The following are recent financial reports as posted by selected Utah corporations:
Nu Skin
Nu Skin Enterprises Inc., based in Provo, reported net income of $44 million, or 79 cents per share, for the third quarter ended Sept. 30. That compares with $53.1 million, or 94 cents per share, for the same quarter a year earlier. {mprestriction ids="1,3"}
Revenue in the most recent quarter totaled $589.9 million, up from $675.3 million in the year-earlier quarter.
Nu Skin develops and distributes beauty and wellness products through a global network of sales leaders in Asia, the Americas, Europe, Africa and the Pacific.
“We delivered strong profitability, with earnings per share at the high end of our range due to our focus on operational efficiencies,” Ritch Wood, CEO, said in announcing the results. “Revenue came in slightly below expectation, primarily due to the challenging regulatory environment in Mainland China, where meeting restrictions continued throughout the quarter. Despite this, our sequential sales leader trends stabilized both in China and globally, and recent product introductions and business incentives drove year-over-year increases in customer acquisition. Our manufacturing segment also continued to perform well, with revenue growing 18 percent this quarter.”
ZAGG
ZAGG Inc., based in Salt Lake City, reported net income of $8.7 million, or 30 cents per share, for the third quarter ended Sept. 30. That compares with $14.6 million, or 51 cents per share, for the same quarter a year earlier.
Sales in the most recent quarter totaled $146.5 million, up from $141.1 million in the year-earlier period.
During the second quarter, the company started a restructuring plan that extended into the third quarter. The plan included reductions of approximately 10 percent of its global headcount. That led to one-time severance restructuring charges totaling approximately $2.2 million, of which $400,000 was recorded in the second quarter and the remaining was recorded in the third quarter. The headcount reductions are expected to provide gross annualized savings of approximately $8 million, the company said.
ZAGG produces screen protection, mobile keyboards, power management solutions, social tech and personal audio sold under the ZAGG, mophie, InvisibleShield, IFROGZ, BRAVEN, Gear4 and HALO brands.
“While the first half of 2019 was challenging, we are pleased with the performance in the third quarter of 2019, which was in line with our expectations,” Chris Ahern, CEO, said in announcing the results. “Specifically, we began to experience the benefits of our recent acquisitions in a much more meaningful way during the third quarter of 2019. Sales of Gear4 protective cases and HALO power products helped to more than offset the headwinds we have faced in our core business.”
Purple
Purple Innovation Inc., based in Alpine, reported net income of $8.4 million, or 16 cents per share, for the third quarter ended Sept. 30. That compares with a net loss of $4.4 million, or 9 cents per share, for the same quarter a year earlier.
Revenue in the most recent quarter totaled $117.4 million, up from $70.8 million in the year-earlier quarter.
Purple designs and manufactures comfort products, including mattresses, pillows and cushions.
“Following strong growth during the first half of the year, the pace of our business accelerated significantly in the third quarter,” Joe Megibow, CEO, said in announcing the results. “We experienced robust demand for our differentiated product offering across our expanded network of wholesale partner doors and through our direct-to-consumer channel. Our outstanding top-line performance, combined with improved efficiencies in our manufacturing, supply chain, fulfillment and marketing, along with a shift in certain marketing and human resource investments until later in the year, fueled substantial gains in operating margin and profitability.
“The foundation for sustained growth is in place. I am confident that we have assembled the right team and implemented the right strategies to successfully capitalize on Purple’s breadth of proprietary technologies and processes. We move forward focused on building on our momentum by further investing in the business to bring enhanced comfort to consumers and generate increased value for our shareholders.”
Clarus
Clarus Corp., based in Salt Lake City, reported net income of $3.5 million, or 11 cents per share, for the third quarter ended Sept. 30. That compares with $4.1 million, or 14 cents per share, for the same quarter a year earlier.
Sales in the most recent quarter totaled $60.2 million, up from $55.7 million in the year-earlier quarter.
Clarus’ primary business 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.
“Our third quarter continued to be driven by the momentum in our Black Diamond brand, with sales up 14 percent,” John Walbrecht, president, said in announcing the results. “We grew in every geography, sales channel and category, led by 61 percent growth in ski on strong demand in our backcountry portfolio of products like JetForce, beacons and packs.
“Apparel also continues to meaningfully contribute to brand sales growth, up 23 percent, driven by men’s and women’s sportswear, technical outerwear and logowear. These strong top-line trends also drove a 13 percent increase in brand EBITDA. Our commitment to product innovation, new product introductions and an accelerated go-to-market strategy are producing these results.”
Nature’s Sunshine
Nature’s Sunshine Products Inc., based in Lehi, reported net income of $1.4 million, or 7 cents per share, for the third quarter ended Sept. 30. That compares with $1.3 million, or 8 cents per share, for the same quarter a year earlier.
Sales in the most recent quarter totaled $88.5 million, down from $88.8 million in the year-earlier period.
Nature’s Sunshine is a health and wellness company engaged in the manufacture and sale of nutritional and personal care products.
“We continue to make excellent progress implementing our global strategy, which focuses on strengthening our brand, improving field fundamentals, expanding digital capabilities, extending our manufacturing leadership, and improving organizational capabilities,” Terrence Moorehead, president and CEO, said in announcing the results.
“We have strategically restructured the business to both align our resources to our global strategy and improve profitability, which drove strong growth of adjusted net income and adjusted EBITDA (earnings before interest, taxes, depreciation and amortization) during the third quarter.”
Profire
Profire Energy Inc., based in Lindon, reported net income of $922,000, or 2 cents per share, for the quarter ended Sept. 30. That compares with $1.7 million, or 3 cents per share, for the same quarter a year earlier.
Revenue in the most recent quarter totaled $9.9 million, down from $11.5 million in the year-earlier period.
Profire creates, installs and services burner and chemical management solutions in the oil and gas industry.
“During the third quarter, we were able to generate positive net income and operating cash flows, successfully integrate two acquisitions, and repurchase $916,000 of our stock, all while remaining debt-free,” Brenton Hatch, chairman and CEO, said in announcing the results.
“In the third quarter, we sold just over $300,000 worth of Millstream products and Midflow generated just over $400,000 in revenue. Additionally, through these acquisitions, we have been able to add new customers, build new direct relationships with end-users and OEM resellers, enabling us to capture revenue not previously available to us. In the quarter we realized $400,000 worth of revenues on Profire products from these new relationships.”
Superior Drilling Products
Superior Drilling Products Inc., based in Vernal, reported a net loss of $418,000, or 2 cents per share, for the third quarter ended Sept. 30. That compares with net income of $128,000, or 1 cent per share, for the same quarter a year earlier.
Revenue in the most recent quarter totaled $ 5 million, up from $4.8 million in the year-earlier quarter.
The company designs and manufactures drilling tool technologies.
“We made significant progress in the Middle East during the quarter, expanding the fleet of our patented Drill-N-Ream (DNR) well bore conditioning tool and building up our team in the region,” Troy Meier, chairman and CEO, said in announcing the results. “We have agreements with three oil field services companies to represent the tool in the Middle East North Africa region (“MENA”) and are in discussions with others to extend our reach into that market. Demand for the DNR has grown quickly as the tool gains acceptance in the region and as more operators experience the value that our tool generates.”
Vivint Solar
Vivint Solar Inc., based in Lehi, reported a net loss attributable to common stockholders of $13.8 million, or 11 cents per share, for the third quarter ended Sept. 30. That compares with a loss of $7.9 million, or 7 cents per share, for the same quarter a year earlier.
Revenue in the most recent quarter totaled $103.8 million, up from $77.8 million in the year-earlier period.
Vivint Solar is a full-service residential solar provider in the United States.
Overstock.com
Overstock.com Inc., based in Salt Lake City, reported a net loss of $30.9 million, or 89 cents per share, for the quarter ended Sept. 30. That compares with a loss of $47.9 million, or $1.55 per share, for the same quarter a year earlier.
Revenue in the most recent quarter totaled $347.1 million, down from $440.6 million in the year-earlier period.
The company is an online retailer and “advancer” of blockchain technology.
“The results of our third quarter were in line with our revised guidance,” Jonathan Johnson, CEO, said in announcing the results. “Our retail business continues its path to sustained profitability, despite a few external headwinds, thanks to the focused leadership of an executive team with a proven track record of success.
“tZERO continues to reach milestones on its product roadmap, which is no small feat in the highly regulated capital markets environment. Other Medici Ventures companies are bringing their products into production and increasing their leads in their respective verticals.”
