The following are recent financial reports as posted by selected Utah corporations:
Extra Space Storage
Extra Space Storage Inc., based in Salt Lake City, reported funds from operations (FFO) of $261.7 million, or $1.85 per share, for the quarter ended Sept. 30. That compares with $179.7 million, or $1.30 per share, for the same quarter a year earlier.
The company reported net income attributable to common shareholders of $188.3 million, or $1.40 per share. That compares with $114.6 million, or 88 cents per share, for the same quarter a year earlier.
Same-store rental revenue in the most recent quarter totaled $318.4 million, up from $268.9 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 2,054 self-storage stores in 41 states and Washington, D.C. It is the second-largest owner and/or operator of self-storage stores in the United States and the largest self-storage management company in the U.S.
“Same-store revenue and NOI (net operating income) accelerated in the third quarter to 18.4 percent and 27.8 percent, respectively, due to record-setting occupancy and exceptionally strong rental rates,” Joe Margolis, CEO, said in announcing the results.
“We also continue to experience strong external growth, and during the quarter surpassed 2,000 Extra Space Storage-branded locations. Our excellent property performance, coupled with our disciplined investment strategy, led to FFO growth of 41.2 percent in the quarter.”
Overstock
Overstock.com Inc., based in Salt Lake City, reported net income attributable to stockholders of $30.4 million, or 63 cents per share, for the quarter ended Sept. 30. That compares with $23.4 million, or 50 cents per share, for the same quarter a year earlier.
Revenue in the most recent quarter totaled $689.4 million, down from $717.7 million in the year-earlier quarter.
Overstock.com is an online retailer and technology company.
“As we lapped our highest sales growth quarter since 2004, Overstock delivered another quarter of strong financial results,” Jonathan Johnson, CEO, said in announcing the results. “The Overstock business model — with its asset-light structure and broadly distributed supply chain — is particularly well-suited for the current high-demand and low-supply market driven by significant industry-wide supply chain disruptions. We have been able to navigate the current global supply chain challenges well.”
Medallion Bank
Medallion Bank, based in Salt Lake City, reported company-record net income of $19.7 million for the most recent quarter. That compares with a net loss of $13.2 million for the same quarter a year earlier.
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.
The company reported net interest income of $35.3 million, compared to $31.1 million in the prior-year period. Its recreation and home improvement loan portfolios grew 15.9 percent and 26.4 percent, respectively, from Sept. 30, 2020. Assets totaled $1.5 billion and total capital was $257.7 million at the end of the most recent quarter.
”We again achieved record quarterly net income, reflecting ongoing strong performance in our consumer lending businesses,” Donald Poulton, president and CEO, said in announcing the results. “Loan origination growth remained elevated, and we continued to benefit from historically low loan loss provisions.
“The bank is fortunate to be operating in markets that have experienced demand surges during the COVID pandemic. This has allowed us to deliver four consecutive quarters of significant bottom-line results, which are reflected in our year-to-date return on assets of 5 percent and return on equity of 28.9 percent. We continue to execute our strategy and are optimistic about future growth and performance.”
Merit Medical
Merit Medical Systems Inc., based in South Jordan, reported net income of $12 million, or 21 cents per share, for the quarter ended Sept. 30. That compares with a loss of $3 million, or 5 cents per share, for the same quarter a year earlier.
Revenue in the most recent quarter totaled $267 million, up from $244 million in the year-earlier quarter.
Merit Medical manufactures and markets proprietary medical devices used in interventional, diagnostic and therapeutic procedures, particularly in cardiology, radiology, oncology, critical care and endoscopy. It employs approximately 6,700 people worldwide.
“Third-quarter revenue increased 8.8 percent year-over-year on a constant currency, organic basis, exceeding the high end of the expectations we provided on our second-quarter call,” Fred P. Lampropoulos, chairman and CEO, said in announcing the results.
“Despite the challenging operating environment due to the unexpected rise in COVID cases in recent months, our team continues to execute well. We are cautiously optimistic on the pace of recovery over the balance of the year, but we remain confident in our growth expectations for fiscal year 2021….” he said.
SkyWest
SkyWest Inc., based in St. George, reported net income of $10 million, or 19 cents per share, for the quarter ended Sept. 30. That compares with $34 million, or 66 cents per share, for the same quarter a year earlier.
Revenue in the most recent quarter totaled $745 million, up from $457 million in the year-earlier quarter.
SkyWest Inc. is the holding company for SkyWest Airlines and SkyWest Leasing, an aircraft leasing company. SkyWest Airlines has a fleet of over 450 aircraft connecting passengers to over 230 destinations throughout North America.
“We continued to see strong demand for our product during the third quarter,” Chip Childs, CEO, said in announcing the results. “We are excited to place 45 new E175 aircraft into service in the next 18 months and remain focused on our long-term strategy as we continue navigating the pandemic.”
The company also reported that in mid-October 2021, it suffered a cyberattack via malware but was able to quarantine the malware without disruption to its operations. The quarantine breach required a rebuild of a triple-redundant server. A week later, while moving one of its systems to a newly rebuilt server, the company experienced a server outage that resulted in approximately 1,700 flight cancelations. The company expects the impact of the outage to damage fourth-quarter results by $15 million to $20 million pre-tax.
Utah Medical Products
Utah Medical Products Inc., based in Salt Lake City, reported net income of $4.2 million, or $1.15 per share, for the third quarter ended Sept. 30. That compares with $2.9 million, or 80 cents per share, for the same quarter a year earlier, and with $3.7 million, or 99 cents per share, for the 2019 third quarter.
Sales in the most recent quarter totaled $12.6 million, up from $10.5 million in the year-earlier quarter and from $12.5 million in the 2019 third quarter.
Utah Medical Products develops, manufactures and markets disposable and reusable specialty medical devices.
The third-quarter results continue to demonstrate the company’s recovery after a time when there were restrictions on so-called nonessential medical procedures during the COVID-19 pandemic, the company said. “The company is exceeding its stated objective in 2021 to try to fully recover back to its 2019 financial performance,” it said, adding that with its third-quarter and nine-month financial results “UTMD is back on track.”
