CORPORATE FINANCIAL REPORTS - 4-9-18

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

Security National Financial

Security National Financial Corp., based in Salt Lake City, reported after-tax earnings from operations of $14.1 million in 2017, up from $12.2 million in 2016. Revenues in 2017 totaled $276.9 million, down 9 percent. Net earnings per common share was 87 cents, up from 77 cents in 2016.

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

“To paraphrase a famous baseball player regarding hitting the ball, ‘I do not set the distance to the mound, I do not set the size of the ball, I do not set the distance to the fence. My job is simply to hit the ball,’” Scott Quist, chairman, president and chief executive officer, said in announcing the results. “Similarly, we do not set tax laws, we do not set accounting rules, we do not set market interest rates, we do not control natural disasters, and we do not control market-based property valuations.  What we did do was accomplish a 15.8 percent increase in after-tax income to $14,114,000, the second-highest in our company’s history.

“There were numerous subplots to this year’s income. The change in tax laws was favorable, the impact of accounting changes varies depending on the quarter but was probably negative at year-end, property valuations, especially in the Midwest, were definitely unfavorable, as were two hurricanes in our major mortgage markets. The interest rate backdrop remains challenging, rates rising enough to quell mortgage volumes industrywide, but not enough to increase substantially the return on our invested assets. Nevertheless, we accomplished a 12 percent return on shareholders equity and a 13 percent increase in earnings per share.”

HealthEquity

HealthEquity Inc., based in Draper, reported net income of $5.9 million, or 9 cents per share, for the quarter ended Jan. 31. That compares with $4 million, or 7 cents per share, for the same quarter a year earlier.

Revenue in the most recent quarter totaled $60.4 million, up from $46.8 million in the year-earlier quarter.

For the full fiscal year, the company reported net income of $47.4 million, or 77 cents per share, up from $26.4 million, or 44 cents per share, for the prior year.

Revenue in the most recent fiscal year totaled $229.5 million, up from $178.4 million in the prior year.

HealthEquity is a health savings account (HSA) non-bank custodian.

“HealthEquity recorded a strong fiscal year 2018 by opening a record 669,000 new HSAs and helping members grow their HSA assets to $6.8 billion,” Jon Kessler, president and chief executive officer, said in announcing the results. “We continued to outpace the market and gain market share with 35 percent growth in custodial assets, including 96 percent custodial investment growth, and 24 percent growth of HSA members.

“Our revenue for the year was up 29 percent to $229.5 million and our adjusted EBITDA (earnings before interest, taxes, depreciation and amortization) was up an even higher 35 percent to $84.7 million as the team continued to drive greater profitability in our business.”{/mprestriction}