The following are recent financial reports as posted by selected Utah corporations:
Overstock.com
Overstock.com Inc., based in Salt Lake City, reported net income attributable to stockholders of $36 million, or 84 cents per share, for the quarter ended June 30. That compares with a loss of $24.7 million, or 69 cents per share, for the same quarter a year earlier.
Revenue in the most recent quarter totaled $782.5 million, up from $373.7 million in the year-earlier quarter.
Overstock.com is an online retailer and technology company. Its Medici Ventures subsidiary is dedicated to the development and acceleration of blockchain technologies.
“In a rapidly shifting and challenging environment, Overstock continues to perform exceptionally well,” Jonathan Johnson, CEO, said in announcing the results. “Second-quarter gross sales in our Overstock Retail business more than doubled year over year. The number of new customers more than tripled year over year. Importantly, our customers are buying our core products — home furnishings — from the safety of their homes as part of the country’s new normal. If business continues as I expect, our Overstock Retail business will achieve sustainable, profitable growth this year.”
Johnson said the company cannot predict how the pandemic will unfold in the coming months. “Nevertheless,” he said, “the challenges arising from the pandemic have not adversely affected our liquidity, revenues or capacity to service our debt, nor have these conditions forced us to reduce our capital expenditures.”
SkyWest
SkyWest Inc., based in St. George, reported a net loss of $26 million, or 51 cents per share, for the second quarter ended June 30. That compares with net income of $88 million, or $1.71 per share, for the same quarter a year earlier.
The company said the reduction was primarily due to reduced flight schedules and lower demand as a result of the COVID-19 pandemic.
Revenue during the most recent quarter totaled $350 million, down from $744 million in the year-earlier quarter.
SkyWest Inc. is the holding company for SkyWest Airlines and SkyWest Leasing, an aircraft leasing company. SkyWest Airlines serves more than 250 destinations throughout North America and operates through partnerships with United Airlines, Delta Air Lines, American Airlines and Alaska Airlines.
“COVID-19 continues to cause unprecedented disruption across the airline industry,” Chip Childs, CEO, said in announcing the results. “The safety and well-being of our people and passengers remains our main focus. Maintaining strong liquidity and working collaboratively with our partners are our other priorities. I want to thank our 14,000 employees for their dedication to our passengers, each other and our mission during this pandemic.”
Pluralsight
Pluralsight Inc., based in Farmington, reported a net loss of $29.9 million, or 28 cents per share, for the second quarter ended June 30. That compares with a loss of $29.1 million, or 30 cents per share, for the same quarter a year earlier.
Revenue in the most recent quarter totaled $94.8 million, up from $75.9 million in the prior-year quarter.
The company offers an enterprise technology skills and engineering management platform.
“Our commitment to our customers and each other has never been stronger despite these extraordinary circumstances,” Aaron Skonnard, co-founder and CEO, said in announcing the results.
“I’m proud to see this commitment reflected in our financial performance for the quarter, and I’m confident that our platform will continue to help companies and individuals adapt to the changing remote work environments around the globe. This need, coupled with our commitment to our customers and our world-class, highly differentiated product offerings, allowed us to excel in the current environment.”
Merit Medical
Merit Medical Products Inc., based in South Jordan, reported a net loss of $19.1 million, or 34 cents per share, for the quarter ended June 30. That compares with net income of $6.9 million, or 12 cents per share, for the same quarter a year earlier.
Revenue in the most recent quarter totaled $218.4 million, down from $255.5 million in the year-earlier quarter.
Merit manufactures and markets proprietary disposable medical devices used in interventional, diagnostic and therapeutic procedures, particularly in cardiology, radiology, oncology, critical care and endoscopy.
“During the second quarter, we continued to make progress on the goals we initiated in early 2019, including the movement of 14 product lines and consolidation of certain facilities,” Fred P. Lampropoulos, chairman and CEO, said in announcing the results. “We are particularly pleased with the generation of free cash flow of $32 million for the quarter and $47 million year-to-date.”
The company, he said, also is focused on dealing with the challenges of the COVID-19 pandemic. “In order to balance the reduction of incoming sales orders due to the suspension of elective procedures by many facilities we serve, we reduced headcounts, implemented targeted furloughs, and reduced salaries for a number of groups, including all executive positions,” he said. “We also reduced the number of research and development projects to focus on the highest-priority projects in order to reach our financial and competitive objectives.”
With the number of pandemic cases growing, “the pace of recovery of elective procedures is still uncertain,” Lampropoulos said. “Access to customers and opportunities to pursue clinical trials for new products are still very limited. … Assuming eventual progress in the fight against the COVID-19 pandemic, we believe we are well-positioned to provide new products and services as well as reliable supply of our existing products.”
The company has not issued financial guidance for the rest of 2020 due to the pandemic and related economic downturn.
AltaBancorp
Altabancorp, based in American Fork, reported net income of $10.3 million, or 55 cents per share, for the second quarter. That compares with $11 million, or 58 cents per share, for the same quarter a year earlier.
Net interested income fell $1.9 million, from $27.7 million to $25.8 million, year-over-year. Noninterest income increased $2.5 million to $6.1 million during the that time. Total assets grew $754 million year-over-year to $3.1 billion. Total deposits were up $631 million to $2.6 billion. Loans fell $13.6 million to $1.7 billion year-over-year.
Altabancorp is the bank holding company for Altabank, a full-service bank, providing loans, deposit and cash management services to businesses and individuals through 26 branch locations in Utah and Idaho.
“As with most businesses, we have been significantly impacted by the COVID-19 pandemic,” Len Williams, president and CEO, said in announcing the results and noting that the company had offered to-date payment relief to approximately 435 business and 108 individual clients on approximately $327 million in outstanding loan balances.
The company also funded $84.6 million in Small Business Administration Paycheck Protection Program loans to approximately 333 businesses.
Commenting on credit quality trends, Williams said, “While we’re pleased with the positive credit quality trends we experienced year-to-date, we do not expect these trends to continue short term as both governmental and our bank relief programs start to wind down in the third quarter. The severity of the impact to our credit quality trends will depend upon the length of time that businesses and individuals are negatively impacted by the COVID-19 pandemic and the timing and level of recovery that occurs post-pandemic.”
Williams said the increase in deposits was primarily the result of both governmental and bank relief programs, and businesses and consumers actively conserving cash to try to counter the negative effects of the shutdown in the economy from the COVID-19 pandemic.
“We anticipate that total deposits will decline through the remainder of the year as businesses and individuals pay federal and state taxes that were postponed by government agencies to address the pandemic, borrowers begin to make payments again on loans where payments were deferred, and cash reserves are used by both businesses and consumers to address any shortfalls in income resulting from the pandemic,” he said.
Medallion Bank
Medallion Bank, based in Salt Lake City, reported net income of $1.8 million for the second quarter ended June 30. That compares with $2.1 million for the same quarter a year earlier.
Net interest income totaled $28.1 million, up from $25.4 million in the year-earlier quarter.
Assets totaled $1.3 billion at the end of the most recent quarter.
Medallion Bank is an industrial bank that is a wholly owned subsidiary of Medallion Financial Corp. It provides consumer loans for the purchase of recreational vehicles, boats and home improvements, along with loan origination services to fintech partners,
“The bank’s recreation and home improvement lending segments had record-breaking application volumes this quarter, reflecting increased consumer demand for the products we finance,” Donald Poulton, president and CEO, said in announcing the results.
“Like many lenders during the pandemic, we tightened borrower credit criteria in order to improve overall asset quality, but even so, the demand resulted in growth in our consumer portfolios to over $1 billion. With the impact of the pandemic on our borrowers, we added to our loan loss reserves during the quarter and are monitoring loan performance closely. The provision for our medallion loans, most of which are collateralized by New York City medallions, was $7.4 million for the quarter.
“With our strong capital position, we believe we are well-positioned for the expected bumps in the road ahead.”
