CORPORATE FINANCIAL REPORTS 2-15-21

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

SkyWest 

SkyWest Inc., based in St. George, reported a net loss of $46 million, or 93 cents pe share, for the fourth quarter of 2020. That compares with net income of $73 million, or $1.43 per share, for the same quarter a year earlier.

Revenue in the most recent quarter totaled $590 million, down from $744 million in the year-earlier quarter.

For the full year 2020, the company reported a net loss of $9 million, or 17 cents per share, which compares with net income of $340 million, or $6.62 per share, for 2019. Revenue in 2020 totaled $2.1 billion, down from $3 billion in 2019 due to COVID-19.

SkyWest Inc. is the holding company for SkyWest Airlines and SkyWest Leasing, an aircraft leasing company. SkyWest Airlines has a fleet of over 400 aircraft connecting passengers to over 250 destinations throughout North America.

The company said the main factor in its lower results in 2020 compared to 2019 was reduced flight schedules and lower demand resulting from the COVID-19 pandemic.

“The past year has challenged our industry, our business and our people beyond what anyone could have anticipated, and we responded quickly and aggressively to protect our people, our partners and our business,” Chip Childs, CEO, said in announcing the results.

“I’m incredibly proud of the SkyWest team’s great work and the flexibility they continue to demonstrate. We believe we’re in a strong position to play a key role in the industry’s recovery and we remain committed to positioning SkyWest for future success.”

Varex Imaging

Varex Imaging Corp., based in Salt Lake City, reported a net loss of $6.4 million, or 16 cents per share, for the fiscal first quarter ended Jan. 1. That compares with a loss of $1.3 million, or 3 cents per share, for the same quarter a year earlier.

Revenues in the most recent quarter totaled $177 million, down from $200.1 million in the year-earlier quarter.

Varex designs and manufactures X-ray imaging components, which include X-ray tubes, digital detectors and other image processing solutions that are key components of X-ray imaging systems.

“Our financial results for the first quarter of fiscal year 2021 were stronger than our expectations,” Sunny Sanyal, CEO, said in announcing the results.

“Revenues increased 4 percent sequentially over the fourth quarter of fiscal year 2020, indicating the start of recovery in our business. Non-GAAP gross margin improved significantly to 34 percent and was sequentially higher by 580 basis points due primarily to the benefits from cost reductions, as well as a favorable shift in product mix in the medical segment. Non-GAAP operating expenses declined by about $3 million sequentially, reflecting our continued focus on profitability.”

LifeVantage

LifeVantage Corp., based in Salt Lake City, reported net income of $3.8 million, or 26 cents per share, for the fiscal second quarter ended Dec. 31. That compares with $4.3 million, or 30 cents per share, for the same quarter a year earlier.

Revenue in the most recent quarter totaled $59 million, down from $61.2 million in the prior-year quarter.

LifeVantage engages in the identification, research, development and distribution of advanced nutraceutical dietary supplements and skin and hair care products.

“We are proud to report continued earnings momentum with 31.6 percent adjusted operating income and 12.6 percent adjusted EBITDA (earnings before interest, taxes, depreciation and amortization) growth while we saw modest declines in revenue of 3.6 percent compared to the prior year period, the highest quarterly revenue in the company’s history and 7.6 percent sequential revenue growth over the first quarter of fiscal 2021,” Steve Fife, CEO and chief financial officer, said in announcing the results.