CORPORATE FINANCIAL REPORTS 4-10-17

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

Sportsman’s Warehouse

Sportsman’s Warehouse Holdings Inc., based in Midvale, reported net income of $10.5 million, or 25 cents per share, for the fourth quarter ended Jan. 28. That compares with $11.4 million, or 27 cents per share, for the same quarter a year earlier.

Sales in the most recent quarter totaled $221.4 million, up from $208.5 million in the year-earlier quarter.

For the full fiscal year 2016, the company reported net income of $29.7 million, or 70 cents per share. That compares with $27.8 million, or 66 cents per share, for fiscal 2015.

Sales in the most recent fiscal year totaled $780 million, up from $706.8 million.

Sportsman’s Warehouse Holdings is an outdoor sporting goods retailer.

“The retail environment remained challenging during the fourth quarter and we anniversaried both the San Bernardino tragedy and the executive orders from December and January, which created a difficult comparison for our hunting and shooting category,” John Schaefer, chief executive officer, said in announcing the results.

“For fiscal year 2016, we continued to strengthen our market share position with 11 new stores and a 10.4 percent revenue increase over the prior year, maintained flat gross margins in a promotional environment, and managed expenses, inventory and capital expenditures with discipline.”

The company plans to open 12 new stores in 2017.

“Despite the choppy environment that we are navigating, we believe there is significant market share opportunity in the outdoor goods space, and our differentiated concept that is resonating with our customers will provide us with key competitive advantages that will allow us to further strengthen our market position and deliver profitable growth,” Schaefer said.

Security National Financial

Security National Finance Corp., based in Salt Lake City, reported after-tax earnings from operations of $14.3 million in 2015, up from $13.5 million in 2015. Net earnings per common share was 94 cents in 2015, up from 90 cents per share in 2015.

Revenues totaled $307.2 million in 2015, up from $284.6 million in 2015.

The company has three business segments: life insurance, cemeteries/mortuaries and mortgages.

“Even though we lost some earnings increase momentum in the fourth quarter due to the post-election rapid rise in interest rates, 2016 was a very solid year for our company,” Scott Quist, chairman, president and chief executive officer, said in announcing the results.

Quist said 2016 “was the second-best year in company history for after-tax earnings, is the first year we have topped $300 million in annual revenue, our return on equity topped 15 percent, we accomplished the acquisition of First Guaranty Insurance Co., we settled a longstanding dispute with the Department of Justice relating to mortgage loans originated prior to 2008, and we settled two suits involving the bankrupt Lehman Brothers.”

Clifton Mining

Clifton Mining Co., based in American Fork, reported net income of $133,011 in 2016, or zero cents per share, compared with a net loss of $720,207, or 1 cent per share, in 2015.

Revenue in 2016 totaled $60,407, down from $161,619 in 2015.

Earnings from the company’s investment in American Silver LLC made the largest contribution in 2016, along with continued royalties earned from Desert Hawk’s operations, without the significant write-down the company had in 2015. the company said. Clifton received $427,000 in distributions from American Silver.