CORPORATE FINANCIAL REPORTS 1-27-2020

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

Zions 

Zions Bancorporation NA, based in Salt Lake City, reported net earnings applicable to common shareholders of $174 million, or 97 cents per share, for the fourth quarter of 2019. That compares with $217 million, or $1.08 per share, for the same quarter a year earlier.

Zions has about $70 billion in total assets and operates in 11 western states.

“Fourth-quarter earnings of $174 million, or 97 cents per share, were dampened by comparatively flat loan volumes and $37 million in severance and restructuring charges to facilitate a cost-reduction initiative that will largely take effect during the first quarter of 2020,” Harris H. Simmons, chairman and CEO, said in announcing the results.

“We were nevertheless pleased with the strong 10.5 percent annualized growth in average deposit balances we experienced during the quarter, including 7.5 percent annualized growth in noninterest-bearing demand deposits, and by the relative stability of our net interest margin in a challenging interest rate and competitive environment. Economic conditions throughout the markets we serve remain vibrant, and we are optimistic that credit quality will continue to be relatively strong in 2020.”

Franklin Covey

Franklin Covey Co., based in Salt Lake City, reported a net loss of $544,000, or 4 cents per share, for the first quarter of fiscal 2020 ended Nov. 30. That compares with a loss of $1.4 million, or 10 cents per share, for the same quarter a year earlier.

Sales in the most recent quarter totaled $58.6 million, up from $53.8 million in the year-earlier quarter.

Franklin Covey is a performance improvement company.

“We are really pleased that Franklin Covey has had another strong quarter, which has given us a very good start to our fiscal year,” Bob Whitman, chairman and CEO, said in announcing the results. “We generated strong growth in sales and gross profit, and achieved a 57 percent increase in adjusted EBITDA (earnings before interest, taxes, depreciation and amortization) for the quarter. Our revenue increased 9 percent, or $4.8 million, to $58.6 million, with strong growth occurring in both our enterprise and education divisions, and our adjusted EBITDA improved $1.8 million over last year’s first quarter to $5 million.”