CORPORATE FINANCIAL REPORTS 2-1-21

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

Zions

Zions Bancorporation NA, based in Salt Lake City, reported net earnings applicable to common shareholders of $275 million, or $1.66 per share, for the fourth quarter ended Dec. 31. That compares with $174 million, or 97 cents per share, for the year-earlier quarter.

For the full year, the company reported net earnings applicable to common shareholders of $505 million, or $3.02 per share, which compares with $782 million, or $4.16 per share, for 2019.

Zions operates under local management teams and brands in 11 western states.

“We were quite pleased with the quarter, which was characterized by stable revenue despite the pressure of low interest rates and solid credit results, as reflected in very low net loan losses during a challenging time,” Harris H. Simmons, chairman and CEO, said in announcing the results.

“Non-PPP loan volumes stabilized, with period-end loans flat with the third quarter, while deposits continued to exhibit very strong growth, with average deposits up an annualized 10.6 percent over the third quarter, and 20.3 percent over the same quarter a year ago.”

Franklin Covey

Franklin Covey Co., based in Salt Lake City, reported a net loss of $892,000, or 6 cents per share, for the fiscal first quarter ended Nov. 30. That compares with a loss of $544,000, or 4 cents per share, for the same quarter a year earlier.

Sales in the most recent quarter totaled $48.3 million, down from $58.6 million in the year-earlier quarter.

Franklin Covey specializes in organizational performance improvement. It has directly owned and licensee partner offices providing professional services in more than 160 countries and territories.

“We are really pleased that in the first quarter of fiscal 2021, Franklin Covey’s operations continued to demonstrate their strength, agility and ability to progress, even during the continuing pandemic,” Bob Whitman, chairman and CEO, said in announcing the results.

“During the quarter, revenue was strong, driven particularly by the strength and growth of the All Access Pass and related services, which accounts for nearly 85 percent of revenues in North America. In addition, gross margins increased compared to even those achieved in last year’s very strong first quarter, and operating expenses decreased significantly compared with the prior year. We were also pleased that sales in our international operations, which were just beginning to offer the All Access Pass and, therefore, did not have a substantial base of subscription revenue to cushion them, improved significantly during the first quarter.”

Whitman noted that cash flow for the quarter was strong and the company ended the quarter with approximately $50 million in liquidity, a level higher than the $39 million of liquidity it had when the pandemic started and up from $42 million at the end of fiscal 2020 in August.

The company said recovery is being seen in many parts of its business “as previously postponed or canceled training or coaching days are being rescheduled, corporations and individuals are adapting, and the hope of vaccines is enabling certain economies to open and recover.”