Corporate Financial Reports 11-14-22

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) attributable to common stockholders and unit holders of $309.7 million, or $2.16 per share, for the quarter ended Sept. 30. That compares with $261.7 million, or $1.85 per share, for the same quarter a year earlier.{mprestriction ids="1,3"}

The company reported net income attributable to common stockholders of $220.7 million, or $1.65 per share. That compares with $188.3 million, or $1.40 per share, for the same quarter a year earlier.

Same-store rental revenues totaled $371.9 million in the most recent quarter, up from $322.1 million in the prior-year quarter.

Extra Space Storage is a self-administered and self-managed real estate investment trust that owns and/or operates 2,327 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 is the largest self-storage management company in the nation.

“We had another strong quarter, with same-store revenue growth of 15.5 percent and NOI growth of 16.4 percent, despite exceptionally difficult comparables,” Joe Margolis, CEO, said in announcing the results.

“We completed the acquisition of Storage Express, a strategic transaction that we believe unlocks another future growth channel in the remotely managed storage category. Our internal and external growth efforts continue to enhance and diversify our platform and portfolio and led to achieved core FFO growth of 19.5 percent.”

Medallion Bank

Medallion Bank, based in Salt Lake City, reported net income of $18.3 million for the third quarter ended Sept. 30. That compares with $19.7 million for the same quarter a year earlier.

Net interest income in the most recent quarter was $43 million, up from $35.3 million in the year-earlier quarter.

Medallion provides consumer loans for the purchase of recreational vehicles, boats and home improvements, along with loan origination services to fintech strategic partners.

“The third quarter was highlighted by moderating loan growth that produced net income of $18 million on net interest income that was 22 percent higher than the prior year,” Donald Poulton, president and CEO, said in announcing the results.

“Loan losses, which were historically low in last year’s third quarter, continued to normalize, rising consistent with our historical seasonality but also likely reflecting the pressures of the inflationary environment. Given rapidly increasing deposit costs, we increased interest rates on new loans and expect additional adjustments consistent with actions by the Federal Reserve. Our focus remains on serving our customers with the optimal balance of high tech and high touch so we can deliver superior financial performance.”

SkyWest

SkyWest Inc., based in St. George, reported net income of $48.4 million, or 96 cents per share, for the third quarter ended Sept. 30. That compares with $9.7 million, or 19 cents per share, for the same quarter a year earlier.

Revenue in the most recent quarter totaled $789.4 million, up from $744.8 million in the year-earlier quarter.

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

“We continue to experience strong demand for our product, and our operational performance through the busy summer season was strong with 99.9 percent adjusted completion this quarter,” Chip Childs, CEO, said in announcing the results. “We were pleased to have finalized new salary scales for our pilots during the quarter and continue efforts to stabilize our crew imbalance.”

Franklin Covey

Franklin Covey Co., based in Salt Lake City, reported net income of $5.6 million, or 39 cents per share, for the fiscal fourth quarter ended Aug. 31. That compares with $1.8 million, or 13 cents per share, for the same quarter a year earlier.

Net sales in the most recent quarter totaled $78.8 million, up from $68.9 million in the year-earlier quarter.

For the full fiscal year, the company reported net income of $18.4 million, or $1.27 per share, which compares with $13.6 million, or 96 cents per share, for the prior fiscal year. Revenue in the most recent fiscal year totaled $262.8 million, up from $224.2 million in the prior year.

Franklin Covey is a performance improvement company that creates, and on a subscription basis, distributes content, training, processes and tools that organizations and individuals use.

“We are very pleased with our outstanding fiscal 2022 results and our stronger-than-expected fourth-quarter performance, which were driven by sustained revenue growth, continued strong gross margins and operational efficiency,” Paul Walker, President and CEO, said in announcing the results.

“Our strong fourth-quarter results, combined with the very positive results for the first three quarters of fiscal 2022, resulted in our outstanding full-year results, which included a 17 percent increase in sales, a 76.8 percent gross margin, a 192 percent increase in operating income to $23.7 million, and a 51 percent increase in adjusted EBITDA (earnings before interest, taxes, depreciation and amortization) to $42.2 million.”

Profire Energy

Profire Energy Inc., based in Lindon, reported net income of $1.2 million, or 2 cents per share, for the third quarter ended Sept. 30. That compares with $92,246, or zero cents per share, for the same quarter a year earlier.

Revenue in the most recent quarter totaled $12.8 million, up from $6.9 million in the year-earlier quarter.

Profire is a technology company that provides solutions designed to enhance the efficiency, safety and reliability of industrial combustion appliances.

“Our third-quarter results represent the best quarter in the company’s recent history, with our highest revenue period since 2014 and highest quarterly net income since the first quarter of 2019,” Ryan Oviatt, co-CEO and chief financial officer, said in announcing the results.

“We are pleased with the significant recovery we have been able to demonstrate this year for our business despite the many challenges of today’s economy. We remain committed to our strategic objectives of sustainable growth and industry diversification.”

“We continue to experience increased levels of interest from our traditional oil and gas customer base resulting from increased drilling and completion, retrofit programs, and other capital projects that were deferred during the pandemic,” added Cameron Tidball, co-CEO. “Revenues outside our traditional oil and gas business nearly doubled sequentially this quarter to $1 million, as we booked orders and completed projects related in the metal manufacturing, heat treating, landfill, food and beverage and renewable natural gas industries.”

LifeVantage

LifeVantage Corp., based in Lehi, reported net income of $610,000, or 5 cents per share, for the fiscal first quarter ended Sept. 30. That compares with $3.3 million, or 25 cents per share, for the same quarter a year earlier.

Revenue in the most recent quarter totaled $51.8 million, down from $53.2 million in the year-earlier quarter.

LifeVantage is focused on nutrigenomics, the study of how nutrition and naturally occurring compounds affect human genes to support good health. It offers dietary supplements.

“Results in the first quarter demonstrated continued momentum across our strategic initiatives around innovation and engagement,” Steve Fife, president and CEO, said in announcing the results. “The number of active independent distributors was up 1.6 percent on a year-over-year basis driven by an 18 percent increase in Asia/Pacific and Europe and revenue versus the prior-year period was up 2.3 percent on a constant currency basis.”

Fife said the macroeconomic environment “remains challenging” but the company is “off to a solid start in fiscal 2023.”

Weave

Weave Communications Inc., based in Lehi, reported a net loss attributable to common stockholders of $11.8 million, or 18 cents per share, for the third quarter ended Sept. 30. That compares with a loss of $14.8 million, or $1.03 per share, for the same quarter a year earlier.

Revenue in the most recent quarter totaled $36.2 million, up from $30.3 million in the year-earlier quarter.

Weave offers a customer communication and engagement platform for small and medium-sized businesses.

“In the third quarter, we continued to improve the efficiency of our business and our go-to-market and technology innovation execution resulting in favorable revenue and operating margins,” Brett White, CEO, said in announcing the results. “We will continue to have a laser focus on delivering an experience that our customers love, building a scalable foundation for profitable growth, and fostering an engaged team that lives our corporate values.”

Instructure

Instructure Holdings Inc., based in Salt Lake City, reported a net loss of $10.1 million, or 7 cents per share, for the third quarter ended Sept. 30. That compares with a loss of $13.3 million, or 10 cents per share, for the same quarter a year earlier.

Revenue in the most recent quarter totaled $122.4 million, up from $107.2 million in the year-earlier quarter.

Instructure is an education technology company.

“Instructure delivered a solid performance in the third quarter, with continued strong top-line growth and industry-leading profitability,” Steve Daly, CEO, said in announcing the results.

“We remain the platform of choice for teaching and learning and will continue to make disciplined investments that position us to win a disproportionate share of the opportunities across international, higher education, K-12 and non-traditional learning while maintaining best-in-class profitability.”

Nu Skin

Nu Skin Enterprises Inc., based in Provo, reported a net loss of $25.4 million, or 51 cents per share, for the third quarter ended Sept. 30. That compares with net income of $49.7 million, or 97 cents per share, for the same quarter a year earlier.

Revenue in the most recent quarter totaled $537.8 million, down from $641.2 million in the year-earlier quarter.

Nu Skin offers personal care, nutrition and anti-aging products.

“Our third-quarter results were impacted more than anticipated by worsening macro headwinds, including prolonged COVID-related disruptions in Mainland China, slowdown in South Korea, persistent global inflation and excessive foreign currency pressure,” Ryan Napierski, president and CEO, said in announcing the results.

Nature’s Sunshine

Nature’s Sunshine Products Inc., based in Lehi, reported net income attributable to common shareholders of $90,000, or zero cents per share, for the third quarter ended Sept. 30. That compares with $4.9 million, or 24 cents per share, for the same quarter a year earlier.

Net sales in the most recent quarter totaled $104.5 million, down from $114.7 million in the year-earlier quarter.

Nature’s Sunshine Products markets and distributes nutritional and personal care products in more than 40 countries.

“Despite unprecedented external headwinds, we delivered third-quarter sales of $105 million on a reported basis, or $112 million when removing the impact of foreign exchange,” Terrence Moorehead, CEO, said in announcing the results.

“The resilience of our portfolio was on full display, where despite the macroeconomic challenges, we were only down 2 percent versus prior year on a constant currency basis and year-to-date, sales were actually up 3 percent in local currency. Both measures reflect the underlying strength of our business.”{/mprestriction}