CORPORATE FINANCIAL REPORTS 10-29-18

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

Zions

Zions Bancorporation, based in Salt Lake City, reported net earnings applicable to common shareholders of $215 million, or $1.04 per share, for the third quarter. That compares with $152 million, or 72 cents per share, for the same quarter a year earlier.

“We’re very pleased with our results for the third quarter with earnings per share up 44 percent from last year’s third quarter, and an increase of 17 percent over the results of the prior quarter,” Harris H. Simmons, chairman and CEO, said in announcing the results.

“These results reflect consistent revenue growth, disciplined expense management and continued strong credit performance. We increased our dividend by 25 percent during the quarter in addition to repurchasing 3.5 million shares of our common stock. And we successfully completed the merger of our holding company into its subsidiary bank, resulting in the creation of a publicly traded national bank, Zions Bancorporation NA, as our top-level legal entity, simplifying our organization’s structure and the resulting regulatory framework.”

Zions has total assets of more than $65 billion. It operates in 11 western states.

The company said loan balances at the end of the quarter were up 4 percent from the prior year. Average loan balances also increased 4 percent, due to increases in commercial and consumer loans, while commercial real estate loans were generally stable. Average deposits increased over 3 percent from the prior year. Classified loans and nonperforming loans declined $464 million and $177 million, respectively, from the prior year. Net interest income rose 8 percent from the year-earlier period, to $565 million.

USANA

USANA Health Sciences, based in Salt Lake City, reported net earnings of $31 million, or $1.24 per share, for the third quarter ended Sept. 29. That compares with $23.8 million, or 97 cents per share, for the same quarter a year earlier.

Sales in the most recent quarter totaled $296.8 million, up from $261.8 million in the year-earlier quarter.

USANA develops and manufactures nutritional supplements, healthy foods and personal care products that are directly sold in several nations.

“We continue to see strong momentum in most of our regions, which is reflected in our double-digit third quarter growth,” Kevin Guest, CEO, said in announcing the results. “Our growth strategies and investments into the business are producing results, and our team remains committed to providing the best overall customer experience at USANA.”

Doug Hekking, chief financial officer, said USANA “generated strong third-quarter net sales, despite pressure from a strengthening U.S. dollar on both a sequential quarter and year-over-year basis.”

“Although favorable currency exchange rates benefited our operating results in the first half of 2018, the U.S. dollar strengthened more than expected in the third quarter and we anticipate a similar pattern in the fourth quarter,” he said.

Utah Medical Products

Utah Medical Products Inc., based in Salt Lake City, reported net income of $6.8 million, or $1.80 per share, for the third quarter ended Sept. 30. That compares with $3.6 million, or 97 cents per share, for the same quarter a year earlier.

Sales in the most recent quarter totaled $10.4 million, up from $10.2 million in the prior-year period.

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

“Prior to consideration of income tax law changes, UTMD’s 3Q 2018 financial results were weaker than in 3Q 2017, but 3Q 2018 results did exceed UTMD’s operating plan which was used to publicly project 2018 results at the beginning of the year,” Kevin Cornwell, CEO, said in announcing the results. “We feel good about the 3Q 2018 performance.”