CORPORATE FINANCIAL REPORTS - 2-12-18

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

SkyWest

SkyWest Inc., based in St. George, reported net income of $290 million, or $5.46 per share, for the 2017 fourth quarter. That compares with a net loss of $270 million, or $5.22 per share, for the 2016 fourth quarter.

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Adjusted net income was $43 million, or 81 cents per share, for the 2017 fourth quarter. The adjusted net income excludes an after-tax benefit of $247 million from the Tax Cuts and Jobs Act of 2017 enacted during the quarter. Excluding special items, adjusted net income for the fourth quarter of 2016 was $29 million, or 54 cents per share.

Revenue in the most recent quarter totaled $797 million, up from $758 million in the year-earlier quarter.

For the full year 2017, the company reported net income of $429 million, or $8.08 per share, compared with a net loss of $162 million, or $3.14 per share in 2016. Excluding special items, adjusted net income was $182 million, or $3.43 per share for 2017, compared with $143 million, or $2.73 for 2016.

Revenues in 2017 totaled $3.2 billion, up from $3.1 billion in 2016.

SkyWest Inc. is the holding company for two passenger airline operations and an aircraft leasing company with more than 17,000 employees. Its airline companies have nearly 3,000 daily flights.

“Our 2017 results reflect solid execution of our plan by our world-class professionals,” Chip Childs, chief executive officer, said in announcing the results. “Healthy year-over-year improvements came from disciplined investment, risk reduction and strong operating performance. Our execution of these clear objectives continues to drive results and positive momentum into 2018 and beyond.”

Myriad Genetics

Myriad Genetics Inc., based in Salt Lake City, reported net income of $32.1 million, or 45 cents per share, for the fiscal second quarter ended Dec. 31. That compares with $5.9 million, or 9 cents per share, for the same quarter a year earlier.

Revenues in the most recent quarter totaled $194 million, down from $196.5 million in the year-earlier quarter.

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

“We exceeded our financial expectations in the first half of fiscal year 2018 as a result of strong hereditary cancer volume trends, solid GeneSight revenue growth, and significant progress on our Elevate 2020 profitability program,” Mark C. Capone, president and chief executive officer, said in announcing the results.

“Based upon this strong performance, we are increasing our financial guidance for fiscal 2018. We remain highly encouraged that our strategy to build upon the solid foundation of our hereditary cancer business with diversified revenues from our industry-leading pipeline of new products will deliver significant future revenue and earnings growth.”

Utah Medical Products

Utah Medical Products Inc., based in Salt Lake City, reported a net loss of $2.5 million, or 67 cents per share, for the 2017 fourth quarter. That compares with net income of $2.7 million, or 73 cents per share, for the same quarter a year earlier.

The company reported net sales totaled $10.2 million in the most recent quarter, up from $8.9 million in the year-earlier quarter.

For the full year 2017, the company reported net income of $8.5 million, or $2.28 per share, on net sales of $41.4 million. That compares with $12.1 million, or $3.22 per share, on net sales of $29.3 million in 2016.

Utah Medical Products develops, manufactures and markets disposable and reusable specialty medical devices.

“Utah Medical Products Inc. concluded an outstanding year in 2017 in which it harvested distribution changes that had been in the making for several years,” the company said. “Although UTMD substantially exceeded management expectations for 2017 financial performance, the results became masked by the recognition of a one-time U.S. repatriation tax (REPAT) on foreign subsidiary cash and cumulative earnings (E&P) in the fourth quarter of the year.”

The company described the 2017 full-year results as “excellent.”

USANA

USANA Health Sciences Inc., based in Salt Lake City, reported a net loss of $5.9 million, or 24 cents per share, for the fourth quarter ended Dec. 30. That compares with net earnings of $21.9 million, or 87 cents per share, for the same quarter a year earlier.

The company said tax reform legislation enacted in December resulted in a one-time, non-cash charge of $30.1 million, or $1.24 per share. “The charge is largely due to foreign tax credits and other deferred tax assets that the company will not be able to realize under the new tax laws,” the company said.

Costs related to China and the company’s internal investigation into its China operations hurt net earnings by $2.7 million, or 11 cents per share.

Excluding the tax reform and China-related expenses, the company had net earnings of $26.9 million, or 11 cents per share.

Net sales in the most recent quarter totaled $273.1 million, up from $252.9 million in the year-earlier quarter.

For the full year, the company reported net earnings of $62.5 million, or $2.53 per share, which compares with $100 million, or $3.99 per share in 2016. Excluding the tax reform and China-related expenses, the company had net earnings of $100.3 million, or $4.06 per share, in 2017.

USANA develops and manufactures high-quality nutritional supplements, healthy foods and personal care products.

“Our fourth quarter topline results exceeded our expectations and provided a strong finish to the year for USANA,” Kevin Guest, chief executive officer, said in announcing the results. “During the quarter, we offered a few targeted product promotions around the world that contributed to our sales results and overall momentum.”

Guest noted that fiscal 2017 was the company’s 15th consecutive year of record sales.{/mprestriction}