CORPORATE FINANCIAL REPORTS 2-11-19

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

SkyWest

SkyWest Inc., based in St. George, reported net income of $67 million, or $1.28 per share, for the fourth quarter ended Dec. 31. That compares with $290 million, or $5.46 per share, for the same quarter a year earlier.

Revenue in the most recent quarter totaled $803 million, up from $771 million in the year-earlier quarter.{mprestriction ids="1,3"}

For the full year 2018, the company reported net income of $280 million, or $5.30 per share, which compares with $429 million, or $8.08 per share, for 2017. Revenue in 2018 totaled $3.22 billion, up from $3.12 billion in 2017.

SkyWest Inc. is the holding company for SkyWest Airlines and SkyWest Leasing. SkyWest Airlines has a fleet of nearly 500 aircraft connecting millions of passengers each month to over 250 destinations and provides commercial air service in cities throughout North America with more than 2,100 daily flights. SkyWest Inc. has nearly 14,000 employees.

“The fourth quarter completed a strong 2018 for SkyWest, with our people continuing to produce an exceptional product for each of our mainline partners and customers,” Chip Childs, president and CEO, said in announcing the results. “We look forward to moving ahead as one airline in 2019 as we continue to reduce risk, increase flexibility and ensure we’re best positioned for continued opportunities.”

Utah Medical Products

Utah Medical Products Inc., based in Salt Lake City, reported net income of $3.4 million, or 90 cents per share, for the fourth quarter ended Dec. 31. That compares with a new loss of $2.5 million, or 67 cents per share, for the same quarter a year earlier.

Sales in the most recent quarter totaled $9.8 million, down from $10.2 million in the year-earlier quarter.

For the full year 2018, the company reported net income of $18.6 million, or $4.95 per share, on sales of $42 million. That compares with net income of $8.5 million, or $2.28 per share, on sales of $41.4 million in 2017.

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

Varex Imaging

Varex Imaging Corp., based in Salt Lake City, reported net income of $3 million, or 8 cents per share, for the fiscal first quarter ended Dec. 28. That compares with $11 million, or 30 cents per share, for the same quarter a year earlier.

Revenues totaled $186 million, up from $176 million in the year-earlier quarter.

Varex Imaging designs and manufactures X-ray imaging components, which include X-ray tubes, digital detectors and other image processing solutions that are key components of X-ray imaging systems. It employs approximately 2,000 people at manufacturing and service center sites in North America, Europe and Asia.

“Revenues in the first quarter of fiscal year 2019 increased by 5 percent, or more than $9 million, from the prior year quarter,” Sunny Sanyal, CEO, said in announcing the results. “The direct impact from tariffs in the first quarter was lower than expected and a factor in the sequential improvement of our gross margin from the fourth quarter of fiscal year 2018.”

Sanyal said shipments of CT tubes to OEM customers in China during the quarter “continued to gain momentum and we are on track to ship more than twice as many units as we shipped last year. Several customers are nearing the end stages of development while others are in the regulatory approval process for their new CT systems. Looking ahead, we anticipate adding new pricing agreements with some of the smaller OEMs over the coming quarters.”

LifeVantage

LifeVantage Corp., based in Salt Lake City, reported net income of $800,000, or 6 cents per share, for the fiscal second quarter ended Dec. 31. That compares with $300,000, or 2 cents per share, for the same quarter a year earlier.

Revenue in the most recent quarter totaled $58.2 million, up from $49.5 million in the year-earlier quarter.

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

“We are very pleased with our record quarterly revenue generated during the second quarter, reflecting growth across nearly all of our markets and the positive impact of our product, geographical and member growth strategies,” Darren Jensen, president and CEO, said in announcing the results. “Given the strong sales trends through the first half of the year and our enhanced sales trajectory, we are increasing our fiscal 2019 revenue guidance.”

The company said launching in Taiwan at the beginning of fiscal 2019 has enhanced its Greater China region and was a key contributor to its distributor growth during the second quarter.

“We are on track for additional geographic expansions in Europe later this year, where our customer program across several markets is seeding the launch of our business opportunity. Additionally, we plan to continue to innovate and enhance our product portfolio,” Jensen said.{/mprestriction}