CORPORATE FINANCIAL REPORTS 5-20-19

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

Nature’s Sunshine 

Nature’s Sunshine Products Inc., based in Lehi, reported net income of $1.7 million, or 9 cents per share, for the fiscal first quarter ended March 31. That compares with $300,000, or 3 cents per share, for the same quarter a year earlier.{mprestriction ids="1,3"}

Net sales in the most recent quarter totaled $91.3 million, up from $87.3 million in the prior-year quarter.

The company manufactures and sells nutritional and personal care products.

“We are pleased to report a strong start to fiscal 2019 with continued net sales growth and significantly improved earnings,” Terrence Moorehead, CEO, said in announcing the results. “Growth continues to be driven by sustained positive sales trends in NSP China, Synergy Asia Pacific and NSP Russia, Central and Eastern Europe, as well as positive growth in Synergy North America during the first quarter.

“We are seeing an enhanced profit profile, reflecting the benefits of our cost-control initiatives that contributed to a more than an 81 percent increase in adjusted EBITDA (earnings before interest, taxes, depreciation and amortization) during the first quarter. We continue to focus on growth while controlling costs and streamlining the organization to drive accelerated earnings gains. We have further opportunities to improve expense infrastructure, all while aligning our global organization to deliver upon our strategic growth goals.”

Profire Energy

Profire Energy Inc., based in Lindon, reported net income of $1.7 million, or 3 cents per share, for the quarter ended March 31. That compares with $1.9 million, or 4 cents per share, for the same quarter a year earlier.

Revenue in the most recent quarter totaled $10.8 million, down from $12.2 million in the year-earlier quarter.

The company creates, installs and services burner and chemical management solutions in the oil and gas industry.

“We have planned for the market volatility and conditions that we are experiencing to start 2019 as we expect revenues in the first half of 2019 to remain relatively flat with Q4 2018 and pick up as the year moves along,” Brenton Hatch, president and CEO, said in announcing the results. “We believe our growth strategy allows for long-term growth whether or not overall industry conditions improve significantly. We are making strategic investments with the intent of increasing revenues in the coming years. These investments will help Profire remain a technology leader within the industry.”

APX Group Holdings

APX Group Holdings Inc., based in Provo, reported a net loss of $89.2 million for the first quarter ended March 31. That compares with a net loss of $84.7 million for the same quarter a year earlier.

Revenues in the most recent quarter totaled $276.2 million, up from $246.6 million in the year-earlier period.

Vivint Smart Home is a smart home company in North America, serving more than 1.4 million customers.

“One of our primary focus areas in the first quarter is preparation for our summer selling season,” Todd Pedersen, CEO of APX Group, said in announcing the results. “We believe we’ve made good progress in expanding our direct-to-home sales force and expect to have more sales representatives in the field this year. We’ve also spent quite a bit of time integrating our second-look financing partner and expect this addition will reduce retail installment contracts as we move through the year.

“Our innovation team will release a number of new products in 2019, including a new 4K outdoor camera and an upgraded doorbell camera, along with a regular cadence of enhancements to our smart home cloud platform. With all of this momentum, I believe we’re well-positioned for another strong performance this calendar year.”

Overstock.com

Overstock.com Inc., based in Salt Lake City, reported a net loss of $39.2 million, or $1.18 per share, for the quarter ended March 31. That compares with a loss of $50.9 million, or $1.74 per share, for the same quarter a year earlier.

Revenue in the most recent quarter totaled $367.7 million, down from $445.3 million in the year-earlier quarter.

Overstock.com is an online retailer and advancer of blockchain technology.

Vivint Solar

Vivint Solar Inc., based in Lehi, reported a net loss attributable to common stockholders of $26.2 million, or 22 cents per share, for the first quarter ended March 31. That compares with a loss of $13 million, or 11 cents per share, for the same quarter a year earlier.

Revenue in the most recent quarter totaled $69.4 million, up from $68.3 million in the year-earlier quarter.

Vivint Solar is a full-service residential solar provider in the United States.

PolarityTE

PolarityTE Inc., based in Salt Lake City, reported a net loss attributable to common stockholders of $25.6 million, or $1.18 per share, for the first quarter of 2019. That compares with a loss of $19.7 million, or $2.10 per share, for the same quarter a year earlier.

Revenue in the most recent quarter totaled $1.5 million, up from $3,000 in the year-earlier quarter.

PolarityTE is a biotechnology company developing and commercializing regenerative tissue products and biomaterials.

“I am excited about what the future holds for PolarityTE,” Dr. Denver Lough, chairman and CEO, said in announcing the results. “We are building a long-term growth story focusing on advancing physician experience and adoption during our regional market release and the advancement of clinical trials to help support continued adoption.

“We are proud of the continued recognition and validation of SkinTE as evidenced by the abstracts accepted at multiple medical conferences, as well as the first peer-reviewed journal article on SkinTE published in the International Wound Journal.”

Control4

Control4 Corp., based in Salt Lake City, reported a net loss of $2 million, or 7 cents per share, for the first quarter ended March 31. That compares with net income of $1 million, or 4 cents per share, for the same quarter a year earlier.

Revenue in the most recent quarter totaled $60.4 million, up from $59.1 million in the year-earlier quarter.

Control4 provides automation and networking systems for homes and businesses.

Superior Drilling Products

Superior Drilling Products Inc., based in Vernal, reported a net loss of $141,000, or 1 cent per share, for the first quarter. That compares with net income of $69,000, or zero cents per share, for the same quarter a year earlier.

Revenue in the most recent quarter totaled $5 million, up from $4.6 million in the year-earlier quarter.

The company designs and manufactures drilling tool technologies.

“Our performance during the first quarter showed continued progress despite the challenges in the domestic oil and gas industry,” Troy Meier, chairman and CEO, said in announcing the results. “Revenue growth in the quarter of 9.5 percent compared with the prior-year period was primarily due to improved contract terms with our legacy customer that resulted in greater volumes and higher prices being realized by contract services.

“In addition, the Middle East market’s adoption of our patented Drill-N-Ream well bore conditioning tool is continuing to advance. While early in our international expansion efforts, we are excited by this market’s potential and the impact we expect it will have on 2019 results and beyond.”{/mprestriction}