CORPORATE FINANCIAL REPORTS 9-17-18

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

Domo

Domo Inc., based in American Fork, reported a net loss of $46.4 million, or $4.41 per share, for the fiscal second quarter ended July 31. That compares with a loss of $43.5 million, or $27.27 per share, for the same quarter a year earlier.

Revenue in the most recent quarter totaled $34.3 million, up from $25.9 million in the year-earlier quarter.

The company provides cloud-based operating systems for businesses.{mprestriction ids="1,3"}

“I’d like to thank our employees, customers and investors for helping us achieve the recent milestone of becoming a public company,” Josh James, founder and CEO, said in announcing the results. “While we’re early in our journey of fulfilling our vision and realizing our full value, we’re off to a great start.”

James noted that the company’s initial public offering “has given us the capital needed to successfully execute our business plan. We are well-positioned for future growth.”

“Q2 was a strong quarter for us,” said Bruce Felt, chief financial officer. “We improved execution across all functions of the organization. We are pleased with the productivity gains from sales and marketing. We believe, as we displayed this quarter, there is leverage throughout the entire organization to efficiently drive growth.”

Purple Innovation

Purple Innovation Inc., based in Alpine, reported a net loss of $4.3 million, or 9 cents per share, for the second quarter ended June 30. That compares with net income of $3.6 million, or 43 cents per share, for the same quarter a year earlier.

Revenue totaled $75.4 million, up from $47.7 million in the year-earlier quarter.

Purple designs and manufactures comfort technology products, including mattresses, pillows and cushions.

“The product, marketing and channel strategies we are executing continue to fuel strong revenue gains and increased market share,” Terry Pearce, co-founder, chairman and CEO, said in announcing the results.

“During the first half of 2018, the company made continued progress in building a strong foundation to support future growth. This included enhancing our manufacturing, supply chain and logistics capabilities. Despite some challenges typical of a new high-growth company, I am confident that the business is well-positioned to succeed in the current competitive environment and generate profitable growth and increased shareholder value over the long term.”

Vivint Solar

Vivint Solar, based in Lehi, reported net income of $18.1 million, or 15 cents per share, for the second quarter ended June 30. That compares with $5 million, or 4 cents per share, for the same quarter a year earlier.

Revenues in the most recent quarter totaled $80.8 million, up from $73 million in the year-earlier quarter.

Vivint Solar is a full-service residential solar provider in the United States.

Lipocine

Lipocine Inc., based in Salt Lake City, reported a net loss of $3.3 million, or 15 cents per share, for the quarter ended June 30. That compares with a loss of $6.1 million, or 31 cents per share, for the same quarter a year earlier.

The company reported no revenues in the most recent quarter, the same as in the year-earlier quarter.

Lipocine is a specialty pharmaceutical company developing innovative pharmaceutical products using its proprietary drug delivery technologies.

Dominion Energy

Dominion Energy, based in Virginia but with operations in Utah, reported earnings of $449 million, or 69 cents per share, for the quarter ended June 30. That compares with $390 million, or 62 cents per share, for the same quarter a year earlier.

Operating revenue in the most recent quarter totaled $3 billion, up from $2.8 billion in the year-earlier quarter.

Dominion provides electricity or natural gas to nearly 6 million customers in 19 states.

“Our second-quarter results were very strong and came in above the top end of our guidance range of 70 cents to 80 cents [per share],” Thomas F. Farrell, II, chairman, president and chief executive officer, said in announcing the results. “With two strong quarters of financial and operating results in 2018, we affirm our expectation to produce operating earnings that are in the top half of our annual guidance range of $3.80 and $4.25 per share.”

HollyFrontier

HollyFrontier Corp., based in Dallas but with operations in Utah, reported net income attributable to stockholders of $345.5 million, or $1.94 per share, for the quarter ended June 30. That compares with $57.8 million, or 33 cents per share, for the same quarter a year earlier.

Some special items boosted net income in the most recent quarter by $86.6 million, the company said.

Sales and other revenues totaled $4.4 billion in the most recent quarter, compared with $3.5 billion in the year-earlier quarter.

HollyFrontier is an independent petroleum refiner and marketer. Through subsidiaries, it operates several refineries, including a 45,000-barrels-per-stream-day refinery in Woods Cross.

“HollyFrontier’s second quarter reflects our ability to take advantage of both location and quality discounts in the crude oil markets,” George Damiris, president and CEO, said in announcing the results. “Within our lubricants business, healthy finished product demand and our integrated business model are generating consistent earnings despite a weak base oil market. Going into the second half of the year, we expect the macro environment to remain very positive and look forward to finishing the year strong.”{/mprestriction}