CORPORATE FINANCIAL REPORTS 5-10-21

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

PROG Holdings

PROG Holdings Inc., based in Salt Lake City, reported net earnings from continuing operations of $79.5 million, or $1.16 per share, for the first quarter ended March 31. That compares with $57.7 million, or 85 cents per share, for the same quarter a year earlier.

Revenues in the most recent quarter totaled $721 million, up from $668.4 million in the year-earlier quarter.

PROG is the fintech holding company for Progressive Leasing, a provider of in-store and e-commerce lease-to-own solutions, and Vive Financial, a provider of omnichannel second-look revolving credit solutions.

“Our first-quarter results reflect the exceptional execution of our team and our point-of-sale retail partners in a challenging environment as we continue to add and scale partner relationships while increasing our e-commerce penetration,” Steve Michaels, president and CEO, said in announcing the results.

“The Progressive Leasing segment delivered record first-quarter results in revenue, gross merchandise volume (GMV), earnings before taxes and adjusted EBITDA (earnings before interest, taxes, depreciation and amortization). Our portfolio performance exceeded our expectations as the continued financial strength of our consumer resulted in increased revenues and low write-offs in the period. We anticipate strong results for the remainder of 2021, building on Progressive’s 10.4 percent GMV growth in the first quarter.”

Extra Space Storage

Extra Space Storage Inc., based in Salt Lake City, reported funds from operations (FFO) attributable to common stockholders and unit holders of $210 million, or $1.50 per share, for the quarter ended March 31. That compares with $171.3 million, or $1.24 per share, for the same quarter a year earlier.

Net income attributable to common stockholders was $203 million, or $1.53 per share, which compares with $108.2 million, or 83 cents per share, for the year-earlier quarter.

Same-store rental revenues totaled $278.9 million in the most recent quarter, up from $266.7 million in the year-earlier quarter.

Extra Space Storage is a self-administered and self-managed real estate investment trust that owns and/or operates 1,969 self-storage stores in 40 states; Washington, D.C.; and Puerto Rico. It is the second-largest owner and/or operator of self-storage stores in the United States and is the largest self-storage management company in the U.S.

“We are off to a great start in 2021, with the strongest first-quarter occupancy in our history, resulting in strong same-store NOI (net operating income) growth, and excellent FFO growth of 21 percent,” Joe Margolis, CEO, said in announcing the results.

“Our record-high occupancy is resulting in greater pricing power, and we are well-positioned for a strong summer leasing season.  Our year-to-date performance, the resilience of storage fundamentals and our accretive external growth have allowed us to raise our 2021 annual FFO guidance.”

SkyWest

SkyWest Inc., based in St. George, reported net income of $36 million, or 71 cents per share, for the first quarter ended March 31. That compares with $30 million, or 59 cents per share, for the same quarter a year earlier.

Revenue in the most recent quarter was $535 million, down from $730 million in the year-earlier quarter. The company said the decrease was due to a significant reduction in the number of flights SkyWest was scheduled to operate under its flying agreements compared to the same period last year because of the COVID-19 pandemic.

SkyWest Inc. is the holding company for SkyWest Airlines and SkyWest Leasing, an aircraft leasing company. SkyWest Airlines connects passengers to over 230 destinations throughout North America.

“We continued to see improvement in the demand for our product during the first quarter,” Chip Childs, CEO, said in announcing the results. “Our strategy of investing in our fleet and delivering flexible solutions with solid operating performance to our customers continues to position SkyWest well for long-term success.”

Overstock

Overstock.com Inc., based in Salt Lake City, reported income from continuing operations of $26 million, or 56 cents per share, for the first quarter ended March 31. That compares with a loss of $16.3 million, or 34 cents per share, for the same quarter a year earlier.

Revenue in the most recent quarter totaled $660 million, up from $339.6 million in the year-earlier quarter.

Overstock is an online retailer and technology company.

“On the heels of a record 2020, Overstock continues to execute consistently and delivered strong results for the first quarter of 2021,” Jonathan Johnson, CEO, said in announcing the results. “Our strong momentum reflects our purposeful and strategic focus on our home business and the operational changes we’ve made and continue to put in place.”

Johnson noted that the number of active customers nearly doubled. “Our focus on improving the customer experience and making our brand vision of ‘Dream Homes for All’ a reality is paying off. In addition, our strategic partnership with Pelion Venture Partners for oversight of Medici Ventures’ blockchain assets closed ahead of schedule and we believe it will provide the portfolio companies the opportunities they need to succeed.”

Medallion Bank

Medallion Bank, based in Salt Lake City, reported net income of $13.8 million, for the first quarter ended March 31. That compares with a net loss of $436,000 for the same quarter a year earlier.

Quarterly net interest income was $31 million, compared to $27.8 million in the 2020 first quarter. The quarterly provision for loan losses was $2.7 million, compared to $15.3 million in the 2020 first quarter. Net charge-offs were 1 percent of average loans outstanding, compared to 3.4 percent in the prior-year period. Assets totaled $1.3 billion, and the bank had $228.6 million in capital as of March 31.

Medallion provides consumer loans for the purchase of recreational vehicles, boats and home improvements, along with loan origination services to fintech partners. It is a wholly owned subsidiary of Medallion Financial Corp.

“Following a strong 2020 fourth quarter, the bank continued its momentum into 2021 with $13.8 million of first-quarter net income,” Donald Poulton, president and CEO, said in announcing the results. “Volume overall remained elevated with record loan volumes in our recreation lending segment in March. Both charge-off and delinquency ratios were low in the quarter. With the high-volume months in our annual cycle still ahead, we expect continued growth throughout the year.

“New York City taxi medallion values were unchanged from year-end, but we slightly adjusted downward the values in some of the smaller medallion markets. Such adjustments had an immaterial impact on our earnings this quarter. Finally, we signed our second fintech partner during the first quarter and expect to begin providing loan origination services in the second quarter.”

Merit Medical

Merit Medical Systems Inc., based in South Jordan, reported net income of $11 million, or 19 cents per share, for the quarter ended March 31. That compares with a loss of $3.2 million, or 6 cents per share, for the same quarter a year earlier.

Revenue in the most recent quarter totaled $248.9 million, up from $243.5 million in the year-earlier quarter.

Merit manufactures and markets proprietary medical devices used in interventional, diagnostic and therapeutic procedures, particularly in cardiology, radiology, oncology, critical care and endoscopy.

“Despite a slow start to fiscal year 2021 as a result of continued challenges in the operating environment due to COVID-19, we saw measured improvements as we moved through the first quarter, and we delivered better-than-expected revenue results due in large part to a record month of March,” Fred P. Lampropoulos, chairman and CEO, said in announcing the results.

“We are pleased with the solid start to the year and remain cautiously optimistic in our outlook for measured improvement in the operating environment as we move through the remainder of 2021.”

Altabancorp

Altabancorp, based in American Fork, reported net income of $9.4 million, or 50 cents per share, for the first quarter ended March 31. That compares with $10.8 million, or 57 cents per share, for the same quarter a year earlier.

Total assets grew $1.04 billion, or 42 percent, year-over-year to $3.52 billion at March 31. Total deposits grew $1.04 billion, or 49 percent, to $3.16 billion. Loans grew $154 million, or 9.4 percent, to $1.8 billion from the prior year.

Altabancorp is the bank holding company for Altabank, a bank providing loans, deposit and cash management services to businesses and individuals through 25 branch locations from Preston, Idaho, to St. George.

“After an interesting and challenging year in 2020, we are pleased to start the year with solid results,” Len Williams, president and CEO, said in announcing the results. “All of our branch lobbies and drive-up windows have been safely reopened, and we have started to bring our employees back from remote work to our operational facilities.”

Total assets grew by more than $1 billion year-over-year as “we continue to receive significant funds from our clients related to financial relief programs from us and government agencies, as well as normal organic deposit growth,” he said.

LifeVantage

LifeVantage Corp., based in Salt Lake City, reported net income of $1.7 million, or 12 cents per share, for the fiscal third quarter ended March 31. That compares with $1.7 million, or 11 cents per share, for the same quarter a year earlier.

Revenue in the most recent quarter totaled $51.6 million, down from $56 million in the year-earlier quarter.

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

“While third-quarter results did not meet our expectations, the strategies we’ve been implementing to drive improved operating performance are starting to have an impact, which we believe will drive favorable results over the next couple quarters,” Steve Fife, CEO and chief financial officer, said in announcing the results.

“Supply chain challenges related to COVID-19 were a factor in the third quarter, causing delays in new product launches due to raw material shortages. Despite a more challenging environment in the third quarter that resulted in an 8 percent decline in revenue, we still grew adjusted earnings per share by 54 percent to 20 cents per share compared to the prior-year period.”