CORPORATE FINANCIAL REPORTS - 5-21-18

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

Huntsman

Huntsman Corp., with main offices in Texas and Salt Lake City, reported net income of $350 million, or $1.11 per share, for the first quarter ended March 31. That compares with $92 million, or 31 cents per share, for the same quarter a year earlier.

Revenue in the most recent quarter totaled $2.3 billion, up from $1.9 billion in the year-earlier quarter.

Huntsman is a manufacturer and marketer of specialty chemicals. It has more than 75 manufacturing, research and development and operations facilities in approximately 30 countries and employs approximately 10,000 associates within four business divisions.

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“We have started 2018 fully engaged in executing the priorities that we have outlined to our shareholders,” Peter R. Huntsman, chairman, president and chief executive officer, said in announcing the results. “Our core business continues to perform well. All of our divisions improved over the previous year and we continue to expect all divisions will finish this year stronger than last year.”

Extra Space Storage

Extra Space Storage Inc., based in Salt Lake City, reported funds from operations (FFO) attributable to common stockholders of $146.2 million, or $1.08 per share, for the quarter ended March 31. That compares with $137.9 million, or $1.02 per share, for the same quarter a year earlier.

Net income attributable to common stockholders in the most recent quarter totaled $88.3 million, or 70 cents per share, which compares with $82.3 million, or 64 cents per share, in the year-earlier quarter.

Same-store revenue totaled $234 million in the most recent quarter, up from $222.6 million in the year-earlier quarter.

Extra Space Storage is a self-administered and self-managed real estate investment trust. At the end of the quarter, it owned and/or operated 1,523 self-storage stores in 39 states; Washington, D.C. and Puerto Rico; Ite 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.

“We are off to a solid start in 2018, with year-to-date performance progressing as planned,” Joe Margolis, CEO, said in announcing the results. “We continue to have pricing power and maintained very high occupancy through the winter, which positions us well heading into our leasing season.

“Our geographically diversified portfolio and best-in-class platform continue to produce consistent same-store revenue growth, which was 5.2 percent in the quarter. External growth has also been steady, with the addition of 41 third-party managed stores in the quarter, and $316.5 million invested in acquisitions year to date.”

SkyWest

SkyWest Inc., based in St. George, reported net income of $54 million, or $1.03 per share, for the first quarter ended March 31. That compares with $35 million, or 65 cents per share, for the same quarter a year earlier.

Revenue in the most recent quarter totaled $783 million, up from $747 million in the year-earlier quarter.

SkyWest Inc. is the holding company for two scheduled passenger airline operations and an aircraft leasing company with more than 17,000 employees. Its airline companies provide commercial air service in cities throughout North America with nearly 3,000 daily flights carrying more than 50 million passengers annually. SkyWest Airlines operates through partnerships with United Airlines, Delta Air Lines, American Airlines and Alaska Airlines.

“Demand for our product remains strong, and I’m proud of our professionals who continue to provide best-in-class operations to our customers,” Chip Childs, president and CEO, said in announcing the results. “Our financial results reflect continued solid operating performance combined with the ongoing improvements in our fleet mix. We remain disciplined in our approach to risk and flying commitments and focused on executing a strategy to improve our overall model.”

Myriad Genetics

Myriad Genetics Inc., based in Salt Lake City, reported net income of $11.4 million, or 31 cents per share, for the fiscal third quarter. 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 $193.5 million, down from $196.9 million in the year-earlier quarter.

Myriad Genetics discovers and commercializes molecular diagnostic tests.

“We saw strong results in the third quarter with financial performance once again exceeding our expectations due to better-than-anticipated hereditary cancer volumes, strong new product volume growth and the success of our Elevate 2020 program,” Mark C. Capone, president and CEO, said in announcing the results.

“Our diversification efforts achieved record results in the third quarter, with new products now representing 71 percent of sample volume and 36 percent of revenue. And the landmark GeneSight clinical trial results have led to our first commercial coverage decision.”

ZAGG

ZAGG Inc., based in Salt Lake City, reported net income of $7 million, or 24 cents per share, for the quarter ended March 31. That compares with a net loss of $6.1 million, or 22 cents per share, for the same quarter a year earlier.

Net sales totaled $112.1 million in the most recent quarter, up from $92.9 million in the year-earlier quarter.

ZAGG products include screen protection, mobile keyboards, power management solutions, social tech and personal audio sold under the ZAGG, Mophie, InvisibleShield and IFROGZ brands.

“We are pleased with the strength exhibited by our business early in 2018,” Chris Ahern, CEO, said in announcing the results. “Our record first quarter sales performance was driven by continued growth of screen protection combined with robust demand for our expanded portfolio of wireless charging products. Both our domestic and international markets posted double-digit top-line gains, which fueled significant operating expense leverage and a dramatic improvement in profitability compared with a year ago.”

Control4

Control4 Corp., based in Salt Lake City, reported net income of $1 million, or 4 cents per share, for the first quarter ended March 31. That compares with $800,000, or 3 cents per share, for the same quarter a year earlier.

Revenue in the most recent quarter totaled $59.1 million, up from $50.2 million in the year-earlier quarter.

Control4 provides automation and networking systems for homes and businesses. Its offerings are available in about 100 countries.

“We’ve started 2018 with solid business performance, and we continue to see clear opportunities to deliver more fantastic connected-experiences to homeowners, families and businesses,” Martin Plaehn, chairman and CEO, said in announcing the results. “We’re excited about our portfolio of Control4-, Pakedge- and Triad-branded products and we have great confidence in the global team — serving our worldwide channel and end-customers and building the next wave of connected-home solutions.”

Lipocine

Lipocine Inc., based in Salt Lake City, reported a net loss of $2.7 million, or 13 cents per share, for the quarter ended March 31. That compares with a loss of $4.9 million, or 26 cents per share, for the same quarter a year earlier.

Revenue in the most recent quarter totaled $428,031, compared with no revenue in the year-earlier quarter.

Lipocine is a specialty pharmaceutical company. It is awaiting U.S. Food and Drug Administration (FDA) Prescription Drug User Fee Act (PDUFA) action on its TLANDO oral testosterone product candidate.

“We look forward to learning the FDA outcome on our PDUFA goal date for TLANDO,” Dr. Mahesh Patel, chairman, president and CEO, said in announcing the results. “We continue to believe that as an oral drug TLANDO offers significant benefits to patients compared to topical gels and injections. These benefits include overcoming the inadvertent testosterone transference risk to children and partners that exist with topical gels.”

Vista Outdoor

Vista Outdoor Inc., based in Farmington, reported a net loss of $15.9 million, or 28 cents per share, for the quarter ended March 31. That compares with net income of $857,000, or 2 cents per share, for the same quarter a year earlier.

Sales in the most recent quarter totaled $571 million, down from $578.8 million in the year-earlier quarter.

For the full fiscal year ended March 31, the company reported a net loss of $60.2 million, or $1.05 per share. That compares with a loss of $274.5 million, or $4.46 per share, for the prior fiscal year.

Sales in the most recent fiscal year totaled $2.3 billion, down from $2.5 billion in the prior year.

Vista Outdoor designs, manufactures and markets consumer products in the outdoor sports and recreation markets. The company operates in two segments: shooting sports and outdoor products. The company 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.

“We completed a strong fourth quarter,” Chris Metz, CEO, said in announcing the results. “For the second consecutive quarter, the company delivered sales and free cash flow above and EPS (earnings per share) within our fiscal year 2018 guidance range.

“For the year, we generated in excess of $200 million of free cash flow, allowing us to pay down $206 million of debt. Importantly, we are beginning to see evidence that the market for our shooting sports and related outdoor products is leveling out, and we anticipate a return to growth in the second half of our fiscal year 2019.”

APX Group Holdings

APX Group Holdings Inc., based in Provo, reported a net loss of $84.7 million for the quarter ended March 31. That compares with a net loss of $82.6 million in the same quarter a year earlier.

Revenues in the most recent quarter totaled $246.6 million, up from $205.4 million in the year-earlier quarter.

APX’s Vivint Smart Home delivers smart home systems.

“As always, the first quarter is a busy time of year for Vivint as we prepare for the summer selling season, focus on key initiatives and roll out new products and offerings,” Todd Pedersen, CEO of APX Group, said in announcing the results.

“From a sales perspective, we achieved strong year-over-year growth in the first quarter, adding over 55,000 new subscribers during the quarter, up 41 percent from the same period a year ago. The retail channel added approximately 8,000 customers, while our inside sales channel added over 31,000, or a 27 percent increase year-over-year, and our direct-to-home channel added over 16,400 new subscribers, or an 11 percent increase year-over-year.”

Pedersen said the company has “work to do in all areas of our business, including the scaling of our fixed-costs infrastructure and subscriber acquisition costs. I feel we are off to a good start to the year.”

HollyFrontier

HollyFrontier Corp., based in Dallas but with operations in Utah, reported net income attributable to stockholders of $268.1 million, or $1.50 per share, for the quarter ended March 31. That compares with a net loss of $45.5 million, or 26 cents per share, for the same quarter a year earlier.

Excluding special items, net income in the quarter was $137.3 million, or 77 cents per share, in the most recent quarter, compared with a net loss of $33.4 million, or 19 cents per share, for the year-earlier quarter.

Sales and other revenues totaled $4.1 billion in the most recent quarter, compared with $3 billion in the year-earlier quarter.

HollyFrontier is an independent petroleum refiner and marketer. Through subsidiaries, it operates five refineries, including one in Woods Cross.

“HollyFrontier’s strong financial results reflect our ability to capitalize on the refining margins and crude spreads available during the first quarter,” George Damiris, president and CEO, said in announcing the results. “To date, crude spreads have been consistent, and we are optimistic about refining and lubricant margins going into the summer.”

Holly Energy Partners

Holly Energy Partners LP, based in Dallas but with operations in Utah, reported net income of $46.2 million, or 44 cents per share, for the first quarter ended March 31. That compares with $25.6 million, or 13 cents per share, for the same quarter a year earlier.

Revenues in the most recent quarter totaled $128.9 million, up from $105.6 million in the year-earlier quarter.

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 pipelines, tankage and terminals in Utah and nine other states, plus refinery processing units in Utah and Kansas.

“The acquisition of the SLC and Frontier pipelines, along with solid volume growth in the Southwest, allowed us to maintain a distribution coverage ratio greater than 1.0x for the quarter,” George Damiris, CEO, said in announcing the results. “Looking forward, we expect to see a typical slight seasonal downturn in the second quarter followed by a strong rebound in the second half of 2018.”{/mprestriction}