Corporate Financial Reports - 11-27-17

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

Dominion Energy

Dominion Energy, based in Virginia but which acquired Salt Lake City-based Questar Corp. last year, reported net income of $665 million, or $1.03 per share, for the quarter ended Sept. 30. That compares with $690 million, or $1.10 per share, for the same quarter a year earlier.

Operating revenue in the most recent quarter totaled $3.18 billion, up from $3.13 billion in the year-earlier quarter.

Dominion Energy has a portfolio of approximately 25,600 megawatts of generation, 15,000 miles of natural gas transmission, gathering and storage pipeline, and 6,600 miles of electric transmission lines. Dominion Energy operates one of the nation’s largest natural gas storage systems, with 1 trillion cubic feet of storage capacity, and serves more than 6 million utility and retail energy customers.

“We are pleased with our financial results for the quarter,” Thomas F. Farrell II, chairman, president and chief executive officer, said in announcing the results. “In addition, we continue to make material progress on our growth projects and programs and we’re on track for the best safety record in the history of our company.”

{mprestriction ids="1,3"}Holly Energy Partners

Holly Energy Partners LP, based in Dallas but with operations in Utah, reported net income of $42.1 million, or 66 cents per share, for the third quarter ended Sept. 30. That compares with $34.8 million, or 33 cents per share, for the same quarter a year earlier.

The company said the earnings increase was primarily due to increased operating income from its Woods Cross refinery processing units of $8.9 million and increased earnings from equity investments of $1.3 million.

Revenues in the most recent quarter totaled $110.4 million, up from $92.6 million in the year-earlier quarter. The increase was mostly due to the $16.6 million in revenue recorded for the Woods Cross processing units acquired in the fourth quarter of 2016, the company said.

Holly Energy Partners provides petroleum product and crude oil transportation, terminalling, storage and throughput services to the petroleum industry, including HollyFrontier Corp. subsidiaries. The partnership, through its subsidiaries and joint ventures, owns and/or operates petroleum product and crude gathering pipelines, tankage and terminals in Utah and nine other states and refinery processing units in Utah and Kansas.

“We are pleased with our solid financial performance in the third quarter, which allowed us to maintain our record of continuous quarterly distribution increases and achieve our distribution growth target of 8 percent,” George Damiris, chief executive officer, said in announcing the results.

“We expect to complete our previously announced acquisition of the remaining interests in SLC and Frontier pipelines, which supply crude to refineries in the Salt Lake City area, very shortly.”

Sportsman’s Warehouse

Sportsman’s Warehouse Holdings Inc., based in Midvale, reported net income of $9.8 million, or 23 cents per share, for the quarter ended Oct. 28. That compares with $10.5 million, or 25 cents per share, for the same quarter a year earlier.

Sales in the quarter totaled $218.1 million, up from $217.2 million in the year-earlier quarter.

Sportsman’s Warehouse is an outdoor sporting goods retailer.

“Our third-quarter results were largely in line with our expectations and reflected continued softness in firearms and ammunition as well as a shift in the timing of a planned third-quarter new store opening into the fourth quarter,” John Schaefer, chief executive officer, said in announcing the results.

“We again navigated a difficult operating environment but were pleased to deliver gross margin expansion of 110 basis points, pay down debt for a quarter-ending leverage ratio of 2.78x, reduce inventory by 8.7 percent on a per-store basis and make continued progress against our key strategic priorities as we focus on driving further market share gains.”

Control4

Control4 Corp., based in Salt Lake City, reported net income of $5.2 million, or 19 cents per share, for the third quarter ended Sept. 30. That compares with $1.8 million, or 7 cents per share, for the same quarter a year earlier.

Revenue in the most recent quarter totaled a company-record $64.7 million, up from $55.2 million in the year-earlier quarter.

Control4 provides automation and networking systems for homes and businesses.

“We continue to execute on our strategy to enhance and deliver industry-leading connected-home solutions through our expert channel,” Martin Plaehn, chairman and chief executive officer, said in announcing the results. “Worldwide, we are seeing positive reception by our dealers and end-customers for our new products released this September across our Control4, Pakedge and Triad brands.”

Franklin Covey

Franklin Covey Co., based in Salt Lake City, reported net income of $4.7 million, or 33 cents per share, for the fiscal fourth quarter ended Aug. 31. That compares with $7.7 million, or 55 cents per share, for the same quarter a year earlier.

Revenue in the most recent quarter totaled $59.5 million, down from $64.8 million in the prior-year quarter.

For the full fiscal year, the company reported a net loss of $7.2 million, or 52 cents per share. That compares with net income of $7 million, or 47 cents per share, for the prior fiscal year. Revenue in the most recent fiscal year totaled $185.3 million, down from $200 million in fiscal 2016.

Franklin Covey creates and distributes content, training, processes and tools that organizations and individuals use to transform their results.

“We were very pleased by the momentum of the business in the fourth quarter, and by the magnitude of the economics generated during the quarter as shown by the growth in our deferred revenue and unbilled deferred revenue,” Bob Whitman, chairman and chief executive officer, said in announcing the results.

Whitman said the company expects to achieve “both strong reported and economic growth in fiscal 2018, fiscal 2019 and beyond.”

LifeVantage

LifeVantage Corp., based in Salt Lake City, reported net income of $800,000, or 6 cents per share, for the first fiscal quarter ended Sept. 30. That compares with $1.2 million, or 8 cents per share, for the same quarter a year earlier.

Revenue in the most recent quarter totaled $49.1 million, down from $54.9 million in the year-earlier quarter.

LifeVantage offers health, wellness and anti-aging products.

“We generated strong sequential earnings per share growth during the first quarter when compared to the fourth quarter and believe we are on track to achieve our guidance for the full year,” Darren Jensen, president and chief executive officer, said in announcing the results.

“I remain excited about the work we are doing to transform our business and engaging with our global distributor force and customers regarding our key initiatives. We have already made good progress on several of our 2018 initiatives, each of which is focused on accelerating our global growth and further developing our biohacking culture.”

Dynatronics

Dynatronics Inc., based in Cottonwood Heights, reported net income applicable to common stockholders of $12,000, or zero cents per share, for the fiscal first quarter ended Sept. 30. That compares with a net loss of $375,000, or 13 cents per share, for the same quarter a year earlier.

Net sales in the most recent quarter totaled $12.8 million, up from $8.2 million in the same quarter a year earlier. The increase was driven mostly by the acquisition of Hausmann Industries in August, which added $4.7 million in revenue in the most recent quarter.

Dynatronics designs, manufactures, markets and distributes medical devices, therapeutic and medical treatment tables, rehabilitation equipment, custom athletic training treatment tables and equipment, institutional cabinetry, orthopedic soft goods and other specialty products and supplies.

“The 56.8 percent increase in sales for the quarter reflects the execution of the acquisition strategy we have outlined to our shareholders,” Kelvyn Cullimore Jr., chairman and chief executive officer, said in announcing the results. “During the next several quarters, we will continue to see the positive impact of our acquisition strategy through the addition of Hausmann sales, as well as sales from our acquisition of Bird & Cronin that closed on Oct. 2, 2017.”

ClearOne

ClearOne, based in Salt Lake City, reported a net loss of $9.3 million, or $1.09 per share, for the third quarter ended Sept. 30. That compares with net income of $1.2 million, or 13 cents per share, for the same quarter a year earlier.

Revenue in the most recent quarter totaled $10.6 million, down from $12.9 million in the year-earlier quarter.

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

“In the third quarter, we delivered several sequential improvements,” Zee Hakimoglu, president and chief executive officer, said in announcing the results. “The total revenue increase was driven by a large order that included a mix of video and pro-audio products with video products dominating the mix, demonstrating our total solution strategy.”

Hakimoglu said company officials “remain very confident in our product set, which continues to receive awards. Going into the fourth quarter, we are confident 2018 will shape up to be a better year.”

Profire Energy

Profire Energy Inc., based in Lindon, reported net income of $1.2 million, or 3 cents per share, for the quarter ended Sept. 30. That compares with $74,000, or zero cents per share, for the same quarter a year earlier.

Revenue in the most recent quarter totaled $10 million, up from $5 million in the prior-year quarter.

Profire creates, installs and services burner and chemical management solutions in the oil and gas industry.

“The cost and company structures we now have remain scalable and provide us with room to grow,” Ryan Oviatt, chief financial officer, said in announcing the results. “What we have put in place has allowed us to enjoy significant year-over-year increases in revenue.

“This quarter, we continued our revenue growth trajectory and remained focused on positioning the company for the future. Profire has been able to manage costs throughout the downturn and initial recovery, and will continue to do so as the company invests in additional products, technology and people to keep up with demand.”

Park City Group

Park City Group Inc., based in Salt Lake City, reported net income to common shareholders of $214,000, or 1 cent per share, for the fiscal first quarter ended Sept. 30. That compares with $428,000, or 2 cents per share, for the same quarter a year earlier.

Revenues in the most recent quarter totaled $4.7 million, up from $4.2 million in the year-earlier quarter.

Park City Group is a software-as-a-service provider focusing on helping retailers and their suppliers increase sales and lower costs while simultaneously reducing compliance risks.

Superior Drilling Products

Superior Drilling Products Inc., based in Vernal, reported net income of $586,000, or 2 cents per share, for the third quarter ended Sept. 30. That compares with a net loss of $1.2 million, or 7 cents per share, for the same quarter a year earlier.

Revenue in the most recent quarter totaled $4.4 million, up from $2.3 million in the year-earlier quarter.

The company designs and manufactures drilling tool technologies.

“We delivered another quarter of solid growth as our Drill-N-Ream well bore conditioning tool continued to gain market share combined with the effectiveness of our go to market strategy and the year-over-year improvement in the oil and gas industry,” Troy Meier, chairman and chief executive officer, said in announcing the results.

“We believe the market appreciates the value of the unique capabilities of the DnR and as a result we are seeing it being used in a widening scope of applications. Importantly, our results clearly demonstrated the significant operating leverage we gain on higher volume. We plan to use the cash we generate to develop new technologies designed to lower the costs to drill and complete oil and gas wells.”{/mprestriction}