The following are recent financial reports as posted by selected Utah corporations:
Security National Financial
Security National Financial Corp., based in Salt Lake City, reported after-tax earnings from operations of $2 million, or 12 cents per share, for the quarter ended Sept. 30. That compares with $1 million, or 7 cents per share, for the same quarter a year earlier.{mprestriction ids="1,3"}
Revenues in the most recent quarter totaled $67.2 million, down from $71.8 million in the year-earlier quarter.
The company has three business segments: life insurance, cemeteries/mortuaries and mortgages.
“We are always pleased when we can report an increase in profitability, especially a nearly 100 percent improvement in profitability as measured by third quarter over prior-year third quarter,” Scott M. Quist, president, said in announcing the results. “On a year-to-date basis, we have accomplished a nearly 16 percent return on equity during the first nine months.”
Varex Imaging
Varex Imaging Corp., based in Salt Lake City, reported net income of $200,000, or 1 cent per share, for the fiscal fourth quarter ended Sept. 28. That compares with $15 million, or 39 cents per share, for the same quarter a year earlier.
Revenues in the most recent quarter totaled $205 million, down from $216 million in the prior-year quarter.
For the full fiscal year, the company reported net income of $27 million, or 72 cents per share, on revenue of $773 million. That compares with $52 million, or $1.36 per share, on revenues of $698 million in the prior fiscal year.
Varex Imaging designs and manufactures X-ray imaging components, which include X-ray tubes, digital detectors and other image processing solutions that are components of X-ray imaging systems. It employs approximately 2,000 people at manufacturing and service center sites in North America, Europe and Asia.
“While our revenues for the fourth quarter of fiscal year 2018 decreased from record revenues in the prior-year quarter, revenues increased 7 percent sequentially from the third quarter of fiscal year 2018, driven by growth in the CT, mammography and industrial markets,” Sunny Sanyal, CEO, said in announcing the results.
“In the fourth quarter, we continued to see pressure on our gross margins and we began to be directly impacted by China-related tariffs. We estimate that tariffs reduced our gross profit by $2 million for the quarter.”
Dynatronics
Dynatronics Corp., based in Cottonwood Heights, reported net income attributable to common stockholders of $129,000, or 2 cents per share, for the fiscal first quarter ended Sept. 30. That compares with $12,000, or zero cents per share, for the same quarter a year earlier.
Sales in the most recent quarter totaled $17.1 million, up from $12.8 million in the prior-year quarter.
Dynatronics designs, manufactures, markets and distributes orthopedic soft goods; medical supplies; and physical therapy, rehabilitation and athletic training products.
“I am pleased with our overall performance for the start of our fiscal year 2019,” Christopher R. van Jako, CEO, said in announcing the results.
“Sales growth continues to reflect the successful execution of our acquisition strategy. We have made several organizational changes and investments to position the company for growth by acquisition and to drive operational improvements. We expect that these investments will put Dynatronics on track for improved cash flow and profitability.”
Purple Innovation
Purple Innovation Inc., based in Alpine, reported a net loss of $4.4 million, or 9 cents per share, for the third quarter totaled Sept. 30. That compares with a net loss of $5.4 million, or 65 cents per share, for the same quarter a year earlier.
Net revenue in the most recent quarter totaled $70.8 million, up from $56 million in the year-earlier period.
Purple designs and manufactures comfort technology products, including mattresses, pillows and cushions.
“Consumer response for the Purple brand and our differentiated mattress offering continues to gain momentum,” Joe Megibow, CEO, said in announcing the results. “Memorable marketing campaigns and viral customer promotion have allowed the company to quickly establish a strong presence and expand into traditional brick-and-mortar retail.
“Our success is also a direct result of not only the patent-protected manufacturing capabilities developed internally, but also manufacturing domestically. While the organization has experienced challenges typical of a young, fast-growing company, we believe they are mostly execution-related and not core to brand or product. Over the coming months, we plan to implement new systems and processes aimed at improving efficiencies in all areas of the business.”
Vivint Solar
Vivint Solar, based in Lehi, reported a net loss of $7.9 million, or 7 cents per share, for the third quarter ended Sept. 30. That compares with net income of $6.9 million, or 6 cents per share, for the same quarter a year earlier.
Revenue in the most recent quarter totaled $77.8 million, up from $75.1 million in the year-earlier quarter.
Vivint Solar is a residential solar provider.
ClearOne
ClearOne, based in Salt Lake City, reported a net loss of $10.1 million, or $1.22 per share, for the quarter ended Sept. 30. That compares with a loss of $9.2 million, or $1.09 per share, for the same quarter a year earlier.
Revenue in the most recent quarter totaled $6.7 million, down from $10.6 million in the year-earlier quarter.
The company designs, develops and sells conferencing, collaboration and network streaming solutions for voice and visual communications.
“Our revenue and consequently our bottom line continues to be under assault due to infringement of our strategic patents,” Zee Hakimoglu, president and CEO, said in announcing the results.
“We continue to emphasize the strategic priorities of product innovation, operational savings and legal defense of our strategic patents. The third-quarter results show evidence of cost-savings measures starting to yield results and inventory turning to cash. We also have embarked on a path to strengthen our cash position through a rights offering to our current shareholders. We believe our focused implementation of core initiatives will bring us back to the path towards profitability and growth.”
Dominion
Dominion Energy, based in Virginia but with operations in Utah, reported earnings of $854 million, or $1.30 per share, for the quarter ended Sept. 30. That compares with $665 million, or $1.03 per share, for the same quarter a year earlier.
Operating revenue totaled $3.45 billion in the most recent quarter, up from $3.18 billion in the year-earlier quarter.
Dominion has nearly 6 million electricity and natural gas customers in 19 states.
The quarter was “another quarter of very strong results,” Thomas F. Farrell II, chairman, president and CEO, said in announcing the results. “We are narrowing our 2018 full-year operating earnings-per-share guidance range to $3.95 to $4.10 per share, which preserves the same midpoint as our original guidance. Assuming normal weather, we continue to expect operating earnings per share for 2018 to be above the midpoint of this narrowed guidance range.”
HollyFrontier
HollyFrontier Corp., based in Texas but with operations in Utah, reported net income attributable to stockholders of $342.5 million, or $1.93 per share, for the third quarter ended Sept. 30. That compares with $272 million, or $1.53 per share, for the same quarter a year earlier.
Sales and other revenues in the most recent quarter totaled $4.77 billion, up from $3.7 billion in the year-earlier quarter.
HollyFrontier is an independent petroleum refiner and marketer that produces gasoline, diesel fuel, jet fuel and other specialty products. Through its subsidiaries, it operates several refineries, including one in Woods Cross.
“HollyFrontier’s strong financial results reflect our ability to capture the favorable crude discounts across our refining system,” George Damiris, president and CEO, said in announcing the results. “In line with our cash priorities, during the third quarter we reinvested in our plants through both capital and maintenance spending, paid our regular dividend and returned an additional $124 million to shareholders in the form of share repurchase.
“Looking into the fourth quarter, we see normal seasonality in the gasoline markets and sustained attractive crude markets. We are currently undergoing turnarounds at our El Dorado and Mississauga facilities and plan to return to normal operations in November.”{/mprestriction}
