The following are recent financial reports as posted by selected Utah corporations:
Profire Energy
Profire Energy Inc., based in Lindon, reported net income for the nine months ended Dec. 31 of $78,053, or zero cents per share. That compares with net income of $34,744, of zero cents per share, for the year ended March 31, 2016.
Revenues for the nine months ended Dec. 31 totaled $16 million. For the year ended March 31, 2016, revenues totaled $27 million.
The company is changing its fiscal year-end and reported figures from a transition period from April 1-Dec. 31, 2016, which is the period between the closing of the company’s most recent fiscal year and the opening date of the newly selected fiscal year.
For the quarter ended Dec. 31, the company reported net income of $609,000, or 1 cent per share, on revenues of $7 million.
Profire creates, installs and services burner and chemical management solutions in the oil and gas industry.
“We continue to strategically allocate capital according to the plan we have previously communicated,” Ryan Oviatt, chief financial officer, said in announcing the results. “We remain focused on the preservation of cash, seeking opportunities to acquire adjacent technologies, conducting our stock repurchase program, and other value-creation activities that may be identified from time to time. We believe this plan will continue to drive long-term value for Profire and our shareholders.”
Brenton Hatch, president and chief executive officer, said the stabilization of oil prices has had a positive effect on the company “as our customers appear to have gained confidence in the oil markets and have returned to spending their capex budgets. The oil industry is still recovering and while we don’t know how oil prices will react throughout our next fiscal year, many analysts believe oil prices will average in the mid-$50s price range. We remain optimistic that the stabilization of commodity prices will allow us to maintain the growth we have achieved in the final two quarters of the period.”
Black Diamond
Black Diamond Inc., based in Salt Lake City, reported a net loss of $1.4 million, or 5 cents per share, for the fourth quarter ended Dec. 31. That compares with a net loss of $20.7 million, or 64 cents per share, for the same quarter a year earlier.
Sales in the most recent quarter totaled $41.4 million, down from $44.1 million in the year-earlier quarter.
For the full year 2016, the company reported a net loss of $9 million, or 30 cents per share. That compares with a net loss of $77.5 million, or $2.38 per share, for 2015.
Sales in 2016 totaled $148.2 million, down from $155.3 million in 2015.
The company has one operating subsidiary, Black Diamond Equipment Ltd. It manufactures active outdoor equipment and clothing for the climbing, skiing and mountain sports markets.
“The fourth quarter was highlighted by growing retailer confidence in the core products that define the Black Diamond Equipment brand,” John Walbrecht, Black Diamond Equipment’s brand president, said in announcing the results.
“While we still faced foreign exchange headwinds and margin constraints due to our manufacturing repatriation, demand for climbing and mountain products remained strong. We also continued to experience growing momentum in our direct-to-consumer and independent global distributor businesses, as both channels continue to grow in the strong double-digits.”
Walbrecht said that after more than a year of restructuring, the company is “poised to scale the brand in 2017 through the implementation of a clear growth plan. This entails an unwavering focus on the roots of our brand and the continued investment in the products that has made Black Diamond synonymous with the sports we’ve served for the past 28 years.”
The company also will focus on “enhancing our brand equity through innovation in adjacent product categories and targeted media impressions centered around the consumer’s experience with our products,” he said. “We believe this strategy optimally positions us to achieve sales and margin expansion, along with improved levels of customer service and more efficient working capital management.”
ClearOne
ClearOne, based in Salt Lake City, reported a net loss of $1.1 million, or 12 cents per share, for the quarter ended Dec. 31. That compares with net income of $1.6 million, or 16 cents per share, for the same quarter a year earlier.
Revenue in the most recent quarter totaled $10.7 million, down from $14.3 million in the year-earlier quarter.
For the full year 2016, the company reported net income of $2.4 million, or 26 cents per share. That compares with $6.8 million, or 71 cents per share, in 2015.
For 2016, the company reported revenue of $48.7 million, down from $57.8 million in 2015.
ClearOne designs, develops and sells conferencing, collaboration and network streaming and signage solutions for voice and visual communications.
“Our underlying fund-amentals held strong and set the stage for a better 2017; however, in the fourth quarter, several factors continued to negatively impact our financial results,” Zee Hakimoglu, president and chief executive officer, said in announcing the results.
“The transition to our next-generation professional audio conferencing platform has taken longer than projected. … While we successfully spurred sales, revenue was still lower than prior periods and it negatively impacted gross margin. An overall weak global economy, including pressures caused by an uncertain political climate in Europe and the U.S. elections, further aggravated infrastructure and capital equipment spending and dampened our 2016 fourth quarter sales.”
Superior Drilling Products
Superior Drilling Products Inc., based in Vernal, reported a net loss of $2.6 million, or 11 cents per share, for the fourth quarter ended Dec. 31. That compares with a loss of $9.2 million, or 53 cents per share, for the same quarter a year earlier.
Revenues in the most recent quarter totaled $2.3 million, down from $2.7 million in the year-earlier quarter.
For the full year 2016, the company reported a net loss of $9.1 million, or 47 cents per share. That compares with a loss of $14.5 million, or 83 cents per share, for 2015.
Revenues in 2016 totaled $7.2 million, down from $12.7 million in 2015.
The company designs, manufactures, repairs and sells drilling tools for the oil and natural gas drilling industry.
“Given the severely weak conditions of the oil and gas industry in the first half of 2016, the year was certainly a challenge for SDP, but we ended the year in a much better position than the way the year began,” Troy Meier, chairman and chief executive officer, said in announcing the results.
Meier added that “given our significant progress, we have had a good start to 2017. We are encouraged by the market’s reception of our technologies and expect this to be a year of growth.”
