CORPORATE FINANCIAL REPORTS 5-1-17

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

Zions

Zions Bancorporation, based in Salt Lake City, reported net earnings applicable to common shareholders of $129 million, or 61 cents per share, for the first quarter ended March 31. That compares with $79 million, or 38 cents per share, for the same quarter a year earlier.

Net interest income increased to $489 million, up 8 percent from a year earlier. Noninterest income was $132 million, up from $128 million in the 2016 fourth quarter. Pre-provision net revenue was $215 million, up 20 percent from a year earlier. Net loans and losses were $42.7 billion, compared with $42.6 billion in the 2016 fourth quarter.

Zions, with total assets topping $65 billion, has operations in 11 western states.

“While we are pleased with the strong 61 percent improvement in earnings per share over the same period a year ago, results relative to the fourth quarter of 2016 were muted due to lackluster loan growth, a condition which has recently been prevalent throughout the industry,” Harris H. Simmons, chairman and chief executive officer, said in announcing the results.

“Although we experienced a single loan loss that comprised nearly two-thirds of total net charge-offs during the quarter, credit quality was generally strong and improving, with classified loan totals improving by 7 percent relative to fourth quarter results. While operating costs were seasonally higher, we remain committed to a continued focus on expense control and improvement in our profitability through the remainder of 2017 and beyond.”

Franklin Covey

Franklin Covey Co., based in Salt Lake City, reported a net loss of $3.3 million, or 24 cents per share, for the fiscal second quarter ended Feb. 28. That compares with a loss of $400,000, or 3 cents per share, for the same quarter a year earlier.

Revenue in the most recent quarter totaled $42.2 million, down from $45.3 million in the year-earlier quarter.

Franklin Covey specializes in organizational performance improvement.

“We were pleased that our operations for the second quarter came in almost entirely as expected. … We believe that the transition to the All Access Pass business model will provide growth in future periods through higher initial sale sizes, consistently strong renewals, and from sales of add-on services and training materials. … Because of the advantages of the All Access Pass to our clients and to us, we are pleased to have sales shift from our traditional channels to the All Access Pass. We believe that the transition to the All Access Pass is building strong momentum in our operations, which will position us for the accelerated growth necessary to meet our expectations through the balance of the fiscal year and into future years,” Bob Whitman, chairman and chief executive officer, said in announcing the results.