CORPORATE FINANCIAL REPORTS

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

Extra Space

Extra Space Storage Inc., based in Salt Lake City, reported funds from operations (FFO) attribute to common stockholders or $137.9 million, or $1.02 per share, for the first quarter ended March 31. That compares with $104.9 million, or 79 cents per share, for the same quarter a year earlier.

Net income attributable to common stockholders of $82.3 million, or 64 cents per share.That compares with $82.6 million, or 66 cents per share, for the year-earlier quarter.

Revenue in the most recent quarter totaled $263 million, up from $229.4 million in the year-earlier quarter.

Extra Space is a self-administered and self-managed real estate investment trust. At the end of the quarter, it owned and/or operated 1,441 self-storage stores in 38 states; Washington, D.C.; and Puerto Rico. It is the second-largest owner and/or operator of self-storage stores in the United States and the largest self-storage management company in the nation.

“We started the year with an excellent first quarter,” Joseph D. Margolis, chief executive officer, said in announcing the results. “We experienced the benefits of a highly diversified portfolio with certain markets accelerating, while others moderated. Our same-store revenue growth was solid at 5.8 percent and expenses were better than expected, resulting in same-store NOI (net operating income) growth of 9.2 percent. Quarter-end occupancy was over 92 percent, and we are well positioned as we head into our busy season. Our strong same-store NOI growth helped increase FFO as adjusted by 20 percent.”

Huntsman

Huntsman Corp., with main offices in Salt Lake City and Texas, reported net income of $92 million, or 31 cents per share, for the quarter ended March 31. That compares with $62 million, or 24 cents per share, for the same period a year earlier.

Revenue in the most recent quarter totaled $2.47 billion, up from $2.36 billion a year earlier.

Huntsman manufactures and markets chemicals. It operates more than 100 manufacturing and research and development facilities in approximately 30 countries and has about 15,000 employees.

“Within the first quarter, we saw positive business trends develop such that earnings for all our divisions exceeded early quarter expectations,” Peter R. Huntsman, president and chief executive officer, said in announcing the results. “Additionally, it is noteworthy that our combined non-pigment businesses experienced year-over-year EBITDA (earnings before interest, taxes, depreciation and amortization) growth.”

Huntsman added that the company on April 25 repaid $100 million of debt, part of about $670 million repaid during the past year, and that the company continues efforts to spin-off or have an initial public offering on its pigments and additives division, known as Venator Materials Corp.

SkyWest

SkyWest Inc., based in St. George, reported net income of $35 million, or 65 cents per share, for the first quarter. That compares with $27 million, or 52 cents per share, for the same quarter a year earlier.

Revenue in the most recent quarter totaled $765 million, up from $762 million in the year-earlier quarter.

SkyWest Inc. is the holding company for two scheduled passenger airline operations and an aircraft leasing company. Its airline companies provide more than 3,000 daily flights carrying more than 53 million passengers annually. It has more than 19,000 employees.

“Despite the weather challenges we faced at the beginning of the quarter, our dedicated teams worked hard to minimize passenger disruption,” Chip Childs, chief executive officer, said in announcing the results. “The solid operating performance, combined with continued execution on our fleet transition, delivered a stronger-than-expected March, which is reflected in our improved profitability this quarter.”

Holly Energy Partners

Holly Energy Partners LP, based in Dallas, reported net income attributable to the company of $25.6 million, or 13 cents per share, for the quarter ended March 31. That compares with $43 million, or 52 cents per share, for the same quarter in 2016.

Revenues in the most recent quarter totaled $105.6 million, up from $102 million a year earlier.

Holly Energy Partners provides petroleum product and crude oil transportation, terminalling, storage and throughput services to the petroleum industry, including HollyFrontier Corp. subsidiaries. The partnership, through its subsidiaries and joint ventures, owns and/or operates petroleum product and crude gathering pipelines, tankage and terminals in Utah and nine other states and refinery processing units in Utah and Kansas. HollyFrontier operates through its subsidiaries refineries in Woods Cross and four other sites.

USANA

USANA Health Sciences Inc., based in Salt Lake City, reported net income of $21.4 million, or 86 cents per share, for the quarter ended April 1. That compares with $22.3 million, or 89 cents per share, for the same quarter a year earlier.

Sales in the most recent quarter totaled $255.3 million, up from $240.4 million in the year-earlier period.

USANA develops and manufactures nutritional supplements, healthy foods and personal care products that are sold directly to associates and preferred customers.

“USANA generated solid top-line and customer growth during the quarter,” Kevin Guest, chief executive officer, said in announcing the results. “Our earnings were impacted by additional expense related to our previously disclosed internal investigation during the quarter. Setting aside these expenses, our bottom-line results were essentially in line with our expectations. We remain focused on implementing our 2017 growth strategies, including our initiatives designed to drive overall customer growth and our new product announcements later this year.”

Merit Medical

Merit Medical Systems Inc., based in South Jordan, reported net income of $14.8 million, or 32 cents per share, for the quarter ended March 31. That compares with $4.4 million, or 10 cents per share, for the same quarter a year earlier.

Sales in the most recent quarter totaled $171.1 million, up from $138.1 million in the year-earlier period.

Merit Medical Systems is involved in the development, manufacture and distribution of proprietary disposable medical devices. It has about 4,500 employees worldwide.

“Our management team is pleased with our performance during the first quarter, especially with the activities involved in the integration of the acquisitions of DFINE, the critical care division of Argon and the assets of Catheter Connections,” Fred P. Lampropoulos, chairman and chief executive officer, said in announcing the results. “We delivered strong revenue growth across all sales divisions in the first quarter.”

People’s Utah Bancorp

People’s Utah Bancorp, based in American Fork, reported net income of $6.5 million, or 36 cents per share, for the quarter ended March 31. That compares with $5.2 million, or 29 cents per share, for the same quarter a year earlier.

Deposits totaled $1.47 billion at the end of the quarter, up from $1.43 billion at the end of the prior quarter and $1.32 billion at the end of the year-earlier quarter.

People’s Utah Bancorp is the holding company for People’s Intermountain Bank with 18 locations in two banking divisions, Bank of American Fork and Lewiston State Bank, and one leasing division, GrowthFunding Equipment Finance.

“Our operating results for the first quarter of 2017 were comparable to the fourth quarter of 2016, our best quarter to-date,” Richard Beard, president anc chief executive officer, said in announcing the results. “It also was a 24.4 percent increase over the first quarter of 2016. Our current quarter’s return on average equity was over 11 percent and return on average assets was 1.59 percent. We are also pleased with our overall loan growth of over 7.7 percent year-over-year and 2.9 percent on a linked quarter basis, and our efficiency ratio of 56.83 percent.”

Nutraceutical

Nutraceutical International Corp., based in Park City, reported net income of $4.5 million, or 48 cents per share, for the fiscal second quarter ended March 31. That compares with $4.6 million, or 49 cents per share, for the same quarter a year earlier.

Sales totaled $61.2 million, up from $59.5 million in the year-earlier quarter.

Nutraceutical manufactures, markets, distributes and retails branded nutritional supplements and other natural products.

“Our fiscal 2017 second quarter net sales grew at 2.9 percent over the prior year, which included growth both domestically and internationally,” Bill Gay, chairman and chief executive officer, said in announcing the results. “Gross profit, net income and adjusted EBITDA (earnings before interest, taxes, depreciation and amortization) remained solid. A number of enhanced marketing and sales initiatives were rolled out in the second quarter, which we are hopeful will expand customer sales in several of our business channels throughout 2017 and beyond. Additional initiatives are in development.”

Headwaters

Headwaters Inc., based in South Jordan, reported net income attributable to the company of $4.5 million, or 6 cents per share, for the fiscal 2017 second quarter ended March 31. That compares with $2.1 million, or 3 cents per share, for the same quarter a year earlier.

Income from continuing operations was $5.1 million, or 6 cents per share, compared with $2.6 million, or 3 cents per share, in the year-earlier period.

Revenue in the most recent quarter totaled $259.3 million, up from $202.3 million in the year-earlier quarter.

Headwaters provides products, technologies and services to the construction materials and building products markets.

“Headwaters grew adjusted EBITDA (earnings before interest, taxes, depreciation and amortization) by $18 million or 62 percent in the quarter, a growth rate that exceeds the upper end of our 2017 guidance and brings our fiscal year-to-date adjusted EBITDA growth rate up to 28 percent,” Kirk A. Benson, chairman and chief executive officer, said in announcing the results.

Utah Medical

Utah Medical Products Inc., based in Salt Lake City, reported net income of $3.5 million, or 94.8 cents per share, for the quarter ended March 31. That compares with $3.2 million, or 85.3 cents per share, for the same quarter a year earlier.

Sales in the most recent quarter totaled $10.3 million, essentially flat with the year-earlier quarter.

Utah Medical Products develops, manufactures and markets disposable and reusable specialty medical devices.

The company said it “achieved results representing a strong start to achieving its financial goals for year 2017.”

Instructure

Instructure Inc., based in Salt Lake City, reported a net loss of $12.7 million, or 44 cents per share, for the quarter ended March 31. That compares with a loss of $13.7 million, or 50 cents per share, for the same quarter a year earlier.

Revenue in the most recent quarter totaled $34 million, up from $23.3 million in the year-earlier quarter.

Instructure is a software-as-a-service (SaaS) technology company. Its offerings include Canvas and Bridge.

“We had a great start to the year as we delivered strong results across the board,” Josh Coates, chief executive officer, said in announcing the results.

“First quarter revenue grew 46 percent on a year-over-year basis and we made continued substantial improvements to our operating margin. Throughout the quarter, we continued to enhance the features and functionality of both Canvas and Bridge, resulting in strong customer adoption. Given our business momentum, we remain encouraged by our prospects for the remainder of 2017 and beyond.”