The following are recent financial reports as posted by selected Utah corporations:
Profire Energy
Profire Energy Inc., based in Lindon, reported company-record net income of $6 million, or 12 cents per share, for the full year 2018. That compares with $4.4 million, or 9 cents per share, in 2017.
Revenue in the most recent year totaled $45.6 million, up from $38.3 million in 2017.
The company creates, installs and services burner and chemical management solutions in the oil and gas industry.
“2018 was a banner year for Profire as we were able to achieve our most profitable year in company history,” Brenton Hatch, president and CEO, said in announcing the results. “We believe that in spite of present market volatility, the future of Profire is exciting. Enabling our five-year growth plan requires investing some of our cash reserves in 2019. We made hires throughout 2018 in order to augment our efforts to provide superior products and unparalleled customer experience and plan to continue making strategic hires and investments in 2019.”
“Our efforts in this past year paid off and we are now able to conclude that our internal control environment is operating effectively,” said Ryan Oviatt, the company’s chief financial officer. “Profire’s focus on improving controls over financial reporting, cash management and internal investments are helping us to achieve our long-term goals and five-year growth plan. Throughout 2019, we plan to invest in current products, next-gen product development, international expansion, M&A activity, and other areas that we believe will add significant growth potential and opportunity.”
Clarus
Clarus Corp., based in Salt Lake City, reported net income of $3.5 million, or 12 cents per share, for the fourth quarter ended Dec. 31. That compares with $6 million, or 20 cents per share, for the same quarter a year earlier.
Sales in the most recent quarter totaled $57.3 million, up from $52.7 million in the year-earlier quarter.
For the full year 2018, the company reported net income of $7.3 million, or 24 cents per shares. That compares with a net loss of $700,000, or 2 cents per share, for 2017.
Sales in 2018 totaled $212.1 million, up from $170.7 million in 2017.
Clarus is as a developer, manufacturer and distributor of outdoor equipment and lifestyle products focused on the climb, ski, mountain and sport markets. Its products are principally sold under the Black Diamond, Sierra, PIEPS and SKINourishment brand names.
“As indicated in our preliminary results, our brand momentum led to a record fourth quarter and full year that well-exceeded our outlook,” John Walbrecht, president, said in announcing the results. “Our brands and products continue to resonate with our consumers across all markets, and this was driven by innovation throughout our entire product portfolio, an accelerated go-to-market strategy and the execution of our growth strategy.”
Walbrecht said the company expects to introduce about 300 new products in 2019.
“We believe that our current playbook of ‘innovate and accelerate’ will continue to provide us with strong organic growth in 2019, enabling us to further scale and leverage our portfolio,” he said. “We also remain opportunistic in an M&A strategy that seeks to find other ‘super-fan brands’ in which we can deploy our unique brand strategy playbook.”
Nature’s Sunshine
Nature’s Sunshine Products Inc., based in Lehi, reported a net loss attributable to common stockholders of $2.9 million, or 15 cents per share, for the fourth quarter ended Dec. 31. That compares with a net loss of $17.4 million, or 92 cents per share, for the quarter a year earlier.
Sales in the most recent quarter totaled $97.3 million, up from $88.3 million in the year-earlier quarter.
For the full year 2018, the company reported a net loss attributable to common shareholders of $854,000, or 4 cents per share. That compares with $12.9 million, or 69 cents per share, in 2017. Sales in 2018 totaled $364.8 million, up from $342 million in 2017.
The company is a direct-sales company focused on the manufacture and sale of nutritional and personal care products.
“We concluded 2018 on a strong note, generating over 10 percent net sales growth during the fourth quarter,” Terrence Moorehead, CEO, said in announcing the results. “The growth was driven by sustained positive sales trends in NSP China, Synergy Asia Pacific and NSP Russia, Central and Eastern Europe. We are pleased with how our operations in China are developing, and continue to invest ahead of the growth. NSP China net sales increased 60 percent during the fourth quarter and rose 46 percent for the full year.”
Moorehead said the company is “working to reinvigorate our NSP Americas region with multiple specific initiatives that support our strategic objectives to become more modern, more flexible and more profitable. We see further opportunity to generate growth and capture market share, while improving the profit profile of the organization with the ultimate goal of enhancing shareholder value.”
Superior Drilling Products
Superior Drilling Products Inc., based in Vernal, reported a net loss of $1.4 million, or 5 cents per share, for the fourth quarter ended Dec. 31. That compares with a net loss of $786,000, or 3 cents per share, for the same quarter a year earlier.
Revenue in the most recent quarter totaled $3.5 million, down from $3.7 million in the year-earlier quarter.
For the full year 2018, the company reported a net loss of $58,000, or zero cents per share. That compares with a net loss of $279,000, or 1 cent per share, for 2017. Revenue in 2018 totaled $18.2 million, up from $15.6 million in 2017.
The company designs and manufactures drilling tool technologies.
“2018 was a year of many successes and significant progress for SDP,” Troy Meier, chairman and CEO, said in announcing the results. “Of note, our Drill-N-Ream, a strongly patented and unique well bore conditioning tool, continued to gain ground in both North America and the Middle East. We believe that our accomplishments strengthen the foundation from which we can drive further growth.”
Meier said 2019 “has started out strong in both the Middle East and North America. The DNR’s market acceptance in the Middle East is expanding quickly and we believe we are positioned to address a rapid increase in demand. We continue to engage in productive dialogue with our North American DNR distributor to pursue options and opportunities to increase domestic market penetration.”
Vivint Solar
Vivint Solar, based in Lehi, reported a net loss attributable to common stockholders of $12.9 million, or 11 cents per share, for the fourth quarter ended Dec. 31. That compares with net income of $183.9 million, or $1.60 per share, for the same quarter a year earlier.
Revenue in the most recent quarter totaled $63.5 million, down from $66.8 million in the prior-year quarter.
For the full year 2018, the company reported a net loss attributable to common stockholders of $15.6 million, or 13 cents per share. That compares with net income of $209.1 million, or $1.85 per share, for 2017.
Revenue in 2018 totaled $290.3 million, up from $268 million in 2017.
Vivint Solar is a residential solar provider in the United States.
Lipocine
Lipocine Inc., based in Salt Lake City, reported a net loss of $11.7 million, or 55 cents per share, for the full year 2018. That compares with a net loss of $21 million, or $1.05 per share, in 2017.
Revenue in 2018 totaled $428,031, compared with no revenue in 2017.
Lipocine is a specialty pharmaceutical company developing innovative products using its proprietary drug delivery technologies.
APX Group
APX Group Holdings Inc., based in Provo, reported a net loss of $118.6 million for the fourth quarter ended Dec. 31. That compares with a net loss of $135.4 million in the 2017 fourth quarter.
Revenues in the most recent quarter totaled $276.5 million, up from $235.8 million in the year-earlier quarter.
For the full year 2018, the company reported a net loss of $467.9 million, compared with a loss of $410.2 million in 2017. Revenues in 2018 totaled $1.05 billion, up from $882 million in 2017.
APX is the parent holding company and owner of Vivint Inc., a provider of smart home technology.
“At the beginning of 2018, Vivint established a number of key initiatives to deliver during the year, including aggressive growth targets, cash-flow improvements, and broad technology enhancements within our smart home platform,” Todd Pedersen, CEO, said in announcing the results.
“As we look back upon the year, we believe we’ve made significant progress in each of these areas. Our year-over-year growth in new subscribers and total revenue was robust at 15.3 percent and 19.1 percent, respectively; our Flex Pay program continued to define a best-of-breed capability within our industry; and our software, firmware and hardware releases in mid-2018 have led to material improvements in the quality of service and functional capabilities.”
