhanced distributor engagement in Korea and improvements in the performance in North America. We will continue to focus on regaining sales growth in these two markets while driving continued growth in China as we expand our direct selling efforts. The growth at Synergy Worldwide was led by strength in Japan, and our NSP business in Russia, Central and Eastern Europe contributed another quarter of growth.”

Vivint Solar

Vivint Solar, based in Lehi, reported net income available to common stockholders of $6.9 million, or 6 cents per share, for the third quarter ended Sept. 30. That compares with $16.7 million, or 15 cents per share, for the same quarter a year earlier.

Revenue in the most recent quarter totaled $75.1 million, up from $41.3 million in the year-earlier quarter.

Vivint Solar is a full-service residential solar provider in the U.S.

Security National Financial

Security National Financial Corp., based in Salt Lake City, reported after-tax earnings of $1 million, or 7 cents per share, for the quarter ended Sept. 30. That compares with $4.2 million, or 27 cents per share, for the same quarter a year earlier.

Revenues in the most recent quarter totaled $72 million, down from $83 million in the year-earlier quarter.

The company has three business segments: life insurance, cemeteries and mortuaries, and mortgages.

“While we are not pleased with any year-over-year decline in profitability, I would note that this quarter we surpassed a significant financial milestone with our assets growing to over $1 billion for the first time,” Scott Quist, chairman and chief executive officer, said in announcing the results. “Furthermore, I think it’s important to note that even with the decrease in earnings, our [year-to-date] pre-tax return on equity is essentially 8 percent.”

Quist said the current year “continues to be challenging for our company.”{/mprestriction}