CORPORATE FINANCIAL REPORTS 4-15-19

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

Sportsman’s Warehouse 

Sportsman’s Warehouse Holdings Inc., based in Midvale, reported net income of $10.6 million, or 25 cents per share, for the fiscal fourth quarter ended Feb. 2. That compares with $5.9 million, or 14 cents per share, for the same quarter a year earlier.

Sales in the most recent quarter totaled $242.7 million, down from $243.2 million in the prior-year period due to one more week in the 2017 quarter.

Net income in the most recent fiscal year totaled $23.8 million, or 55 cents per share. That compares with $17.7 million, or 42 cents per share, for the prior year.

Sales in the most recent fiscal year totaled $849.1 million, up from $809.7 million in the prior year.

The 2018 fiscal year included 52 weeks of operations, while the 2017 year contained 53.

Sportsman’s Warehouse is an outdoor sporting goods retailer.

“We are pleased with our solid end to the year as our fourth quarter results were in line with expectations on the top and bottom line,” Jon Barker, CEO, said in announcing the results. “Our fourth-quarter same-store sales increase of 3.1 percent compared to the fourth quarter of fiscal 2017 exceeded our expectations and was driven by strong performance from our existing stores and e-commerce platform.

“We believe these results are a testament that the investments we’ve made throughout the year are gaining traction, including the enhancements to our omni-channel capabilities, increasing customer acquisition and engagement and offering a differentiated merchandising assortment in fiscal 2018.”

Security National Financial

Security National Financial Corp., based in Salt Lake City, reported after-tax earnings of $21.7 million, or $1.25 per share, for the full fiscal year ended Dec. 31. That compares with $14.1 million, or 82 cents per share, in the prior year.

Revenues in 2018 totaled $279.6 million, up from $276.9 million in 2017.

The company has three business segments: life insurance, cemeteries and mortuaries, and mortgages.

“We are particularly pleased with our financial performance in 2018,” Scott Quist, chairman of the board, president and CEO, said in announcing the results. “We accomplished earnings per share of $1.25, which is a 52 percent improvement over 2017. Our after-tax earnings rose to $21.7 million dollars, the best in our company’s 53-year history. Shareholders equity grew 15.6 percent. It is interesting to note that over the last five years, or since 2014, shareholders equity has grown 96 percent. or an average of 14.4 percent per year on a compound interest basis.”

Quist said the year’s income contained “numerous subplots.”

“The interest rate backdrop remains challenging, with rates rising enough to quell mortgage volumes industrywide, but not rising enough to increase substantially the return on our invested assets,” he said. “Our mortgage segment experienced a particularly challenging year, with margins compressing faster than we could reduce costs. We are just now beginning to see market conditions change to a more favorable tone, but the environment remains challenging. On the brighter side. our life segment and memorial segment revenues showed good revenue growth and excellent profitability growth.”