CORPORATE FINANCIAL REPORTS 5-11-20

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

Pluralsight

Pluralsight Inc., based in Farmington, reported a net loss of $35.3 million, or 34 cents per share for the first quarter ended March 31. That compares with $19 million, or 25 cents per share a year ealier.

Revenue in the most recent quarter totaled $92.5 million, up from $69.6 million in the year-earlier quarter.

Pluralsight offers an enterprise technology skills platform.

“We went into the year with overall strength in the business prior to hitting the pandemic headwinds,” Aaron Skonnard, co-founder and CEO, said in announcing the results. “We have moved aggressively with our cost structure to preserve balance sheet flexibility while investing in our product, which the world needs now more than ever.

“During this time of uncertainty, we believe companies that invest in technology skills development give themselves the chance to rebound stronger as we emerge from this pandemic. As a result of focusing on our customer’s immediate needs and partnering to problemsolve, we expect that in the long term all of our stakeholders will benefit.”

Overstock.com

Overstock.com Inc., based in Salt Lake City, reported a net loss attributable to stockholders of $16.3 million, or 40 cents per share, for the quarter ended March 31. That compares with a loss of $39.2 million, or $1.18 per share, for the same quarter a year earlier.

Revenue in the most recent quarter totaled $351.6 million, down from $367.7 million in the year-earlier quarter.

Overstock.com is an online retailer and advancer of blockchain technology.

“In a time of great uncertainty, Overstock is performing well,” Jonathan Johnson, CEO, said in announcing the results. “Our retail business, which was already on track to achieve its first-quarter plan before the COVID-19 crisis hit full bore, has benefited from an increased demand for home furnishings and other key product categories from customers looking to shop from the safety of their homes.

“The Overstock retail team is executing its disciplined strategy. I expect to see continued progress against our goal of realizing sustainable, profitable growth. Many of our Medici Ventures blockchain companies are also progressing toward having usable products in production.”

Johnson said the company’s retail business saw April sales up 120 percent from a year earlier, mainly in the home furnishings categories.

“Our online-only platform and partner network of more than 4,500 drop-ship facilities has allowed us to meet this surge in demand without significant operational disruption,” the company said. “However, we have faced challenges with increased volume through our customer service channels and with capacity issues from our shipping carriers.”

The company has seen little interruption at its tZERO operations and subsidiaries, and most of its Medici Ventures blockchain companies have likewise seen little disruption, the company said.