CORPORATE FINANCIAL REPORTS 2-14-22

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

SkyWest

SkyWest Inc., based in St. George, reported net income of $4.3 million, or 9 cents per share, for the fourth quarter ended Dec. 31. That compares with a net loss of $46.5 million, or 93 cents per share, for the same quarter a year earlier.

Revenue in the most recent quarter was $777.2 million, up from $589.6 million in the year-earlier quarter.

For the full year 2021, SkyWest reported net income of $111.9 million, or $2.20 per share, which compares with a net loss of $8.5 million, or 17 cents per share, for 2020.

Revenue in 2021 totaled $2.71 billion, up from $2.13 billion in 2020.

SkyWest Inc. is the holding company for SkyWest Airlines and SkyWest Leasing, an aircraft leasing company. SkyWest Airlines has a fleet of over 500 aircraft connecting passengers to over 230 destinations throughout North America. It operates through partnerships with United Airlines, Delta Air Lines, American Airlines and Alaska Airlines.

“We continued to see very strong demand for our product during the fourth quarter,” Chip Childs, CEO, said in announcing the results. “While we are facing new headwinds as the industry prepares to operate in a post-pandemic environment and we work to rebalance staffing, we remain focused on delivering an exceptional product. I want to thank our people for their ongoing flexibility and good work as we navigate this very dynamic period.”

Utah Medical Products

Utah Medical Products Inc., based in Midvale, reported net income of $4.1 million, or $1.23 per share, for the fourth quarter. That compares with $3.4 million, or 93 cents per share, for the same quarter a year earlier and $4.4 million, or $1.17 per share, for the 2019 fourth quarter.

Net sales in the most recent quarter totaled $12.9 million, up from $12 million for the 2020 fourth quarter and $11.8 million in the 2019 fourth quarter.

For the full year 2021, the company reported net income of $14.8 million, or $4.15 per share, up from $10.8 million, or $3 per share, for 2020 and from $14.7 million, or $3.78 per share, for 2019.

Sales in 2021 totaled $49 million, compared with $42.2 million in 2020 and $46.9 million in 2019.

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

The company said it experienced “continuing performance improvement despite many challenges related to the coronavirus pandemic, including on-again/off-again restrictions on so-called nonessential medical procedures, supply chain disruption, high inflation on raw materials, freight and labor costs as well as a continued shortage of labor and higher employee turnover.”

LifeVantage

LifeVantage Corp., based in Salt Lake City, reported net income of $79,000, or 1 cent per share, for the second fiscal quarter ended Dec. 31. That compares with $3.8 million, or 26 cents per share, for the same quarter a year earlier.

Revenue in the most recent quarter totaled $52.2 million, down from $59 million in the year-earlier quarter.

LifeVantage engages in the identification, research, development, formulation and sale of advanced nutrigenomic activators, dietary supplements, nootropics, pre- and pro-biotics, weight management, skin and hair care, bath and body, and targeted relief products.

“The second quarter proved to be more challenging than we anticipated as COVID factors caused our early momentum to stall by limiting in-person activity,” Steve Fife, CEO, said in announcing the results.

“We also encountered unexpected, but related, delays with our recent Philippines launch that pushed the initial revenue ramp into January. While we are disappointed that revenue and earnings results did not meet our expectations, we still made meaningful progress on several initiatives to position the company for its next stage of growth. … Despite tempering our fiscal 2022 outlook to reflect recent results, the company’s financial position remains strong and I’m confident in our ability to drive long-term value for all stakeholders.”