Corporate Financial Reports 4-10-23

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 of $25.6 million, or $1.17 per share, for 2022. That compares with $39.5 million, or $1.80 per share, in 2021.

Revenue in 2022 totaled $389.7 million, down from $470.7 million in 2021.

The company has three{mprestriction ids="1,3"} business segments: life insurance, cemeteries/mortuaries and mortgages.

“Overall, our after-tax profit of $25.6 million means that the company earned a net 1.76 percent return on total assets (2.35 percent pretax) and an 8.7 percent return on equity (11.6 percent pretax),” Scott Quist, chairman, president and CEO, said in announcing the results.

“Those are very acceptable overall numbers and is, in fact, our third-best year, lagging behind only 2020 and 2021. Nevertheless, I would characterize 2022 as being a ‘rugged’ year. The rapid rise in interest rates in 2022 created a decided downdraft on our earnings.”

Quist said the company sees the current economic uncertainty as a time to expand.

“For example, even in this tough mortgage loan environment, we have increased our number of producing loan officers. In our insurance segment, we have increased the premium rates on some of our most popular products and have seen good acceptance of the increase. In our memorial segment, we have added key personnel who we believe will drive growth and improved operations. To be sure, growth in this environment is expensive, but is nevertheless our goal.”

Reflect Scientific

Reflect Scientific Inc., based in Orem, reported net income of $89,396, or zero cents per share, for the year ended Dec. 31. That compares with $939,065, or 1 cent per share, in 2021.

Revenue in 2022 totaled $2 million, down from $2.8 million in 2021.

Reflect Scientific provides ultra-low temperature freezers and chillers for the biotech, pharmaceutical and cannabis industries.

“We are pleased with the resilience of our business during these challenging times, and remain committed to expanding our product offerings and strengthening our position in the ultra-low temperature market,” Kim Boyce, CEO, said in announcing the results. “Despite the ongoing supply chain issues, we have made significant progress in enhancing our ultra-cold freezer product line and believe this will provide a solid foundation for future growth.”{/mprestriction}