CORPORATE FINANCIAL REPORTS 8-13-18

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

SkyWest

SkyWest Inc., based in St. George, reported net income of $76 million, or $1.43 per share, for the second quarter ended June 30. That compares with $50 million, or 95 cents per share, for the same quarter a year earlier.{mprestriction ids="1,3"}

Revenues in the most recent quarter totaled $805.5 million, up from $791.5 million in the year-earlier quarter.

SkyWest Inc. is the holding company for two scheduled passenger airline operations and an aircraft leasing company. It has more than 17,000 employees and has nearly 3,000 daily flights carrying approximately 50 million passengers annually.

“We are focused on remaining disciplined in our execution of fleet solutions that meet the needs of our customers,” Chip Childs, CEO and president, said in announcing the results. “The agreements and extensions announced this quarter are expected to continue to improve our fleet mix in alignment with our overall fleet transition strategy.”

USANA

USANA Health Sciences Inc., based in Salt Lake, reported net income of $33.9 million, or $1.36 per share, for the second quarter ended June 30. That compares with $23.3 million, or 93 cents per share, for the same quarter a year earlier.

Net sales in the most recent quarter totaled $301.5 million, up from $257.1 million in the year-earlier quarter.

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

“Our operating results for the second quarter exceeded our expectations and reflect the momentum we are seeing in most of our regions,” Kevin Guest, CEO, said in announcing the results. “This momentum helped us generate the highest quarterly revenue and earnings per share in the company’s history.

“Although the strengthening of the U.S. dollar will be a challenge during the second half of the year, we are positioned to deliver additional sales growth as we host our International Convention in Salt Lake City, launch Celavive in China, and hold our Chinese national meeting in Macau.”

Guest noted that the company’s Asia Pacific region continued to drive the company’s growth, with double-digit sales growth in several markets within that region for the quarter.

“In the Americas and Europe region, net sales increased modestly on both a year-over-year and sequential-quarter basis, although the number of active customers declined,” he said. “The highlight for this region during the quarter was the opening of four new European markets on June 20, which generated both excitement for our customers and momentum in Europe.”

People’s Utah Bancorp

People’s Utah Bancorp, based in American Fork, reported net income of $10.5 million, or 55 cents per share, for the second quarter ended June 30. That compares with $6.5 million, or 35 cents per share, for the same quarter a year earlier.

Deposits grew $321 million to $1.78 billion since a year earlier. Loans held for investment grew $491 million to $1.69 billion year-over-year. Net interest income grew $8 million to $27 million, compared to a year earlier. Noninterest income was $4.1 million in the most recent quarter, compared with $3.8 million in the same quarter a year earlier.

People’s Utah Bancorp is the holding company for People’s Intermountain Bank, which has 26 locations in three banking divisions, Bank of American Fork, Lewiston State Bank and People’s Town & Country Bank; a leasing division, GrowthFunding Equipment Finance; and a mortgage division, People’s Intermountain Bank Mortgage.

“We’re pleased with our second quarter financial performance,” Len Williams, president and CEO, said in announcing the results. “We experienced widening net interest margins and strong growth from a year ago both organically and through our acquisition transactions. We continue to be focused on growing our business organically and diversifying our loan portfolio. We’re also focused on expanding our core deposit base, particularly from commercial relationships.

“We are experiencing greater deposit pricing pressure and expect that our cost of funds will increase, consistent with our competitors, in the near term. The economic outlook for the Utah market continues to be strong, which provides us further opportunities to grow our organization. We continue to evaluate potential acquisition opportunities throughout the Intermountain West.”

Utah Medical

Utah Medical Products Inc., based in Salt Lake City, reported net income of $4.3 million, or $1.15 per share, for the second quarter ended June 30. That compares with $3.9 million, or $1.04 per share, for the same quarter a year earlier.

Sales in the most recent quarter totaled nearly $11 million, up from $10.8 million in the year-earlier quarter.

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

APX Group Holdings

APX Group Holdings Inc., based in Provo, reported a net loss of $144.4 million for the second quarter ended June 30. That compares with a loss of $84.2 million for the same quarter a year earlier.

Revenue in the most recent quarter totaled $255 million, up from $212.1 million in the year-earlier quarter.

APX’s Vivint Smart Home delivers integrated smart home systems.

“Vivint achieved strong second quarter 2018 results with total revenues increasing over 20 percent year over year,” Todd Pedersen, CEO of APX Group, said in announcing the results. “We also had strong growth in new subscribers, adding approximately 118,000 new subscribers during the quarter, up 27 percent from the same period a year ago. …”

Holly Energy Partners

Holly Energy Partners (HEP), based in Dallas but with operations in Utah, reported net income of $40.1 million, or 38 cents per share, for the second quarter ended June 30. That compares with $41.3 million, or 36 cents per share, for the same quarter a year earlier.

Revenues in the most recent quarter totaled $118.8 million, up from $109.1 million in the year-earlier quarter.

The company said its refined product pipeline shipment had a volume decrease mainly due to pipelines servicing HollyFrontier Corp.’s Woods Cross refinery, which had lower throughput due to operational issues at the refinery.

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 and refinery processing units in Utah and Kansas.

“Normal seasonality masks the underlying strength in our business, particularly our Delaware Basin crude gathering system,” George Damiris, CEO, said in announcing the results. “Looking forward, we expect the continued strength in crude gathering, combined with contractual tariff escalators effective in the third quarter, will drive a strong rebound in earnings growth and our distribution coverage ratio, which we expect to be greater than 1.0x for the second half of the year.”

Superior Drilling Products

Superior Drilling Products Inc., based in Vernal, reported net income of $1 million, or 4 cents per share, for the second quarter ended June 30. That compares with $307,000, or 1 cent per share, for the same quarter a year earlier.

Revenue in the most recent quarter totaled $5.4 million, up from $4 million in the year-earlier period.

The company designs and manufactures drilling tool technologies.

“We had strong growth in the quarter supported by excellent tool sales that were also complemented by initial revenue generated in the Middle East,” Troy Meier, chairman and CEO, said in announcing the results. “The value of our Drill-N-Ream (DnR) well bore conditioning tool is becoming more broadly understood globally in the oil and gas industry as the operating fleet expands.”{/mprestriction}