The following are recent financial reports as posted by selected Utah corporations:
SkyWest
SkyWest Inc., based in St. George, reported net income of $88 million, or $1.71 per share, for the second quarter ended June 30. That compares with $76 million, or $1.43 per share, for the same quarter a year earlier.
Revenue in the most recent quarter totaled $744.4 million, down from $805.5 million in the year-earlier quarter.
SkyWest Inc. is the holding company for SkyWest Airlines and SkyWest Leasing, an aircraft leasing company. SkyWest Airlines operates through partnerships with United Airlines, Delta Air Lines, American Airlines and Alaska Airlines to carry more than 38 million passengers annually.
“This quarter we were pleased to demonstrate our ability to deploy capital and unlock growth opportunities within our partners’ existing scope constraints,” Chip Childs, CEO and president, said in announcing the results.
Nu Skin
Nu Skin Enterprises Inc., based in Provo, reported net income of $46.3 million, or 83 cents per share, for the second quarter ended June 30. That compares with $51 million, or 90 cents per share, for the same quarter a year earlier.
Revenue in the most recent quarter totaled $623.5 million, down from $704.2 million in the year-earlier quarter.
Nu Skin develops and distributes a line of beauty and wellness products and has manufacturing and technology innovation companies.
“As previously announced, our second-quarter results were negatively impacted by limited sales meetings, media scrutiny and consumer sentiment in Mainland China in connection with the recently completed 100-day review of the nutrition and direct sales industries,” Ritch Wood, CEO, said in announcing the results.
“Outside of Mainland China, most of our other markets performed in line with expectations. Our customer numbers remained steady as we continued our customer-focused initiatives globally, while sales leaders declined 14 percent, primarily due to Mainland China. We remain committed to our long-term growth strategy focused on attracting and retaining customers, and are confident that, despite recent external factors, we are moving in the right direction.”
Nature’s Sunshine
Nature’s Sunshine Products Inc., based in Lehi, reported net income attributable to common shareholders of $2.7 million, or 14 cents per share, for the second quarter ended June 30. That compares with $67,000, or zero cents per share, for the same quarter a year earlier.
Net sales totaled $90.7 million, down from $91.3 million in the year-earlier quarter.
Nature’s Sunshine Products markets and distributes nutritional and personal care products in more than 40 countries.
“We’re about three months into our transformation and are pleased with the progress we’re seeing,” Terrence Moorehead, president and CEO, said in announcing the results. “It’s still early, but the business is performing in line with expectations, delivering strong second-quarter growth in net income and adjusted EBITDA (earnings before interest, taxes, depreciation and amortization), as a direct result of our strategic restructuring initiatives.
“Net sales were relatively flat versus prior year despite double-digit growth in Europe and 4 percent-plus growth in Asia, excluding impact of foreign currency. Continued softness in North America and the disruption of sales in China, from the government’s 100-day review of the direct selling industry, were the key factors inhibiting top-line performance.”
Overstock.com
Overstock.com, based in Salt Lake City, reported a net loss of $24.7 million, or 69 cents per share, for the second quarter ended June 30. That compares with a loss of $64.9 million, or $2.20 per share, for the same quarter a year earlier.
Revenue in the most recent quarter totaled $373.7 million, down from $483.1 million.
Overstock.com is an online retailer and technology company.
In a letter to shareholders, Patrick M. Byrne, founder and CEO, said the second quarter “brought strong results for both our blockchain and retail businesses as we continue to innovate in both areas with our disruptive technologies.” He added that the retail business has returned to positive adjusted EBITDA (earnings before interest, taxes, depreciation and amortization) for the first time since the second quarter of 2017 “and shows no signs of stopping.”
Lipocine
Lipocine Inc., based in Salt Lake City, reported a net loss of $3.4 million, or 14 cents per share, for the second quarter ended June 30. That compares with a loss of $3.3 million, or 15 cents per share, for the same quarter a year earlier.
The company reported no revenues in either quarter.
Lipocine is a clinical-stage biopharmaceutical company focused on metabolic and endocrine disorders.
“During the second quarter, we continued to advance our pipeline, with important milestones achieved for both TLANDO and LPCN 1144,” Dr. Mahesh Patel, chairman, president and CEO, said in announcing the results.
Clarus
Clarus Corp., based in Salt Lake City, reported a net loss of $700,000, or 2 cents per share, for the second quarter ended June 30. That compares with a loss of $800,000, or 3 cents per share, for the same quarter a year earlier.
Sales in the most recent quarter totaled $47 million, up from $45.9 million in the year-earlier quarter.
Clarus’ primary business is developing, manufacturing and distributing 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.
“Our results in the second quarter capped an excellent first half season, with sales up 9 percent for the first six months of the year,” John Walbrecht, president, said in announcing the results. “We also continued to drive operational improvements and profitability gains across the business, with adjusted EBITDA (earnings before interest, taxes, depreciation and amortization) in the first six months of 2019 increasing 100 basis points to 8.2 percent.
“The momentum at Black Diamond continued to produce strong results, as brand sales were up 8 percent in the second quarter and 13 percent for the first six months of the year, driven by gains across all categories and channels. This momentum was despite the protracted winter throughout the majority of our core markets, which impacted spring product sell-through and at-once orders.”
Walbrecht said Black Diamond is expected to release more than 150 new products this fall, including footwear, apparel, snow safety, gloves and skis.
ZAGG
ZAGG Inc., based in Salt Lake City, reported a net loss of $5.3 million, or 18 cents per share, for the second quarter ended June 30. That compares with net income of $3.2 million, or 11 cents per share, for the same quarter a year earlier.
Sales in the most recent quarter totaled $106.8 million, down from $118.6 million in the year-earlier quarter.
ZAGG produces screen protection, mobile keyboards, power management solutions, social tech and personal audio products sold under the ZAGG, mophie, InvisibleShield, Ifrogz, Braven, Gear4 and Halo brands.
“Our second-quarter results were in line with our recent expectations and on a year-over-basis reflect the impact of our three recent acquisitions, which are heavily back-half-weighted in terms of sales, combined with an increasingly challenging domestic selling environment for our core business,” Chris Ahern, CEO, said in announcing the results.
Ahern said that “although we’re confident in our long-term strategy, we are disappointed with the way 2019 is unfolding.” The company is implementing some cost-savings initiatives, including reductions of approximately 10 percent of its global headcount.
“Despite the step back in earnings we are taking this year, we are confident that ZAGG is well-positioned to profitably grow its share of the mobile lifestyle accessory market in the U.S and overseas in the years ahead. … While we remain very excited about our future and prospects, we have determined it is appropriate to announce at this time that the company has retained BofA Merrill Lynch to assist the company in exploring strategic alternatives to maximize stockholder value. We do not expect to comment further on this process until we have made a decision and are prepared to announce its final outcome.”
Varex Imaging
Varex Imaging Corp., based in Salt Lake City, reported a net loss of $1.4 million, or 4 cents per share, for the fiscal third quarter ended June 28. That compares with net income of $3.8 million, or 10 cents per share, for the same quarter a year earlier.
Revenues in the most recent quarter totaled $196.7 million, up from $191.2 million in the year-earlier period.
Varex 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 roughly 2,000 people located at manufacturing and service center sites in North America, Europe, and Asia.
“Our business had solid gains in revenues in the third quarter, and operating earnings comparable to the prior-year quarter,” Sunny Sanyal, CEO, said in announcing the results. “Quarterly revenues were up 3 percent, led by record-level global CT tube sales and double-digit sales growth in products for the oncology and mammography imaging markets. The Direct Conversion acquisition we completed early in the third quarter contributed approximately $2 million of revenues, as expected, and integration activities are well underway. Offsetting these revenue gains were significantly lower sales of radiographic detectors.”
Pluralsight
Pluralsight Inc., based in Farmington, reported a net loss of $29.4 million, or 30 cents per share, for the second quarter ended June 30. That compares with a loss of $41.3 million, or 20 cents per share, for the same quarter a year earlier.
Revenues in the most recent quarter totaled $75.9 million, up from $37.6 million in the year-earlier period.
Pluralsight is an enterprise technology skills platform company.
“Our Q2 revenue and non-GAAP EPS (earnings per share) were both above guidance, with revenue growing 42 percent and non-GAAP EPS improving by 71 percent,” Aaron Skonnard, co-founder and CEO, said in announcing the results. “Our continued penetration with our top customers, our best-in-class net revenue retention and our early wins with GitPrime give us a strong base for continued success, and I’m excited about the insights and capabilities our platform and content provide to technology leaders.”
Vivint Solar
Vivint Solar Inc., based in Lehi, reported a net loss attributable to common stockholders of $28.6 million, or 24 cents per share, for the quarter ended June 30. That compares with net income of $18.1 million, or 15 cents per share, for the same quarter a year earlier.
Revenue in the most recent quarter totaled $90.8 million, up from $80.8 million in the year-earlier quarter.
Vivint Solar is a residential solar provider in the United States.
Profire Energy
Profire Energy Inc., based in Lindon, reported net income of $986,000, or 2 cents per share, for the second quarter ended June 30. That compares with $1.7 million, or 3 cents per share, for the same quarter a year earlier.
Revenues in the most recent quarter totaled $10.1 million, down from $11.3 million in the year-earlier quarter.
Profire creates, installs and services burner and chemical management solutions in the oil and gas industry.
“We are very excited about both of our recent acquisitions of Millstream and Midflow and believe they fit within our long-term strategy,” Brenton Hatch, president and CEO, said in announcing the results. “We anticipated the current market volatility in 2019 and believe our investment strategies, including acquisitions and product development, are crucial to Profire’s growth in the coming years. We will continue to thoughtfully analyze additional strategic opportunities while we focus on the strategic integration of Midflow and Millstream to ensure these acquisitions are value accretive.”
PolarityTE
PolarityTE Inc., based in Salt Lake City, reported a net loss of $22.8 million, or 92 cents per share, for the quarter ended June 30. That compares with a loss of $14 million, or 74 cents per share, for the same quarter a year earlier.
Revenue in the most recent quarter totaled $1.3 million, up from $320,000 in the year-earlier quarter.
PolarityTE is a biotechnology company developing and commercializing regenerative tissue products and biomaterials.
Superior Drilling Products
Superior Drilling Products Inc., based in Vernal, reported a net loss of $397,000, or 2 cents per share, for the quarter ended June 30. That compares with net income of $913,000, or 4 cents per share, for the same quarter a year earlier.
Revenues in the most recent quarter totaled $4.5 million, down from $5.4 million in the year-earlier period.
Superior Drilling Products designs, manufactures, repairs and sells drilling tools.
“We made great headway in the Middle East,” Troy Meier, chairman and CEO, said in announcing the results. “We now engage three oil field services companies to represent our patented Drill-N-Ream well bore conditioning tool. We expect the adoption rate to increase over the next several months and that the success of our efforts will be demonstrated in our results by year-end.
“Domestically, our current North American channel partner is gaining new customers even as the number of rigs has declined, including major oil companies. Our expanded relationship with our long-time legacy customer also drove the increase in contract services revenue by increasing bit repair, expanding to include repair and refurbishment of other drill tools and by adding contract manufacturing of new products.
“Importantly, we have a number of opportunities that we expect to solidify over the next few months that will drive our future growth by measurably expanding our relationship with our long-time legacy customer.”
HollyFrontier
HollyFrontier Corp., based in Dallas but with operations in Utah, reported net income attributable to HollyFrontier stockholders of $196.9 million, or $1.15 per share, for the second quarter ended June 30. That compares with $345.5 million, or $1.94 per share, for the same quarter a year earlier.
Revenues in the most recent quarter totaled $4.78 billion, up from $4.47 billion in the year-earlier quarter.
HollyFrontier is an independent petroleum refiner and marketer that produces light products such as gasoline, diesel fuel, jet fuel and other specialty products. HollyFrontier owns and operates refineries in Utah and four other states.
“HollyFrontier’s solid second-quarter results were driven by strong gasoline and diesel margins across our company,” George Damiris, president and CEO, said in announcing the results. “Our healthy free cash flow generation allowed us to return over $245 million in cash to shareholders through regular dividends and share repurchases. With no major planned downtime until late September, we believe our refineries are well-positioned for strong operational and financial performance in the third quarter.”
Holly Energy
Holly Energy Partners LP, based in Dallas but with operations in Utah, reported net income of $45.7 million, or 43 per unit, for the second quarter ended June 30. That compares with $40.1 million, or 38 cents per share, for the same quarter a year earlier.
Revenues in the most recent quarter totaled $130.8 million, up from $118.8 million in the year-earlier quarter.
Holly Energy Partners provides petroleum product and crude oil transportation, terminalling, storage and throughput services to the petroleum industry, including HollyFrontier Corp. subsidiaries. The partnership, through its subsidiaries and joint ventures, owns and/or operates petroleum product and crude pipelines, tankage and terminals in Utah and eight other states and refinery processing units in Utah and Kansas.
“Strong crude oil pipeline volumes in the Permian Basin and Rockies regions supported solid financial results, which allowed us to maintain our record of quarterly distribution increases,” George Damiris, CEO, said in announcing the results. “Looking forward, we expect strong performance in the second half of 2019, driven by the increase in contractual tariff escalators and healthy demand for pipeline volumes.”
Dominion Energy
Dominion Energy, based in Virginia but with operations in Utah, reported net income of $54 million, or 5 cents per share, for the second quarter ended June 30. That compares with $449 million, or 69 cents per share, for the same period a year earlier.
Operating revenue in the most recent quarter totaled $3.97 billion, up from $3 billion in the year-earlier quarter.
Dominion provides electricity or natural gas to nearly 7.5 million customers in 18 states.
“Strong performance across our business units combined with favorable weather resulted in operating earnings per share above the midpoint of our quarterly guidance range,” Thomas F. Farrell II, chairman, president and CEO, said in announcing the results. “Adjusted for normal weather, quarterly results were at the midpoint of our guidance, representing solid execution for the quarter.”
