CORPORATE FINANCIAL REPORTS - 11-11-18

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

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 third quarter ended Sept. 30. That compares with $6.2 million, or 34 cents per share, for the same quarter a year earlier.

Net income from core operations was $10.4 million, or 54 cents per share, in the most recent quarter, compared with $6.9 million, or 38 cents per share, a year earlier.

{mprestriction ids="1,3"}Total deposits grew $344 million to $1.87 billion year-over-year. Loans held for investment grew $503 million to $1.72 billion. Net interest income grew $7.3 million to $27.2 million during the 12 months. Noninterest income was $3.8 million for the quarter, compared with $3 million for the year-earlier quarter.

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.

“People’s Utah Bancorp achieved strong financial performance in the third quarter,” Len Williams, president and CEO, said in announcing the results. “We experienced widening net interest margins and solid loan and deposit growth from a year ago both organically and through our acquisition transactions.

“We are pleased that we achieved $90 million in core deposit growth in the third quarter and maintained our net interest margins from the second quarter of 2018, despite experiencing greater deposit pricing pressures and strong competitive demand for deposits from both banks and credit unions. We anticipate continued competition for deposits and deposit pricing pressures, consistent with our peers, in the near term. Our focus continues to be on growing our business organically and diversifying our loan portfolio. The economic outlook for the Utah market continues to be strong, which we believe provides us further opportunities to grow our organization.  We continue to actively evaluate potential acquisition opportunities throughout the Intermountain West.”

Vista Outdoor

Vista Outdoor Inc., based in Farmington, reported a net loss of $32.8 million, or 57 cents per share, for the fiscal second quarter ended Sept. 30. That compares with a net loss of $114.7 million, or $2.01 per share, for the same quarter a year earlier.

Sales in the most recent quarter totaled $547 million, down from $587.3 million in the prior-year period.

Vista Outdoor designs, manufactures 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 U.S. states, Canada, Mexico and Puerto Rico, along with international sales and sourcing operations in Asia, Australia, Canada and Europe.

“Vista Outdoor delivered a solid quarter, exceeding our expectations for sales and EPS, despite market challenges,” Chris Metz, CEO, said in announcing the results. “Our ongoing efficiency and cost-reduction initiatives are beginning to bear fruit. We also completed the sale of our eyewear brands in the quarter, which allowed us to pay down $143 million in debt. The eyewear sale was an important step in our transformation plan, and I’m proud of our team for delivering on both our short-term financial and long-term strategy goals. We’ve also taken considerable steps in our process to divest the Savage Arms brands.”

“The company exceeded expectations within challenging markets,” said Mick Lopez, chief financial officer. “Our shooting sports segment generated sequential sales growth, while our outdoor products segment sales remained flat, adjusted for eyewear. Overall, we are pleased with these results and our continued efforts to drive profitability.”

Control4

Control4 Corp., based in Salt Lake City, reported net income of $5.7 million, or 21 cents per share, for the third quarter ended Sept. 30. That compares with $5 million, or 19 cents per share, for the same quarter a year earlier.

Revenue in the most recent quarter totaled $71.6 million, up from $64.6 million in the year-earlier quarter.

Control4 provides automation and networking systems for homes and businesses.

“We are pleased with our performance in the past quarters and are continuing our focus to drive growth and execute on our strategies to be the preferred choice for home automation,” Martin Plaehn, chairman and CEO, said in announcing the results. “Our recently introduced Certified Showroom Program, our #C4YourselfDay events, and our Production Builder Program are all gaining visibility and momentum, and our new products introduced at the CEDIA industry trade show in September are well-received and expected to contribute to year-end business and to the first-half of 2019.”

“Year-over-year,” said Mark Novakovich, chief financial officer, “we delivered another quarter of double-digit revenue growth. Our expanding net income margin and positive cash flow generation put us in a good position to continue to maintain our leadership in the professionally installed whole-home automation market.”

LifeVantage

LifeVantage Corp., based in Salt Lake City, reported net income of $900,000, or 6 cents per share, for the fiscal first quarter ended Sept. 30. That compares with $800,000, or 6 cents per share, for the same quarter a year earlier.

Revenue in the most recent quarter totaled $55.6 million, up from $49.1 million in the year-earlier quarter.

LifeVantage is engaged in the identification, research, development and distribution of advanced nutraceutical dietary supplements and skin and hair care products.

“We had a strong first quarter with broad based growth in sales and active members (total active distributors and customers),” Darren Jensen, president and CEO, said in announcing the results. “Our recent launch in Taiwan was a significant success, already delivering the third-highest sales by country across our global footprint during the month of September.

“Given the strong sales trends, we are increasing our fiscal 2019 revenue guidance. At our most recent event, we announced the launch of our newest product category, True Science hair care. The successful launch of this product led to our selling through nearly all of our total initial inventory during our global convention. As we look forward, we will continue to focus on our key initiatives, including additional geographical expansion and product innovation later in fiscal 2019.”{/mprestriction}