CORPORATE FINANCIAL REPORTS 9-10-18

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

HealthEquity 

HealthEquity Inc., based in Draper, reported net income of $22.5 million, or 36 cents per share, for the second quarter ended July 31. That compares with $16.9 million, or 27 cents, for the same quarter a year earlier.

Revenue in the most recent quarter totaled $71.1 million, up from $56.9 million in the year-earlier quarter.{mprestriction ids="1,3"}

HealthEquity is the nation’s largest health savings account (HSA) non-bank custodian.

“HealthEquity recorded another strong quarter financially and operationally as we added over 121,000 new HSAs and $170 million to our members’ custodial assets, resulting in record quarterly revenue and earnings,” Jon Kessler, president and CEO, said in announcing the results.

“As we continue to deliver on our commitment to connecting health and wealth for our members, we are well positioned to outpace the market by providing comprehensive retirement solutions to our members and being the market’s purple standard for remarkable service.”

Vista Outdoor

Vista Outdoor Inc., based in Farmington, reported a net loss of $52.3 million, or 91 cents per share, for the fiscal first quarter ended July 1. That compares with net income of $16.7 million, or 29 cents per share, for the same quarter a year earlier.

Sales in the most recent quarter totaled $528.8 million, down from $568.7 million in the year-earlier quarter.

Vista Outdoor designs, manufacturers and markets consumer products in the outdoor sports and recreation markets. The company operates in two segments: outdoor products and shooting sports. It has manufacturing operations and facilities in 13 states, Canada, Mexico and Puerto Rico, along with international sales and sourcing operations overseas.

“Vista Outdoor’s first quarter results exceeded expectations despite continuing headwinds and market challenges,” Chris Metz, CEO, said in announcing the results. “The company generated strong free cash flow, primarily driven by improved working capital management, which we used to pay down $33 million of long-term debt.

“Our focus on improved profitability is delivering results, we are driving operational excellence through cost-savings initiatives and procurement strategies, and we continue to introduce innovative new products into the market.”

The company’s transformation plan, announced in May, “is also tracking well,” he said. “The transformation will allow the company to drive shareholder value by reducing leverage, improving financial flexibility and the efficiency of our capital structure, and providing additional resources to reinvest in our core product categories: ammunition, hunting and shooting accessories, hydration solutions and outdoor cooking.”

Control4

Control4, based in Salt Lake City, reported net income of $6.6 million, or 24 cents per share, for the second quarter ended June 30. That compares with $3.7 million, or 14 cents per share, for the same quarter a year earlier.

Revenue in the most recent quarter totaled $69.2 million, up from $61.3 million in the year-earlier quarter.

“We are pleased with this quarter’s performance and we are well positioned for the second half of the year,” Martin Plaehn, chairman and CEO, said in announcing the results. “We continue to strengthen our product offerings via new capabilities, including Intercom Anywhere and enhanced ‘When>>Then Personalization’ — both part of our growing 4Sight consumer cloud service.

“Additionally, our recently introduced Certified Showroom Program and Production Builder Program are gaining visibility and operational momentum which we expect to contribute positively to our market presence and future revenue growth.”

Mark Novakovich, chief financial officer, said the company “delivered solid revenue growth and strong profitability and we intend to continue driving growth, investing in innovative products and programs, as well as continuing to improve our operations to collectively enhance long-term shareholder value.”

Varex Imaging

Varex Imaging Corp., based in Salt Lake City, reported net income of $3.9 million, or 10 cents per share, for the third fiscal quarter ended June 29. That compares with $10.7 million, or 28 cents per share, for the same quarter a year earlier.

Revenues in the most recent quarter totaled $191 million, up from $170 million in the year-earlier quarter.

Varex Imaging designs and manufactures X-ray imaging components, which include X-ray tubes, digital detectors and other image processing solutions that are key components of X-ray imaging systems. The company employs approximately 2,000 people at manufacturing and service center sites in North America, Europe and Asia.

“Our third quarter revenues increased more than $20 million from the prior year, due primarily to increased sales of high-end radiographic digital detectors and products for the security and oncology markets,” Sunny Sanyal, CEO, said in announcing the results.

“Despite this increase, revenues were lower than expected due to normal fluctuations in the timing of customer shipments, as well as late-in-the-quarter softness that appears to be tied to tariff uncertainty. While the ramp-up of CT tube shipments to our Chinese OEM customers has been slower than planned, shipments have begun and we continue to believe in our long-term growth prospects.”

ZAGG

ZAGG Inc., based in Salt Lake City, reported net income of $3.2 million, or 11 cents per share, for the second quarter ended June 30. That compares with $3.4 million, or 12 cents per share, for the same quarter a year earlier.

Sales totaled $118.6 million, up from $115.2 million in the year-earlier quarter.

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

“Our solid second quarter performance contributed to a very strong first half of 2018,” Chris Ahern, CEO, said in announcing the results. “We continue to execute the product, distribution and brand-building strategies that have produced market-leading positions for our InvisibleShield and mophie businesses.

“With our focus on driving operational excellence throughout our organization, combined with current industry trends, we believe there is a long runway for global growth within the mobile lifestyle market. This includes our more-established categories such as screen protection and power cases, as well as power management, where I believe we are just starting to scratch the surface of our potential in wireless charging. Looking ahead, I am excited about our prospects for continued growth for the remainder of this year and beyond.”{/mprestriction}