The following are recent financial reports as posted by selected Utah corporations:
Nu Skin
Nu Skin Enterprises Inc., based in Provo, reported net income of $53.1 million, or 94 cents per share, for the third quarter ended Sept. 30. That compares with $41.7 million, or 76 cents per share, for the same quarter a year earlier.
Revenue in the most recent quarter totaled $675.3 million, up from $563.7 million in the prior-year quarter.
Nu Skin develops and distributes consumer products, including beauty and wellness solutions.{mprestriction ids="1,3"}
“We delivered strong year-over-year financial results with reported revenue growth in every region, highlighted by double-digit increases in Mainland China and Southeast Asia,” Ritch Wood, CEO, said in announcing the results. “This is our fourth consecutive quarter of revenue growth of 20 percent or more, driven by the continued execution of our growth strategy focused on engaging platforms, enabling products and empowering programs which led to solid customer growth of 9 percent and sales leader growth of 14 percent.”
Clarus
Clarus Corp., based in Salt Lake City, reported net income of $4.1 million, or 14 cents per share, for the third quarter ended Sept. 30. That compares with a net loss of $1.6 million, or 5 cents per share, for the same quarter a year earlier.
Sales in the most recent quarter were a company-record $55.7 million, which compares with $45.8 million in the year-earlier quarter.
Clarus develops, manufactures and distributes outdoor equipment and lifestyle products focused on the climb, ski, mountain and sport categories. The company’s products are principally sold under the Black Diamond, Sierra and PIEPS brand names.
“The record results of our third quarter continued to prove the momentum in our brands and reinforce that our strategy is gaining strength,” John Walbrecht, president, said in announcing the results. “We realized 12 percent growth from Black Diamond, driven by 17 percent growth in mountain, 14 percent growth in climb and a 40 percent increase in apparel, as well as 35 percent pro forma growth in Sierra.
“These results were due to our continued focus on product innovation and an accelerated go-to-market strategy, supported by strong order fulfillment. … We expect the momentum of our business to continue through 2018, supported by key product innovations across all of Black Diamond’s primary product categories, particularly within climb and apparel, and executing a go-to-market strategy at Sierra focused on new product introductions and consumer engagement.”
Profire Energy
Profire Energy Inc., based in Lindon, reported net income of $1.7 million, or 3 cents per share, for the quarter ended Sept. 30. That compares with $1.2 million, or 3 cents per share, for the same quarter a year earlier.
Revenues in the most recent quarter totaled $10.8 million, up from $9.4 million in the year-earlier quarter.
The company creates, installs and services burner and chemical management solutions in the oil and gas industry.
“Our strategic initiatives over the past few years have positioned us well to achieve future growth,” Ryan Oviatt, chief financial officer, said in announcing the results. “Profire’s ability to respond quickly to customer demands over the years has distinguished Profire from its competition. Our resources allow us to be flexible in responding to customer demand and market opportunities that will be beneficial to Profire.”
“Profire increased revenues in the third quarter despite a sequential slowdown in the industry,” said Brenton Hatch, president and CEO. “So far, this year is on track to be our most profitable year in company history and the second-best year in terms of revenue. Our core values and strategies involving cost management, and remaining debt-free, have allowed us to see great success throughout the industry recovery. Our anticipated performance in 2018 is providing a solid foundation for additional investments in 2019 and beyond.”
Nature’s Sunshine Products
Nature’s Sunshine Products Inc., based in Lehi, reported net income attributable to common shareholders of $1.5 million, or 8 cents per share, for the third quarter ended Sept. 30. That compares with $2.4 million, or 13 cents per share, for the same quarter a year earlier.
Net sales in the most recent quarter totaled $88.8 million, down from $89.3 million in the year-earlier quarter.
Nature’s Sunshine Products manufactures and direct-sells nutrition and personal care products.
“We continued to enjoy positive sales trends in China, Synergy Asia and Russia, Central and Eastern Europe,” Terrence Moorehead, CEO, said in announcing the results. “However, this growth was offset by declines in NSP America and Synergy Europe and Americas during the third quarter, which contributed to the modest decline in consolidated net sales.
“We remain pleased with the market development in China and sales momentum in Korea continues to drive Synergy Asia. In NSP Americas, where our model is more mature and grounded in retailing, sales moderation largely reflects ongoing distributor attrition and the less-vibrant nutritional supplement retailing environment in the United States. Looking forward, my initial priorities are to evaluate our opportunities to further build the business while driving profitable growth and shareholder value.”
Superior Drilling Products
Superior Drilling Products Inc., based in Vernal, reported net income of $225,000, or 1 cent per share, for the third quarter ended Sept. 30. That compares with $586,000, or 2 cents per share, for the same quarter a year earlier.
Revenues in the most recent quarter totaled $4.8 million, up from $4.4 million in the year-earlier quarter.
Superior Drilling Products designs, manufactures, repairs and sells drilling tools.
“We made measurable progress on several fronts this last quarter,” Troy Meier, chairman and CEO, said in announcing the results. The company opened a facility in Texas, finalized a new distribution agreement with its exclusive U.S. distributor, engaged a servicing partner in the Middle East and expanded market channels there, and refinanced debt to recapitalize its balance sheet.
“Our first nine months of 2018 have been very strong and, while we expect that a typical seasonal slowdown combined with the finalization of channel partner relationships will somewhat dampen the fourth quarter, we believe this sets us up for a very strong start in 2019,” Meier said.
Myriad Genetics
Myriad Genetics Inc., based in Salt Lake City, reported a net loss of $700,000, or 1 cent per share, for the fiscal first quarter ended Sept. 30. That compares with net income of $78.8 million, or $1.12 per share, for the same quarter a year earlier.
Revenues in the most recent quarter totaled $202.8 million, up from $178.8 million in the year-earlier quarter.
Myriad Genetics discovers and commercializes molecular diagnostic tests.
“Earnings during the quarter exceeded expectations based upon strong hereditary cancer and new product volume growth,” Mark C. Capone, president and CEO, said in announcing the results. “Late in the quarter, we identified two issues that impacted revenue for GeneSight and prenatal testing, and as a result we have revised revenue guidance for fiscal 2019. We view these issues as transitory and given the progress on profitability, earnings guidance for the fiscal year remains unchanged.
“As we realize synergies from the Counsyl acquisition, continue to grow new product volumes, and secure additional new product coverage decisions, we expect revenue growth and profitability to further accelerate.”
Overstock.com
Overstock.com Inc., based in Salt Lake City, reported a net loss attributable to stockholders or $47.9 million, or $1.55 per share, for the quarter ended Sept. 30. That compares with a loss of $800,000, or 3 cents per share, for the same quarter a year earlier.
Revenue in the most recent quarter totaled $440.6 million, up from $424 million in the year-earlier quarter.
Overstock.com is an online retailer and advancer of blockchain technology.
ZAGG
ZAGG Inc., based in Salt Lake City, reported net income of $14.6 million, or 51 cents per share, for the third quarter ended Sept. 30. That compares with $9.8 million, or 34 cents per share, for the same quarter a year earlier.
Sales in the most recent quarter totaled $141.1 million, up from $134.4 million in the year-earlier quarter.
ZAGG’s products include screen protection, mobile keyboards, power management solutions, social tech and personal audio sold under the ZAGG, mophie, InvisibleShield, IFROGZ and BRAVEN brands.
“Our record third quarter was highlighted by strong growth in screen protection sales which fueled meaningful gains in gross margin and operating profit,” Chris Ahern, CEO, said in announcing the results. “We are also encouraged by the performance of our wireless charging business, which continues to gain market share following the launch of our mophie wireless charge pad just 12 months ago.
“With respect to power cases, we recently received certification for mophie’s iPhone X compatible juice pack and expect to have product in market ahead of the holiday selling season. That said, this is later than our most recent expectations, which has put some near-term pressure on our top line and required us to reduce our full-year revenue outlook. Looking ahead, we remain confident about the longer-term growth prospects for ZAGG, and I am confident that we have the right resources and plans in place to successfully capitalize on these opportunities.”
Franklin Covey
Franklin Covey Co, based in Salt Lake City, reported net income of $1.8 million, or 13 cents per share, for the fiscal fourth quarter ended Aug. 31. That compares with $4.7 million, or 33 cents per share, for the same quarter a year earlier.
Revenue in the most recent quarter totaled $64.8 million, up from $59.5 million in the year-earlier quarter.
For the full fiscal year, the company reported a net loss of $5.9 million, or 43 cents. That compares with a loss of $7.2 million, or 52 cents per share, for the prior fiscal year.
Revenue in the most recent fiscal year totaled $209.8 million, up from $185.3 million in the prior year.
Franklin Covey offers content, training, processes and tools for organizations and individuals.
“We were very pleased with our strong finish to fiscal 2018, which met our key expectations and produced increased sales, significantly improved gross margins and improved operating results, despite significant investments in personnel, systems and content,” Bob Whitman, chairman and CEO, said in announcing the results.
Park City Group
Park City Group Inc., based in Salt Lake City, reported net income of $966,000, or 4 cents per share, for the fiscal first quarter ended Sept. 30. That compares with $331.000, or 1 cent per share, for the same quarter a year earlier.
Revenue in the most recent quarter totaled $5.9 million, up from $4.7 million in the year-earlier quarter.
Park City Group is the parent company of ReposiTrak Inc., a compliance, supply chain and e-commerce platform that partners with retailers, wholesalers and their suppliers to accelerate sales, control risk and improve supply chain efficiencies.
“We began fiscal 2019 with strong momentum and continued growth across all areas of our business,” Randall K. Fields, chairman and CEO of Park City Group, said in announcing the results.
“Total revenues increased 26 percent in the first quarter, and we delivered a near-tripling of net income, and record operating cash flows. Results for the quarter were driven by our compliance business, with growth of both Tier 1 and Tier 2 connections; continued growth in high-quality Supply Chain subscription revenue; and a large year-over-year increase in revenues from our MarketPlace initiative.”
APX Group
APX Group Holdings Inc., based in Provo, reported a net loss of $120.2 million for the third quarter ended Sept. 30. That compares with a loss of $107.9 million in the same quarter a year earlier.
Revenues in the most recent quarter totaled $272.3 million, up from $228.7 million in the year-earlier quarter.
“The Vivint model is building momentum as the number of consumers looking for a true smart home experience continues to increase,” Todd Pedersen, CEO of APX Group, said in announcing the results. “Our 2018 third quarter new subscriber growth benefited from this trend as we wrapped up the summer selling season with a 19 percent year-over-year growth in our direct-to-home sales channel, and our inside sales team maintained its double-digit growth at 12 percent year over year.
“I feel particularly positive about these results, considering we tightened underwriting criteria during the quarter, which improves our unit of one economics, but creates a bit of a headwind to sales velocity. We’ll continue to push for balanced, profitable growth and we’re optimistic the progress we’ve made this year and this quarter are moves in this direction.”
Lipocine
Lipocine Inc., based in Salt Lake City, reported a net loss of $2.5 million, or 12 cents per share, for the quarter ended Sept. 30. That compares with a loss of $4.7 million, or 22 cents per share, for the same quarter a year earlier.
The company reported no revenues in the most recent quarter or year-earlier quarter.
Lipocine is a specialty pharmacy company.
“We continue to believe there is a path forward for TLANDO and anticipate a resubmission of our NDA for TLANDO in the first half of 2019 based on results from ongoing clinical studies,” Dr. Mahesh Patel, chairman, president and CEO, said in announcing the results. “We are also excited about our new product candidate, LPCN 1144, for NASH (non-alcoholic steatohepatitis) and look forward to receiving clinical trial results in the near term that will further support the use of an oral androgen for this important indication.”{/mprestriction}
