CORPORATE FINANCIAL REPORTS 5-15-17

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

Varex

Varex Imaging Corp., based in Salt Lake City, reported net income of $15 million, or 40 cents per share, for the second fiscal quarter ended March 31. That compares with $14.7 million, or 39 cents per share, for the same quarter a year earlier.

Revenues in the most recent quarter totaled $155 million, up from $150 million in the year-earlier quarter.

The results are the first since Varex became a new public company following the spin-off from Varian Medical Systems Inc. on Jan. 28. The comparable financial statements for fiscal year 2016 and the first quarter of fiscal year 2017 reflect operating results for the Imaging Components business of Varian prior to its separation and include estimates of cost allocations for various corporate functions, interest expense and tax expense.

Varex Imaging Corp. designs and manufactures X-ray imaging components. It has about 1,800 employees in North America, Europe and Asia.

“I am pleased to report top-line growth of 3 percent for the current quarter and 5 percent year to date,” Sunny Sanyal, chief executive officer, said in announcing the results. “Since the slowdown in our revenues in the second half of 2015 and the first half of 2016, all of our product lines have experienced good recovery and the trailing 12-month revenue growth rate was 7 percent. … We have successfully completed the separation from Varian and are well prepared to operate as a stand-alone company.”

Vivint Solar

Vivint Solar, based in Lehi, reported net income available to common stockholders of $13.3 million, or 11 cents per share, for the first quarter ended March 31. That compares with a net loss of $31.2 million, or 29 cents per share, for the same period a year earlier.

Revenue in the most recent quarter totaled $53.1 million, up from $17.2 million in the year-earlier quarter.

Vivint Solar is a residential solar provider.

Myriad Genetics

Myriad Genetics Inc., based in Salt Lake City, reported net income of $4.2 million, or 6 cents per share, for the fiscal third quarter. That compares with $34.5 million, or 47 cents per share, for the same quarter a year earlier.

Revenue in the most recent quarter totaled $196.9 million, up from $190.5 million in the year-earlier quarter.

Myriad Genetics produces medical molecular diagnostic tests.

“We were very encouraged to see sequential growth in hereditary cancer testing volumes for the second consecutive quarter,” Mark C. Capone, president and chief executive officer, said in announcing the results. “Coupled with meaningful sequential volume growth in all of our major pipeline tests — including GeneSight, Vectra DA, Prolaris and EndoPredict — we believe we are rapidly approaching an important inflection in our business where our new products will drive accelerated revenue growth and profitability.”

ClearOne

ClearOne, based in Salt Lake City, reported a net loss of $500,000, or 5 cents per share, for the quarter ended March 31. That compares with net income of $1.4 million, or 14 cents per share, for the same quarter a year earlier.

Revenue in the most recent quarter totaled $11.7 million, down from $13 million in the year-earlier quarter.

ClearOne designs, develops and sells conferencing, collaboration and network streaming and signage solutions for voice and visual communications.

“2017 is trending positively,” Zee Hakimoglu, president and chief executive officer, said in announcing the results. “In the first quarter, our new Converge Pro 2 platform gained market traction with revenue more than doubling sequentially and contributing to an improved gross margin. Also, video solutions continued to make steady, strong gains with revenue growing 60 percent over Q1 2016. The combination, despite typical seasonality, fueled sequential total revenue growth of 9 percent.”

Black Diamond

Black Diamond Inc., based in Salt Lake City, reported a net loss of $1.5 million, or 5 cents per share, for the first quarter ended March 31. That compares with a net loss of $4 million, or 13 cents per share, for the same period a year earlier.

Sales in the most recent quarter totaled $41.6 million, up from $38.6 million a year earlier.

Black Diamond is a holding company with one operating subsidiary, Black Diamond Equipment Ltd., which manufactures active outdoor equipment and clothing for the climbing, skiing and mountain sports markets.

“Our first quarter was the first clear sign that the steps we have taken to better serve our core customers are creating momentum, all while continuing to drive innovation in current and adjacent product categories,” John Walbrecht, president of Black Diamond Equipment, said in announcing the results.

“We grew in all of our primary product categories and across all major markets, which was a key goal and a significant accomplishment in the current environment. This broad-based growth was made possible by our ability to better satisfy demand, which is a credit to the improvements we have made in our supply chain for 2017. We also began to make incremental investments back into the brand via enhanced R&D resources, while also furthering the development of our e-commerce platform.”

Lipocine

Lipocine Inc., based in Salt Lake City, reported a net loss of $4.9 million, or 26 cents per share, for the first quarter ended March 31. That compares with a loss of $7 million, or 38 cents per share, for the same quarter a year earlier.

Lipocine is a specialty pharmaceutical company.

“During 2017, we have made substantial progress in advancing our product candidates in preparation for upcoming data disclosures and planned regulatory filings,” Mahesh Patel, chairman, president and chief executive officer, said in announcing the results.

Overstock.com

Overstock.com, based in Salt Lake City, reported a net loss of $5.9 million, or 23 cents per share, for the quarter ended March 31. That compares with net income of $13.4 million, or 53 cents per share, for the same quarter a year earlier.

Revenue in the most recent quarter totaled $432.4 million, up from $413.7 million in the year-earlier quarter.

The company said the most recent quarter includes an impairment charge of $4.5 million related to a cost method investment and that the year-earlier results include a received litigation settlement of $19.5 million.

Overstock is an online retailer.

“The retail business had a pre-tax income of $1.4 million in Q1 and remains fundamentally sound,” Patrick M. Byrne, founder and chief executive officer, said in announcing the results.

“Our Medici business cost us $8 million pre-tax in the first quarter, which included a $4.5 million impairment charge related to our investment in Peernova. However, I remain confident that we are doing the right thing for our shareholders by having Medici pursue a position of global leadership in blockchain technology.”

ZAGG

ZAGG Inc., based in Salt Lake City, reported a net loss of $6.1 million, or 22 cents per share, for the first quarter ended March 31. That compares with a loss of $3.3 million, or 12 cents per share, for the same quarter a year earlier.

Sales in the most recent quarter totaled $92.9 million, up from $62.4 million in the year-earlier quarter.

ZAGG produces screen protection, mobile keyboards, power management solutions, social tech and personal audio sold under the ZAGG, mophie, InvisibleShield and IFROGZ brands. It has operations in the U.S., Ireland and China.

“Our first quarter performance represents a solid start to 2017,” Randy Hales, president and chief executive officer, said in announcing the results. “We exceeded our adjusted EBITDA (earnings before interest, taxes, depreciation and amortization) target driven by meaningful operating expense leverage on higher-than-planned revenue.

“In addition to continued growth of our ZAGG business unit, the mophie turnaround is progressing as planned, highlighted by a new president, operational improvements, cost management disciplines, and a significant increase in market share during the first quarter.”