CORPORATE FINANCIAL REPORTS - 5-28-18

CORPORATE FINANCIAL REPORTS

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

Security National

Security National Financial Corp., based in Salt Lake City, reported after-tax earnings from operations of $16.9 million, or $1.04 per share, for the quarter ended March 31. That compares with $1.9 million, or 11 cents per share, for the same quarter a year earlier.

Revenues in the most recent quarter totaled $82 million, up from $70.8 million in the year-earlier quarter.

Security National Financial has three business segments: life insurance, cemeteries/mortuaries and mortgages.

{mprestriction ids="1,3"}“To have a quarter where we recognize after-tax income of nearly $17 million is extraordinary by any standard,” Scott M. Quist, president, said in announcing the results. “That represents an 11 percent return on equity for the first quarter alone. Adding the fourth quarter of 2017 to this first quarter and we have increased shareholders equity by more than $26 million, or 19 percent, in the last six months. Without question, much of that increase can be attributed to changes in tax law and asset dispositions, but still those are impressive numbers.”

Profire Energy

Profire Energy Inc., based in Lindon, reported net income of $1.8 million, or 4 cents per share, for the first quarter ended March 31. That compares with $600,000, or 1 cent per share, for the same quarter a year earlier.

Revenues in the most recent quarter totaled $12.1 million, up from $7.8 million in the year-earlier quarter.

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

“The increases we experienced in the quarter are largely attributed to our ability to leverage our larger customer base while the macro environment continues to improve,” Ryan Oviatt, chief financial officer, said in announcing the results. “While focusing on increasing revenues, we’ve worked to create a solid foundation that can support future growth. In the quarter, we continued to manage costs while recognizing growth in both our legacy products and newer product lines. This strategy ensured that our revenue growth significantly outpaced our increase in costs.”

“Our performance is a direct result of our strategic planning and execution,” said Brenton Hatch, president and CEO. “We plan to build on our momentum from 2017, through 2018, as evidenced here in our first quarter. We believe we are well-positioned through the groundwork we have laid, and plan to continue with our growth strategy while evaluating new opportunities.”

LifeVantage

LifeVantage Corp., based in Salt Lake City, reported net income of $1.6 million, or 12 cents per share, for the fiscal third quarter ended March 31. That compares with $100,000, or zero cents per share, for the same quarter a year earlier.

Revenue in the most recent quarter totaled $50.6 million, up from $45 million in the year-earlier quarter.

LifeVantage produces health, wellness and anti-aging products.

“We are pleased to report stronger third quarter sales growth on both a sequential and year-over-year basis,” Darren Jensen, president and CEO, said in announcing the results. “We are beginning to see the benefits of our 2018 key initiatives, which are driving sales growth and improvements in our key metrics. March was the highest recruitment month in three years and retention of both distributors and preferred customers increased during the third quarter.”

Jensen said the company’s sales growth “is delivering improved earnings and we are increasing the midpoint of our adjusted earnings per share guidance as a result. We look forward to continuing to build upon the recent success by driving each of our initiatives focused on geographical expansion, distributor and customer acquisition and increasing average order size.”

Nature’s Sunshine

Nature’s Sunshine Products Inc., based in Lehi, reported net income attributable to common shareholders of $500,000, or 3 cents per share, for the first quarter ended March 31. That compares with $2.2 million, or 11 cents per share, for the same quarter a year earlier.

Sales in the most recent quarter totaled $87.3 million, up from $83.1 million in the year-earlier quarter.

Nature’s Sunshine Products markets and distributes nutritional and personal-care products through a global direct sales force.

“We continued to generate good consolidated year-over-year growth, driven by Synergy Asia Pacific, NSP Russia, Central and Eastern Europe and a moderated rate of growth in NSP China,” Gregory L. Probert, chairman and CEO, said in announcing the results. “We have also seen sales stabilize in NSP Americas over the last few quarters following the disruption from last April’s ERP implementation.

“Despite growth in NSP China, we did encounter some weakness during the first quarter that may continue over the coming quarters. The challenge relates to maintaining engagement of distributor leadership during these early stages of the company’s development in China. Given we are still in the first year operating with a direct selling license, our China business is dependent upon the level of activity of a limited number of distributor leaders.

“While we have recently had success attracting additional leaders, we need to continue broadening the leadership ranks to create more consistency in activity levels and volume from quarter to quarter. We remain confident in our long-term growth opportunity in China despite our expectation for limited or even elusive sequential volume growth in the near term.”

Clarus

Clarus Corp., based in Salt Lake City, reported net income of $400,000, or 1 cent per share, for the first quarter ended March 31. That compares with a net loss of $1.5 million, or 5 cents per share, for the same quarter a year earlier.

Sales in the most recent quarter totaled $53.3 million, up from $41.6 million in the year-earlier quarter.

Clarus is focused on the outdoor and consumer industries. Its products are principally sold under the Black Diamond, Sierra and PIEPS brand names.

“During the first quarter, we continued to gain momentum across all of our key growth drivers at Black Diamond as demonstrated by strong increases in sales, gross margin and adjusted EBITDA (earnings before interest taxes, depreciation and amortization,” John Walbrecht, president, said in announcing the results.

“As promised to our retail partners, we also continued to outpace our competition through product innovation, aggressive marketing impressions, on-time delivery, strong fulfillment and ease of doing business with. We have also continued to make great progress integrating Sierra Bullets LLC onto the Clarus platform and are well underway in our plan to develop the brand into its full potential.”

Superior Drilling

Superior Drilling Products Inc., based in Vernal, reported net income of $69,000, or zero cents per share, for the first quarter ended March 31. That compares with a loss of $386,000, or 2 cents per share, for the same quarter a year earlier.

Revenue in the most recent quarter totaled $4.6 million, up from $3.4 million in the year-earlier quarter.

The company designs and manufactures drilling tool technologies.

“Continued growth in revenue was driven by the expansion of our Drill-N-Ream (DnR) well bore conditioning tool operating fleet,” Troy Meier, chairman and CEO, said in announcing the results. “As more tools are deployed, both tool repair revenue and royalty income increases. The deployed DnRs are also demonstrating greater durability, extending the life of the tools. Importantly, the DnR has persistently captured greater market share as operators recognize the economic value proposition the tools offer.”

Purple

Purple Innovation Inc., based in Alpine, reported a net loss of $3.6 million, or 17 cents per share, for the first quarter ended March 31. That compares with a net loss of $2 million, or 24 cents per share, for the same quarter a year earlier.

Revenue in the most recent quarter totaled $61 million, up from $30.1 million in the year-earlier quarter.

Purple designs and manufactures mattresses, pillows and cushions.

“The strong top-line performance we delivered to start the year underscores our progress gaining share in the competitive direct-to-consumer mattress category,” Terry Pearce, co-founder, chairman and CEO, said in announcing the results. “We experienced continued strong demand for the original Purple mattress, as well as a positive response to the newer, higher-priced models that we introduced on our website during the first quarter.”

Pearce said the company continues “to be very optimistic about the long-term prospects for Purple. In the near-term, we have adopted a more conservative top-line outlook to reflect increased pressure from online competition, lower online conversion rates in conjunction with the higher-priced models, and a slower-than-expected rollout of our wholesale business.”

Dominion

Dominion Energy, a Virginia-based company that acquired Salt Lake City-based Questar Corp. in 2016, reported earnings of $503 million, or 77 cents per share, for the quarter ended March 31. That compares with $632 million, or $1.01 per share, for the same quarter a year earlier.

Operating revenue in the most recent quarter totaled $3.5 billion, up from $3.4 billion in the year-earlier quarter.

Dominion Energy produces and transports energy. Its portfolio includes approximately 26,000 megawatts of electric generation; 14,800 miles of natural gas transmission, gathering and storage pipeline; and 6,600 miles of electric transmission lines.

Thomas F. Farrell II, chairman, president and CEO, described the first-quarter results as “very strong.”

“Given the strong results for the first quarter, we now expect to produce results that are above the midpoint of our guidance range for the year. We are pleased to report outstanding operational and record-setting safety results at each of our business segments,” he said.

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