CORPORATE FINANCIAL REPORTS 2-10-20

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

SkyWest 

SkyWest Inc., based in St. George, reported net income of $73 million, or $1.43 per share, for the 2019 fourth quarter. That compares with $67 million, or $1.28 per share, for the same quarter a year earlier.

Revenue in the most recent quarter totaled $744 million, down from $803 million in 2018, due to the sale of ExpressJet in January 2019.

For the full year 2019, the company reported net income of $340 million, or $6.62 per share. That compares with $280 million, or $5.30 per share.

Revenue in 2019 totaled $2.97 billion, down from $3.22 billion in 2018.

SkyWest Inc. is the holding company for SkyWest Airlines and SkyWest Leasing, an aircraft leasing company. SkyWest Airlines has a fleet of nearly 500 aircraft connecting millions of passengers each month to more than 250 destinations and provides commercial air service in cities throughout North America with up to 2,500 daily flights. It has more than 14,000 employees.

“2020 represents the start of the next phase of our fleet transition as we increase new E175 aircraft and invest in our older CRJ fleet, driven by strong demand for both aircraft types,” Chip Childs, CEO and president, said in announcing the results. “We expect this will make 2020 a pivot year to position us for a new trajectory in 2021 and 2022.”

People’s Utah Bancorp

People’s Utah Bancorp, based in American Fork, reported net income of $10.7 million, or 61 cents per share, for the fourth quarter of 2019. That compares with $11.1 million, or 56 cents per share, for the same quarter a year earlier.

For the full year 2019, the company reported net income of $44.3 million, or $2.33 per share. That compares with $40.6 million, or $2.14 per share, for 2018.

People’s Utah Bancorp is a $2.4 billion bank holding company for Altabank, which has 26 branches from Preston, Idaho, to St. George.

“People’s Utah Bancorp achieved strong financial performance in the quarter and the year ended Dec. 31, 2019,” Len Williams, president and CEO, said in announcing the results. “We are pleased with the company’s return on average equity of 14.1 percent for 2019, given our tangible common equity to tangible assets increased to 12.8 percent.

“Our total assets grew 10.2 percent from a year ago, primarily as a result of strong low-cost deposit growth. Total deposits grew $179 million, or 9.6 percent year-over-year, as our retail branches and commercial treasury management team focused on raising commercial deposits from existing commercial clients, as well as the acquisition of new client relationships. Our loan portfolio remained flat from a year ago as we have increased selectivity and managed our overall loan concentrations.”

In the fourth quarter, the company announced it would change its bank’s name from People’s Intermountain Bank to Altabank, combining its three existing brand names — Bank of American Fork, Lewiston State Bank and People’s Town & Country Bank — under a unified name.

As part of the brand transition, the company intends to change its name from People’s Utah Bancorp to Altabancorp and change its Nasdaq ticker symbol to ALTA around June 30.

Utah Medical Products

Utah Medical Products Inc., based in Midvale, reported net income of $4.3 million, or $1.17 per share, for the fourth quarter of 2019. That compares with $3.4 million, or 90 cents per share, for the same quarter a year earlier.

Net sales in the most recent quarter totaled $11.8 million, up from $9.8 million in the year-earlier quarter.

For the full year 2019, the company reported net income of $14.7 million, or $3.94 per share, on net sales of $46.9 million. That compares with $18.6 million, or $4.95 per share, on net sales of $42 million in 2018.

Utah Medical Products develops, manufactures and markets disposable and reusable specialty medical devices.

LifeVantage

LifeVantage Corp., based in Salt Lake City, reported net income of $4.3 million, or 30 cents per share, for the second quarter ended Dec. 31. That compares with $829,000, or 6 cents per share, for the same quarter a year earlier.

Revenue in the most recent quarter was a second-quarter company-record $61.2 million, up from $58.2 million in the same quarter a year earlier.

LifeVantage is focused on identification, research, development and distribution of advanced nutraceutical dietary supplements and skin and hair care products.

“We are pleased with our strong revenue growth and profit performance during the second quarter,” Darren Jensen, president and CEO, said in announcing the results. “We generated over 5 percent year-over-year revenue growth, 82 percent year-over-year growth of adjusted EBITDA (earnings before interest, taxes, depreciation and amortization) and 138 percent adjusted EPS (earnings per share) growth over the prior-year period.”