CORPORATE FINANCIAL REPORTS 3-30-20

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

Clarus 

Clarus Corp., based in Salt Lake City, reported net income of $12.4 million, or 40 cents per share, for the fourth quarter ended Dec. 31. That compares with $3.5 million, or 12 cents per share, for the same quarter a year earlier.

The company said the fourth quarter of 2019 included a $10.4 million net benefit associated with the partial release of the company’s valuation allowance on its deferred tax assets.

Sales in the most recent quarter totaled $61 million, up from $57.3 million in the year-earlier quarter.

For the full year 2019, the company reported net income of $19 million, or 61 cents per share. That compares with $7.3 million, or 24 cents per share, for 2018. Sales in 2019 totaled $229.4 million, up from $212.1 million in 2018.

Clarus is focused on the outdoor and consumer industries. Its primary business is as a developer, manufacturer and distributor of outdoor equipment and lifestyle products focused on the climb, ski, mountain and sport markets. The company’s products are principally sold under the Black Diamond, Sierra, PIEPS and SKINourishment brand names.

“We ended fiscal 2019 with strong fourth-quarter results, driven by continued brand momentum and sales performance from Black Diamond across all regions and product categories,” John Walbrecht, president, said in announcing the results.

“The continued success of our men’s and women’s sportswear, technical outerwear and logowear has provided a strong foundation for our apparel business, which grew 25 percent in the fourth quarter. We also achieved strong results in climb, with 19 percent growth driven by footwear, harnesses, carabiners and helmets.

“While expected, continued softness in the bullet and ammunition market impacted our Sierra brand during the quarter. Despite the current environment, we believe Sierra is outperforming the competition due to our pursuit of product innovation and diversified customer base spanning retailers, distributors and OEM partners.”

Nature’s Sunshine

Nature’s Sunshine Products Inc., based in Lehi, reported net income of $1.2 million, or 5 cents per share, for the fourth quarter ended Dec. 31. That compares with a net loss of $2.8 million, or 15 cents per share, for the same period a year earlier.

Sales in the most recent quarter totaled $91.7 million, down from $97.4 million in the year-earlier quarter.

For the full year 2019, the company reported net income of $6.9 million, or 34 cents per share. That compares with a net loss of $1.2 million, or 4 cents per share, for 2018. Sales in 2019 totaled $362.2 million, down from $364.8 million in 2018.

Nature’s Sunshine Products markets and distributes nutritional and personal care products in more than 40 countries.

“I’m extremely pleased with the progress we made in 2019 on our global transformation,” Terrence Moorehead, CEO, said in announcing the results. “We spent the last half of the year focused on our global growth strategy, creating a series of groundbreaking initiatives to strengthen our brand, improve field fundamentals, expand digital capabilities, extend our manufacturing leadership, and enhance our organization capabilities. We also focused on improving profitability by implementing a comprehensive restructuring program and reducing unprofitable sales initiatives. As a result, operating profit almost tripled while adjusted EBITDA (earnings before interest, taxes, depreciation and amortization) increased 77.6 percent versus prior year.”

Moorehead also discussed the coronavirus. “Like everyone else operating in Asia, we also need to navigate the near-term challenges posed by the coronavirus. Several of our largest markets have been negatively affected by the outbreak. … While it’s still too early to fully understand the financial impact on the business, we anticipate Q1 revenue to be significantly down in Asia and will monitor the situation as it develops. Local management teams are adjusting workflows and processes in an effort to adapt to the situation on the ground.”

Superior Drilling

Superior Drilling Products Inc., based in Vernal, reported net income of $125,000, or zero cents per share, for the fourth quarter ended Dec. 31. That compares with a net loss of $1 million, or 4 cents per share, for the same quarter a year earlier.

Revenue in the most recent quarter totaled $4.3 million, up from $3.5 million in the year-earlier quarter.

For the full year 2019, the company reported a net loss of $936,000, or 4 cents per share. That compares with a loss of $58,000, or zero cents per share, for 2018. Revenue in 2019 totaled $19 million, up from $18.2 million in 2018.

Superior Drilling designs, manufactures, repairs and sells drilling tools.

“Revenue from the increased use of our leading technology, the Drill-N-Ream well bore conditioning tool, in the Middle East drove growth in the quarter,” Troy Meier, chairman and CEO, said in announcing the results.

“And, in fact, North America revenue grew in the quarter despite the dramatic reduction of drilling activity in the U.S., driven by increased tool sales and greater demand for contract services. We believe that this demonstrates continued building of demand for the DNR and further market penetration, as well as the success of our strategy to expand our relationship and opportunities with our leading legacy customer.”

HealthEquity

HealthyEquity Inc., based in Draper, reported a net loss of $200,000, or less than one-half of a cent per share, for the fiscal fourth quarter ended Jan. 31. That compares with net income of $13.1 million, or 21 cents per share, for the same period a year earlier.

Revenue in the most recent quarter totaled $201.2 million, up from $75.8 million in the prior-year quarter.

For the full fiscal year, the company reported net income of $39.7 million, or 58 cents per share. That compares with $73.9 million, or $1.17 per share, for the prior year.

Revenue in the most recent fiscal year totaled $532 million, up from $287.2 million in the prior year.

HealthEquity is the nation’s largest health savings account (HSA) non-bank custodian.

“The HealthEquity team delivered a strong fourth quarter to cap another record-setting year of growth in fiscal 2020, while also accelerating the WageWorks integration,” Jon Kessler, president and CEO, said in announcing the results.

“Revenue for the full year increased 85 percent to $532 million, while driving adjusted EBITDA (earnings before interest, taxes, depreciation and amortization) growth 66 percent to $196 million – both record highs. More importantly, we have entered fiscal year 2021 with momentum in HSA growth, taking a larger share of the market than ever before.”

Profire Energy

Profire Energy Inc., based in Lindon, reported a net loss of $1.6 million, or 3 cents per share, for the fourth quarter ended Dec. 31.

Revenue in the most recent quarter totaled $8.1 million.

For the full year 2019, the company reported net income of $2 million, or 4 cents per share. That compares with $6 million, or 13 cents per share, for 2018. Revenue in 2019 totaled $39 million, down from $45.6 million in 2018.

Profire Energy assists energy production companies in the production and transportation of oil and natural gas.

“I am pleased with the accomplishments we are making internally as a company and with the strength of our financial position given the current market conditions,” Brenton Hatch, chairman and CEO, said in announcing the results.

“Despite the industry headwinds we faced in 2019, we were able to fund a large portion of our strategic investments through cash flows from operations,” said Ryan Oviatt, chief financial officer. “We remain debt-free and hold significant cash reserves. Our strong balance sheet position continues to provide us flexibility in times of volatility and uncertainty.”

Lipocine

Lipocine Inc., based in Salt Lake City, reported a net loss of $13 million, or 50 cents per share, for the fiscal year ended Dec. 31. That compares with a loss of $11.7 million, or 55 cents per share, for 2018.

Revenues in 2019 totaled $164,990, down from $428,031 in 2018.

Lipocine is a clinical-stage biopharmaceutical company focused on metabolic and endocrine disorders using its proprietary drug delivery technologies.

“We are pleased that the FDA has assigned a new PDUFA date for TLANDO and are committed to working with the agency towards the goal of achieving approval of TLANDO,” Dr. Mahesh Patel, chairman, president and CEO, said in announcing the results.

Overstock.com

Overstock.com Inc., based in Salt Lake City, reported a net loss attributable to stockholders of $27 million, of 73 cents per share, for the quarter ended Dec. 31. That compares with a loss of $42.3 million, or $1.39 per share, for the same quarter a year earlier.

Revenue in the most recent quarter totaled $370.9 million, down from $452.5 million in the prior-year period.

For the full year 2019, the company reported a net loss of $121.8 million, or $3.46 per share. That compares with a loss of $206 million, or $6.83 per share, for 2018.

Revenue in 2019 totaled $1.46 billion, down from $1.82 billion in 2018.

Overstock.com is an online retailer and technology company.

“The results of our fourth quarter and fiscal year were in line with our previously revised guidance,” Jonathan Johnson, CEO, said in announcing the results. “Our retail business performed well despite a competitive holiday shopping season, and we continue to make progress toward our goal of realizing sustainable, profitable growth. Having achieved stability and identified key areas in which to focus our efforts, we are now moving into a phase of disciplined execution against our retail strategy.

“As we look ahead in 2020, we are as optimistic as ever and confident about our ability for the company to continue to be the innovative leader in the e-commerce space that we’ve been known for throughout the years.”

Domo

Domo Inc., based in American Fork, reported a net loss of $29.9 million, or $1.06 per share, for the fiscal fourth quarter ended Jan. 31. That compares with a loss of $$29.9 million, or $1.13 per share, for the same quarter a year earlier.

Revenue in the most recent quarter totaled $46.2 million, up from $39.4 million in the year-earlier quarter.

For the full fiscal year, the company reported a net loss of $125.7 million, or $4.57 per share. That compares with a loss of $154.3 million, or $9.43 per share, for the prior fiscal year.

Revenue in the most recent fiscal year totaled $173.4 million, up from $142.5 million in the prior year.

Domo focuses on the business cloud.

Vivint Solar

Vivint Solar Inc., based in Lehi, reported a net loss attributable to common stockholders of $33.5 million, or 27 cents per share, for the fourth quarter ended Dec. 31. That compares with a loss of $12.9 million, or 11 cents per share, for the same quarter a year earlier.

Revenue in the most recent quarter totaled $77.1 million, up from $63.5 million in the year-earlier quarter.

For the full year 2019, the company reported a net loss attributable to common stockholders of $102.2 million, or 84 cents per share. That compares with a loss of $15.6 million, or 13 cents per share, for 2018. Revenue in 2019 totaled $341 million, up from $290.3 million in 2018.

Vivint Solar is residential solar provider in the United States.