CORPORATE FINANCIAL REPORTS

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

Altabancorp 

Altabancorp, based in American Fork, reported net income of $11.1 million, or 58 cents per share, for the 2020 fourth quarter. That compares with $11.7 million, or 61 cents per share, for the same quarter a year earlier.

For the full year 2020, the company reported net income of $43.5 million, or $2.29 per share, which compares with $44.3 million, or $2.33 per share, for 2019.

Altabancorp is the bank holding company for Altabank, a full-service bank with 26 branch locations from Preston, Idaho to St. George.

Assets grew $960 million during the year, to $3.37 billion. Total deposits grew $860 million, or 42 percent, year-over-year to $2.92 billion. Loans grew $14.6 million, or 0.9 percent, to $1.7 billion. Cash and liquid investments securities grew $942 million, or 152 percent, to $1.56 billion, or 46 percent of total assets.

“2020 was a challenging year for our organization, our associates and our clients as we collectively managed the negative effects of the COVID-19 pandemic,” Len Williams, president and CEO, said in announcing the results.

Williams said the bank has provided substantial financial relief to its clients through participation in government programs as well as its own payment relief programs.

“We provided payment accommodations to almost 20 percent of our clients, and we offered first-round Small Business Administration Paycheck Protection Program Loans (PPP) to over 300 clients. We are offering additional funding for the second round of SBA PPP loans. We will continue to work together with our clients to ensure that we can provide financial solutions to assist them on their path to recovery as we all work to overcome the pandemic.”

Utah Medical Products

Utah Medical Products Inc., based in Salt Lake City, reported net income of $3.4 million, or 93 cents per share, for the 2020 fourth quarter. That compares with $4.3 million, or $1.17 per share, for the same quarter a year earlier.

Sales in the most recent quarter totaled $12 million, up from $11.8 million in the year-earlier quarter.

For the full year, the company reported net income of $10.8 million, or $2.94 per share, which compares with $14.7 million, or $3.94 per share, in 2019. Sales in 2020 totaled $42.2 million, down from $46.9 million in 2019.

Utah Medical Products develops, manufactures and markets disposable and reusable specialty medical devices.

The reported results confirm “a trend of recovery from the ‘COVID-19 depression’ in 2Q 2020 caused by government policies restricting medical procedures deemed ‘nonessential,’ such as tubal ligation and loop excision of the transformation zone,” the company said.

Clarus

Clarus Corp., based in Salt Lake City, reported preliminary financial results for the fourth quarter that indicated the company’s EBITDA (earnings before interest, taxes, depreciation and amortization) was $10.5 million, up from $7 million in the quarter a year earlier.

Sales in the most recent quarter totaled $75 million, up from $61 million.

For the full year 2020, the company indicated that EBITDA should be $22 million, down from $22.7 million in 2019. Sales should be $223 million, down from $229.4 million in 2019.

Clarus develops, manufactures and distributes outdoor equipment and lifestyle products focused on the climb, ski, mountain and sport markets. It expects to release its fourth-quarter and full-year 2020 results in early March.

“Today’s preliminary results demonstrate the continued strength of our well-diversified brand portfolio,” John Walbrecht, president, said in announcing the results. “Our sales growth, which we expect to flow through to adjusted EBITDA growth at an even higher rate, is a testament to the success and resilience of our ‘super fan’ brand strategy.

“Barnes, in particular, has outperformed our expectations in its first few months on our platform. As we continue the integration process, we remain confident in our ability to leverage Barnes’ industry-leading technology and product innovation to drive growth and build a leading specialty premium bullet and ammunition platform,” he said.

“In our Black Diamond business, our commitment to preserving brand equity as we execute on our ‘innovate and accelerate’ playbook has allowed us to adeptly navigate a dynamic retail environment. I am proud of our team’s dedication and flexibility throughout the past year, and we will continue working to maximize the profitability of our brands and the value we create for our shareholders.”