CORPORATE FINANCIAL REPORTS 6-3-19

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 $1.92 million, or 11 cents per share, for the quarter ended March 31. That compares with $16.9 million, or 99 cents per share, for the same quarter a year earlier.{mprestriction ids="1,3"}

Revenues in the most recent quarter totaled $61.5 million, down from $82 million in the year-earlier quarter.

SNFC has three business segments: life insurance, cemeteries/mortuaries and mortgages. In the most recent quarter, life insurance accounted for $1 million in earnings before taxes, cemeteries/mortuaries provided $1.2 million, and mortgages had a loss of $838,000.

“Even recognizing the decrease in net income, I must say that I am quite pleased with our company’s first-quarter performance,” Scott M. Quist, president, said in announcing the results. “For the first quarter last year, excluding the Dry Creek sale, our pre-tax earnings would have been a loss of approximately $690,000. This year, with no Dry Creek sale, our pre-tax earnings improved from that loss to a positive $2,432,000, for a positive swing in pre-tax earnings of $3,122,000.”

The company’s life insurance operations had a 6 percent increase in revenue and a 14 percent increase in profitability. The memorial segment saw a 15 percent revenue increase and a 38 percent improvement in profitability. The mortgage segment saw revenue slip 34 percent.

“While it is true that the mortgage segment still ran a loss of $838,000 for the quarter, given the marked margin improvement, I am very encouraged that our considerable rationalization efforts are bearing fruit and I am looking forward to a much-improved 2019 for the mortgage segment,” Quist said.

CleanSpark

CleanSpark Inc., based in Salt Lake City, reported a net loss of $7.8 million for the quarter ended March 31. That compares with $1.1 million for the same quarter a year earlier.

Revenue in the most recent quarter was a company-record $723,899, up from $120,265.

CleanSpark is a microgrid company with engineering, software and controls for innovative distributed energy resource (DER) and microgrid deployments.

“Our second quarter of fiscal 2019 continues to set the pace for the entire year,” Zachary Bradford, president and chief financial officer, said in announcing the results. “We generated a record-setting quarter, where we saw an exponential increase in year-over-year revenues. As we continue to expand our product offerings and customer base, we are optimistic that we will continue to see increased adoption of our solutions. As a result, we expect our revenues to continue to increase quarter over quarter.”

Flexpoint

Flexpoint Sensor Systems, based in Draper, reported a net loss of $266,822, or zero cents per share, for the first quarter ended March 31. That compares with a loss of $103,222, or zero cents per share, for the same quarter a year earlier.

Revenue in the most recent quarter totaled $64,595, compared with $79,264 for the year-earlier quarter.

Flexpoint specializes in developing products that feature the company’s Bend Sensor and related technology.{/mprestriction}