CORPORATE FINANCIAL REPORTS 11-23-20

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

Purple 

Purple Innovation Inc., based in Lehi, reported a net loss of $1.2 million, or 27 cents per share, for the third quarter ended Sept. 30. That compares with net income of $8.4 million, or 16 cents per share, for the same quarter a year earlier.

Revenue in the most recent quarter totaled $187.1 million, up from $117.4 million in the year-earlier quarter.

Purple designs and manufactures comfort products, including mattresses, pillows, cushions, frames and sheets.

“Demand for the Purple brand was at an all-time high during the third quarter and our organization did a terrific job capitalizing upon opportunities, translating record revenue to strong cash flow,” Joe Megibow, CEO, said in announcing the results.

“The investments we made earlier this year to expand our manufacturing capacity helped support strong year-over-year growth in our direct-to-consumer mattress business, as well as a resurgence in our wholesale channel as our retail partners experienced improved store traffic.”

Megibow said the company is continuing the build-out of its new 520,000-square-foot facility in Georgia that will expand its domestic manufacturing capacity, as well as expanding its brand showrooms in additional major markets.

“Our work over the past year has significantly strengthened our foundation and we believe has put the company on a clear path to maintain successful growth in the coming years,” he said.

Profire Energy

Profire Energy Inc., based in Lindon, reported a net loss of $1.1 million, or 2 cents per share, for the third quarter ended Sept. 30. That compares with a loss of $808,503, or 2 cents per share, for the same quarter a year earlier.

Revenue in the most recent quarter totaled $4 million, down from $4.4 million in the year-earlier quarter. The company said the most recent quarter’s results reflect the continued impact of COVID-19 on consumer demand, as well as a 27 percent drop in the average oil price during the same period, due in part to excess supply in the market from global producers.

Profire is a technology company that engineers, installs and services burner and combustions management solutions in the oil and gas and other industries.

“Our early response to the COVID-19 pandemic has resulted in significant reductions in our operating cost structure and lower G&A expense, all while maintaining our debt-free balance sheet,” Ryan Oviatt, co-CEO and chief financial officer, said in announcing the results.

“These efforts continue to be outweighed by lower demand and global consumption of oil and gas, combined with lower commodity prices due to a supply imbalance in the markets. However, we remain hopeful in our ability to find new and innovative ways to continue to drive long-term shareholder return.”

Lipocine

Lipocine Inc., based in Salt Lake City, reported a net loss of $4.3 million, or 7 cents per share, for the third quarter ended Sept. 30. That compares with a loss of $3.1 million, or 12 cents per share, for the same quarter a year earlier.

The company had no revenues in the most recent quarter. It had revenues of $164,990 in the 2019 third quarter.

Lipocine is a clinical-stage biopharmaceutical company focused on metabolic and endocrine disorders.

HollyFrontier

HollyFrontier Corp., based in Texas but with operations in Utah, reported a net loss attributable to stockholders of $2.4 million, or 1 cent per share, for the third quarter ended Sept. 30. That compares with net income of $261.8 million, or $1.58 per share, for the same quarter a year earlier.

Sales and other revenues in the most recent quarter totaled $2.82 billion, down from $4.42 billion in the year-earlier quarter.

HollyFrontier Corp. is an independent petroleum refiner and marketer that produces high-value light products such as gasoline, diesel fuel, jet fuel and other specialty products. HollyFrontier owns and operates refineries located in Utah and three other states. It also owns a 57 percent limited partner interest and a non-economic general partner interest in Holly Energy Partners LP.

“Despite the difficult operating environment, HollyFrontier delivered solid results in the third quarter, led by resilient financial performances from our lubricants and midstream businesses,” Michael Jennings, president and CEO, said in announcing the results.

Holly Energy Partners

Holly Energy Partners LP, based in Texas but with operations in Utah, reported net income of $17.8 million, or 17 cents per unit, for the third quarter ended Sept. 30. That compares with $82.3 million, or 78 cents per unit, for the same quarter a year earlier.

Revenues in the most recent quarter totaled $127.7 million, down from $135.9 million in the year-earlier quarter.

Holly Energy Partners provides petroleum product and crude oil transportation, terminalling, storage and throughput services to the petroleum industry, including HollyFrontier Corp. subsidiaries. Through its subsidiaries and joint ventures, it owns and/or operates petroleum product and crude pipelines, tankage and terminals in Utah and eight other states and refinery processing units in Utah and Kansas.

“Our business depends in large part on the demand for the various petroleum products we transport, terminal and store in the markets we serve. The COVID-19 pandemic has created destruction of demand, as well as lack of forward visibility, for refined products and crude oil transportation, and for the terminalling and storage services that we provide,” the company said in announcing the results.

“Over the course of the third quarter, demand for transportation fuels showed incremental improvement over the second quarter of 2020. We expect our customers will continue to adjust refinery production levels commensurate with market demand and ultimately expect demand to return to pre-COVID-19 levels.”

“Solid” is how Michael Jennings, CEO, described the third-quarter results. “Looking forward,” he said, “we believe we are well-positioned to deliver strong earnings and remain committed to deleveraging and returning cash to our unitholders.”