CORPORATE FINANCIAL REPORTS 5-22-17

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

Nature’s Sunshine

Nature’s Sunshine Products Inc., based in Lehi, reported net income from continuing operations attributable to common shareholders of $2.2 million, or 11 cents per share, for the quarter ended March 31. That compares with $2.1 million, or 11 cents per share, for the same quarter a year earlier.

Sales in the most recent quarter totaled $83.1 million, up from $82.4 million in the year-earlier period.

The company markets and distributes nutritional and personal care products through a global direct sales force of approximately 539,000 independent managers, distributors and customers in more than 40 countries.

“First quarter revenue was up modestly year-over-year, as resurgent growth in NSP Russia, central and eastern Europe helped to offset unanticipated weakness in Synergy Asia driven by economy-related challenges in South Korea,” Gregory L. Probert, chairman and chief executive officer, said in announcing the results.

“The pre-tax earnings decline versus the prior year reflects the continued costs associated with infrastructure built in anticipation of a potential market opportunity in China that remains dependent upon completion of the regulatory process. … We continue to closely manage our investments in China, as we remain strategically focused on the long term.”

Security National Financial

Security National Finance Corp., based in Salt Lake City, reported after-tax earnings from operations of $2.3 million, or 9 cents per share, for the quarter ended March 31. That compares with $4.2 million, or 17 cents per share, for the same quarter a year earlier.

Revenues in the most recent quarter totaled $69.5 million, up from $67.4 million in the prior-year period.

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

“While the first quarter has to be considered disappointing since we experienced a decrease over prior year earnings, it does nevertheless have some very bright high points,” Scott Quist, chairman, president and chief executive officer, said in announcing the results. “Our Life segment and our Memorial segment each had its best first quarter ever. The obvious issue was in our Mortgage segment,” he said, saying the segment “struggled with profitability in the first quarter.”

Vista Outdoor

Vista Outdoor Inc., based in Farmington, reported net income of $857,000, or 2 cents per share, for the fiscal fourth quarter ended March 31. That compares with $37.3 million, or 61 cents per share, for the same quarter a year earlier.

Sales in the most recent quarter totaled $579 million, down from $612.3 million in the year-earlier quarter.

For the most recent fiscal year, the company reported a net loss of $274.5 million, or $4.66 per share. That compares with net income of $147 million, or $2.35 per share, for the prior fiscal year.

Sales in the fiscal year totaled $2.55 billion, up from $2.3 billion in the prior fiscal year.

Vista Outdoor designs, manufactures and markets consumer products in the outdoor sports and recreation markets. The company operates in two segments: shooting sports and outdoor products. It has manufacturing operations and facilities in 13 U.S. states; Canada; Mexico and Puerto Rico.

“We are experiencing unprecedented decline in demand for ammunition and firearms following the presidential election and softness in the retail environment. These impacts have manifested themselves in our results,” Mark DeYoung, chairman and chief executive officer, said in announcing the results.

Profire Energy

Profire Energy Inc., based in Lindon, reported net income of $600,071, or 1 cent per share, for the quarter ended March 31. That compares with a net loss of $764,617, or 1 cent per share, for the same quarter a year earlier.

Revenues in the most recent quarter totaled $7.8 million, up from $4 million in the year-earlier quarter.

Profire assists energy production companies in the safe and efficient production and transportation of oil and natural gas.

“We remain a market leader in the burner management industry and are positioning ourselves for continued growth,” Brenton Hatch, president and chief executive officer, said in announcing the results. “Our cash position allows us to remain flexible and make strategic investments both internally and externally.”

Hatch said the first quarter “exceeded our expectations as we were able to see an increase in revenue and maintain our cost structure. The strength of our balance sheet has been a key enabler of the strategic accomplishments of Profire and we believe we are well positioned for future growth.”

LifeVantage

LifeVantage Corp., based in Salt Lake City, reported net income of $100,000, or zero cents per share, for the fiscal third quarter ended March 31. That compares with net income of $1 million, or 7 cents per share, for the same quarter a year earlier.

Revenue in the most recent quarter totaled $45 million, down from $56.2 million in the year-earlier period.

LifeVantage is a direct selling company offering dietary supplements, skin care products, an energy product line and a weight management system.

“We began to see the turn in sequential sales momentum as the third quarter progressed,” Darren Jensen, president and chief executive officer, said in announcing the results. “While sales were negatively impacted early in the quarter, we finished the third quarter with reaccelerating sales growth as we were finalizing the implementation of remedies relating to a recent review of international policies and procedures.”

Dynatronics

Dynatronics Corp., based in Cottonwood Heights, reported a net loss applicable to common stockholders of $849,000, or 28 cents per share, for the fiscal third quarter ended March 31. That compares with $531,000, or 19 cents per share, for the same quarter a year earlier.

Sales in the most recent quarter totaled $7.7 million, up from $7.4 million in the year-earlier quarter.

Dynatronics manufactures, markets and sells advanced-technology medical devices, orthopedic soft goods and supplies, treatment tables and rehabilitation equipment for the physical therapy, sports medicine, chiropractic and podiatry markets.

Dynatronics has entered into a definitive agreement to acquire the assets of Hausmann Industries Inc., which manufactures laminate treatment tables, stools, benches and cabinets for the physical therapy and athletic training markets.

“Hausmann is an excellent strategic fit for Dynatronics, as it further solidifies our commitment to and presence in the physical therapy and athletic training space,” Kelvyn Cullimore Jr., chairman and chief executive officer, said in announcing the results.

“Our fiscal 2017 third quarter has been one of the most transformative quarters in the company’s history. With the Hausmann acquisition, we have successfully executed on a key part of our growth strategy and we expect the acquired business combined with Dynatronics will result in the company being cash flow positive.”

Superior Drilling

Superior Drilling Products Inc., based in Vernal, reported a net loss of $386,000, or 2 cents per share, for the quarter ended March 31. That compares with a loss of $2.2 million, or 13 cents per share, for the same quarter a year earlier.

Revenue in the most recent quarter totaled $3.4 million, up from $1.4 million in the year-earlier quarter.

The company designs, manufactures, repairs and sells drilling tools.

“We demonstrated the strength of our operations and ability to efficiently meet measurably increased orders in the quarter,” Troy Meier, chairman and chief executive officer, said in announcing the results. “Our largest customer has been building their Drill-N-Ream well bore conditioning tool inventory to address growing demand and to achieve their market share goals.”

APX

APX Group Holdings Inc., based in Provo, reported a net loss of $82.6 million for the quarter ended March 31. That compares with a loss of $45.1 million in the same quarter a year earlier.

Revenues in the most recent quarter totaled $205.4 million, up from $174.3 million in the year-earlier quarter.

Vivint Smart Home provides smart home systems with in-home consultation, professional installation and support.

“We’re pleased with our progress during the first quarter from both a financial and operational perspective,” Todd Pedersen, chief executive officer, said in announcing the results. “We reported 17.8 percent year-over-year total revenues growth, and at the same time increased our adjusted EBITDA (earnings before interest, taxes, depreciation and amortization), while continuing to invest in our technology and smart home capabilities.”