CORPORATE FINANCIAL REPORTS - 3-19-18

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

Profire Energy

Profire Energy Inc., based in Lindon, reported net income of $4.4 million, or 9 cents per share, on revenues of $38.2 million for the full year 2017. That compares with a net loss of $686,000, or 1 cent per share, on revenues of $16 million for 2016.{mprestriction ids="1,3"}

The company designs, installs and services burner and chemical management solutions in the oil and gas industry.

“Many factors contributed to the increase in revenue, including the growing customer base and our focus on providing superior products and solutions to our customers,” Ryan Oviatt, chief financial officer, said in announcing the results. “This significant net income increase is attributable to our staff’s hard work to grow revenue while keeping cost growth under control. However, we believe our ongoing committed investment in R&D will ensure we remain a market leader for technology and automation in the oil and gas industry.”

“Throughout the year we were able to outpace the industry recovery by almost four times,” said Brenton Hatch, president and chief executive officer. “In 2017, the average oil price per barrel rose 18 percent compared to our increased revenues of 86 percent. With input from our customers, we are constantly developing new technologies to bring to the marketplace and expand automation in the oil field. We will continue to leverage our growing customer base to increase revenues. We remain optimistic for 2018.”

Superior Drilling Products

Superior Drilling Products Inc., based in Vernal, reported a net loss of $786,000, or 3 cents per share, for the fourth quarter ended Dec. 31. That compares with a loss of $2.6 million, or 11 cents per share, for the same quarter a year earlier.

Revenues in the most recent quarter totaled $3.7 million, up from $2.3 million in the year-earlier quarter.

For the full year 2017, the company reported a net loss of $279,000, or 1 cent per share, on revenue of $15.6 million. That compares with a net loss of $9.1 million, or 48 cents per share, on revenue of $7.2 million in 2016.

The company designs and manufactures drilling tool technologies.

“We made excellent progress in 2017, growing significantly, generating cash and demonstrating the strength of our business model,” Troy Meier, chairman and chief executive officer, said in announcing the results. “We believe our flagship Drill-N-Ream (DnR) wellbore conditioning tool is proving out its value proposition that it deserves to be on every well, and we expect our Strider oscillation system technology will be another leading technology for the oil and gas drilling industry.

“We continue to focus on the development of new technologies, making improvements in our manufacturing processes and supply chain while building a strong, reliable team that can execute our strategy for growth.”

APX Group Holdings

APX Group Holdings Inc., based in Provo, reported a net loss of $135.4 million for the fourth quarter ended Dec. 31. That compares with a net loss of $71.2 million for the same quarter a year earlier.

Revenues in the most recent quarter totaled $235.8 million, up from $204.5 million in the year-earlier quarter.

For the full year 2017, the company reported a net loss of $410.2 million, compared with a net loss of $276 million in 2016. Revenues totaled $882 million in 2017, up from $757.9 million in 2016.

APX’s Vivint Smart Home is a smart home system company in North America.

“At the beginning of 2017, we established an operational plan to implement a number of significant initiatives across the Vivint platform,” Todd Pedersen, chief executive officer of APX Group, said in announcing the results. “Flex Pay and our partnership with Citizens Bank would require a shift in our customer value proposition and a re-engineering of our sales and marketing processes, but would fundamentally improve the cash flow dynamics of our business.”

The company established a market presence in an assisted sale retail format, agreeing to a national roll-out of a co-branded offering with Best Buy. It also invested in key infrastructure related to product quality, customer experience and enterprise efficiency.

“While we realized these initiatives would be challenging, the longer-term benefits will strengthen our balance sheet, better retain our customers and provide a more competitive business model,” Pedersen said. “At the end of the year, I would say that we’ve effectively achieved these objectives and gained valuable learnings that will be incorporated in our go-forward strategies and plans.”

Lipocine

Lipocine Inc., based in Salt Lake City, reported a net loss of $21 million, or $1.05 per share, for the full year 2017. That compares with a net loss of $19 million, or $1.04 per share, for 2016.

Lipocine is a specialty pharmaceutical company developing products for use in men’s and women’s health using its proprietary drug delivery technologies. Its development pipeline includes TLANDO, LPCN 1111 and LPCN 1107.

The company said that the Bone, Reproductive and Urologic Drugs Advisory Committee (BRUDAC) of the U.S. Food and Drug Administration (FDA) voted against acceptability of the overall benefit/risk profile to support approval of TLANDO as a testosterone replacement therapy (TRT). The FDA makes the final decision.

“Although we are disappointed with the vote outcome of the BRUDAC, we believe the efficacy and safety of TLANDO are consistent with other FDA-approved TRT products,” said Dr. Mahesh Patel, chairman, president and chief executive officer.

“We are working with the FDA through the remainder of the review process and have submitted two clinical study protocols to the FDA for review. One protocol is for the conduct of an ambulatory blood pressure study and the second protocol is for the conduct of a phlebotomy study to assess the reliability of plain serum tubes for processing blood and obtaining testosterone measurements.”

Energy Fuels

Energy Fuels Inc., based in Colorado but with operations in Utah, reported a net loss of $27.8 million, or 39 cents per share, for 2017. That compares with a loss of $39.4 million, or 70 cents per share, for 2016.

Revenue in 2017 totaled $31 million, down from $54.6 million in 2016.

Energy Fuels is a uranium mining company supplying major nuclear utilities. One of its three uranium production centers is the White Mesa Mill near Blanding. It is the only conventional uranium mill operating in the U.S.

“2017 was another pivotal year for Energy Fuels,” Mark S. Chalmers, president and chief executive officer, said in announcing the results. “Amidst continued weakness in uranium markets, we became the largest uranium producer in the U.S., the culmination of a multi-year strategy for us.”

The company continues to secure new sources of alternate feed materials and to pursue opportunities in the cleanup of abandoned uranium mines “to feed the White Mesa Mill in 2018 and beyond,” he said.

“Vanadium also represents a very interesting opportunity for us. Vanadium prices are up over 400 percent since 2016, and our White Mesa Mill has produced over 45 million pounds during its history, which is over $500 million at today’s vanadium prices. We are evaluating a number of very short-term opportunities to profit from recent vanadium market strength.”{/mprestriction}