CORPORATE FINANCIAL REPORTS 4-12-21

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

Security National Financial

Security National Financial Corp., based in Salt Lake City, reported after-tax earnings from operations of $55.6 million, or $2.88 per share, for the full year ended Dec. 31. That compares with $10.9 million, or 58 cents per share, in 2019.

Revenue in 2020 totaled $481.5 million, up from $283 million in 2019.

The company has three business segments: life insurance, cemeteries/mortuaries and mortgages.

“For the year, total revenues increased 94 percent, profitability increased over 400 percent, and we achieved a 21 percent return on equity,” Scott Quist, chairman, president and CEO, said in announcing the results.

“Those spectacular results, delivered in difficult circumstances, reflect the excellence of our company and its people. I applaud the efforts of all our teams in their considerable accomplishment. Most importantly, every business segment delivered impressive results.”

Sportsman’s Warehouse

Sportsman’s Warehouse Holdings Inc., based in West Jordan, reported net income of $29.6 million, or 66 cents per share, for the quarter ended Jan. 30. That compares with $9.7 million, or 22 cents per share, for the same quarter a year earlier.

Sales in the most recent quarter totaled $438.2 million, up from $258.2 million in the prior-year period.

For the full year, the company reported net income of $91.4 million, or $2.06 per share, which compares with $20.2 million, or 48 cents per share, for the prior year.

Sales in the most recent year totaled $1.45 billion, up from $886.4 million in the prior year.

Sportsman’s Warehouse Holdings is an outdoor specialty retailer.

The company announced in December that Great Outdoors Group LLC has agreed to acquire the company for $18 per share in an all-cash transaction. The transaction has been approved by the board of directors of Sportsman’s Warehouse, and its stockholders approved the merger at the special stockholders meeting March 23. Completion of the merger is subject to the satisfaction of several conditions. The closing is expected to take place in the second half of 2021.

“Sportsman’s Warehouse finished fiscal 2020 with record performance for the fourth quarter and full year. I am proud of our associates who made tremendous efforts to safely serve our customers,” Jon Barker, CEO, said in announcing the results.

“Fourth-quarter same-store sales increased 58 percent compared to the same period last year due to an exceptionally strong holiday season, elevated participation in outdoor activities, and our continued market share gains in firearms. For fiscal year 2020, we grew same store sales by 48 percent compared to the prior year as we capitalized on historic surges in first-time firearm ownership and outdoor activity participation.”

Last year, the company opened nine new stores and one Legacy Shooting Center, upping its total store count to 112.

ClearOne

ClearOne, based in Salt Lake City, reported net income of $5.5 million, or 29 cents per share, for the fourth quarter ended Dec. 31. That compares with a net loss of $2 million, or 12 cents per share, for the same quarter a year earlier.

The company said the most recent quarter featured a one-time income tax refund of $7.1 million.

Revenue in the most recent quarter totaled $8.6 million, up from $6.3 million in the year-earlier quarter.

For the full year 2020, the company reported net income of $505,000, or 3 cents per share, which compares with a loss of $8.4 million, or 51 cents per share, for 2019.

Revenue in 2020 totaled $29 million, up from $25 million in 2019.

ClearOne designs, develops and sells conferencing, collaboration and network streaming solutions for voice and visual communications.

“We finished 2020 with sterling fourth-quarter revenue performance,” Zee Hakimoglu, president, CEO and chairman, said in announcing the results. “This follows comparable strong revenue growth we reported in the third quarter. While 2020 was a challenging year for most companies amid the COVID-19 pandemic, ClearOne benefited from the changes the pandemic created as hybrid work and learn environments created demand for our broad lineup of audio and video solutions.”

Reflect Scientific

Reflect Scientific Inc., based in Orem, reported net income of $660,000, or 1 cent per share, for the year ended Dec. 31. That compares with a loss of $196,000, or zero cents per share, for 2019.

Revenue in 2020 totaled $2.8 million, up from $1.6 million in 2019.

The company develops and markets innovative, proprietary technologies in cryogenic cooling for the biotechnology, pharmaceutical, medical and transportation markets. Among its products are low-temperature freezers and refrigerated systems for laboratory, transportation and computer server room uses.

“I am pleased to report that the 2020 end-of-year sales figures for Reflect Scientific Inc. were significantly higher than for 2019,” Kim Boyce, CEO, said in announcing the results. “Our team has worked hard to achieve those sales by providing market-driven, low-temperature refrigeration solutions to our customers and maintaining a steady supplies business. Heading into 2021, we are leveraging our momentum and increasing our market presence to achieve even greater success.”