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

Extra Space Storage

Extra Space Storage Inc., based in Salt Lake City, reported funds from operations (FFO) attributable to common stockholders and unit holders of $171.3 million, or $1.24 per share, for the first quarter ended March 31. That compares with $156.5 million, or $1.15 per share, for the same quarter a year earlier.

Net income attributable to common stockholders totaled $108.2 million, or 83 cents per share. That compares with $94.8 million, or 74 cents per share, for the same quarter a year earlier.

Revenues in the most recent quarter totaled $332.5 million, up from $311.5 million in the year-earlier quarter.

“Despite the impact from COVID-19, we had a solid first quarter, with same-store revenue growth in line with expectations and same-store NOI (net operating income) and FFO growth per share ahead of expectations at 1.2 percent and 6.9 percent, respectively,” Joe Margolis, CEO, said in announcing the results.

“We are pleased with the durability of our need-based sector, and we have made significant efforts to continue to operate safely during these challenging times.  We are confident that our balance sheet, portfolio and operating platform are all prepared to navigate this uncertain landscape.”

The company has chosen to withdraw its 2020 annual guidance, he said. “As the situation unfolds we may reinstate guidance later in the year,” Margolis said.

SkyWest

SkyWest Inc., based in St. George, reported net income of $30 million, or 59 cents per share, for the quarter ended March 31. That compares with $88 million, or $1.69 per share, for the same quarter a year earlier.

Revenue in the most recent quarter totaled $730 million, up from $724 million in the year-earlier quarter.

SkyWest Inc. is the holding company for SkyWest Airlines and SkyWest Leasing, an aircraft leasing company. SkyWest Airlines has a fleet of nearly 500 aircraft connecting passengers to over 250 destinations throughout North America.

SkyWest expects to receive approximately $438 million as payroll support under the Coronavirus Aid, Relief and Economic Security Act (CARES Act), of which approximately $337 million will be a direct grant and approximately $101 million will be in the form of a 10-year, low-interest unsecured loan.  SkyWest has elected to receive the funds in four monthly disbursements from April to July 2020. SkyWest received $219 million of the $438 million in April.

“COVID-19 has caused unprecedented disruption across the airline industry,” Chip Childs, CEO, said in announcing the results.

“Our priority is the safety and well-being of our people and passengers, and we have taken numerous steps to that end. We are taking aggressive action to maintain strong liquidity and work collaboratively with our partners on flexible fleet solutions during this period of uncertainty. I want to thank our 14,000 employees for their resilience, commitment and flexibility during this pandemic.”

Nu Skin

Nu Skin Enterprises Inc., based in Provo, reported net income of $19.7 million, or 36 cents per share, for the first quarter ended March 31. That compares with $43 million, or 77 cents per share, for the same quarter a year earlier.

Revenue in the most recent quarter totaled $518 million, down from $632.6 million in the year-earlier quarter.

Nu Skin focuses on consumer products, product manufacturing and controlled-environment agriculture technology.

“The efforts and resiliency of our sales leaders and global teams helped us achieve revenue and earnings above guidance in the first quarter,” Ritch Wood, CEO, said in announcing the results. “While COVID-19 continues to present significant challenges globally, we are grateful for the heroic efforts of healthcare workers, first responders and other essential workers around the world.”

Wood said the company is optimistic it will perform well as sales leaders leverage technology investments to drive product demand and interest in the business opportunity. “The situation in Mainland China is stabilizing with the country returning to work, a key development we believe will translate into improvement throughout the year. We anticipate similar trends in most of our other markets as pandemic restrictions begin to ease elsewhere across the globe. We continue to believe this trend, paired with the global preview of our newest beauty device late in 2020, sets our business up for a return to growth toward the end of the year.”

LifeVantage

LifeVantage Corp., based in Salt Lake City, reported net income of $1.7 million, or 11 cents per share, for the fiscal third quarter ended March 31. That compares with $1.8 million, or 12 cents per share, for the same quarter a year earlier.

Revenue in the most recent quarter totaled $56 million, flat with the year-earlier quarter.

LifeVantage is focused on the identification, research, development and distribution of advanced nutraceutical dietary supplements and skin and hair care products.

“We continued to generate strong gains in operating income and adjusted EBITDA (earnings before interest, taxes, depreciation and amortization) during the third quarter while holding revenue consistent with the prior-year period,” Darren Jensen, president and CEO, said in announcing the results.

“While the current global health pandemic has had a modest negative impact on our business activities, our operating model and the recurring revenue base inherent in our subscription model is demonstrating resiliency across our global footprint and our strong balance sheet and robust cash flow position our company very well.”

Jensen said the company remains on track to meet its fiscal 2020 expectations for adjusted EPS (earnings per share) and adjusted EBITDA while falling “modestly below” its previous revenue guidance range based on current business conditions.

Profire Energy

Profire Energy Inc., based in Lindon, reported a net loss of $365,000, or 1 cent per share, for the first quarter ended March 31. That compares with net income of $1.7 million, or 3 cents per share, for the same quarter a year earlier.

Revenue in the most recent quarter totaled $7.4 million, down from $10.8 million in the year-earlier quarter.

The company creates, installs and services burner management solutions in the oil and gas industry.

“Our first-quarter results reflect the early impact of the unprecedented combination of a global pandemic, the economic slowdown and reduced demand corresponding to the virtual shutdown of multiple countries, and a price war within the oil and gas industry,” Brenton Hatch, chairman and CEO, said in announcing the results.

“Our deliberate approach to maintain a debt-free balance sheet is proving very prudent given current macroeconomic events, and believe we are well-positioned to weather the near- and medium-term impacts of COVID-19 and a return to more-favorable oil and gas prices.”

Superior Drilling Products

Superior Drilling Products Inc., based in Vernal, reported a net loss of $198,000, or 1 cent per share, for the first quarter ended March 31. That compares with a loss of $246,000, or 1 cent per share, for the same quarter a year earlier.

Revenue in the most recent quarter totaled $5.4 million, up from $5 million in the year-earlier quarter.

“We were off to a strong start early in the year because of the success of the Drill-N-Ream (DNR) well bore conditioning tool,” Troy Meier, chairman and CEO, said in announcing the results.

“Even as the oil and gas industry weakened over the last year, we were on pace to exceed our earlier expectations for 2020 when the world suddenly changed in March. The COVID-19 pandemic impact on the oil industry is creating significant declines in the North American rig count, which had already been falling. As a result, demand for our products and services in the U.S. has declined.”

Middle East activity is expected to slow also. “We believe the actions we have taken will enable us to weather this storm and be in a solid position when the market stabilizes,” he said. “As we previously announced, cost reductions included the reduction of executives’ salaries and directors’ fees by 20 percent, compensation reductions of 5 percent to 10 percent for management and salaried staff, workforce reductions and deferral of product development. In addition, we have implemented hiring freezes and eliminated discretionary spending.”

Lipocine

Lipocine Inc., based in Salt Lake City, reported a net loss of $5.8 million, or 14 cents per share, for the first quarter ended March 31. That compares with a loss of $3.2 million, or 14 cents per share, for the same quarter a year earlier.

Lipocine is a clinical-stage biopharmaceutical company focused on metabolic and endocrine disorders.

Vivint Solar

Vivint Solar Inc., based in Lehi, reported a net loss attributable to common shareholders of $40.3 million, or 32 cents per share, for the first quarter ended March 31. That compares to a loss of $2.2 million, or 22 cents per share, for the same quarter a year earlier.

Revenue in the most recent quarter totaled $91.2 million, up from $69.4 million in the year-earlier quarter.

Vivint Solar is a residential solar provider in the United States.

“COVID-19 has been unlike any other crisis that we have experienced in our lifetimes,” David Bywater, CEO, said in announcing the results.

“The health and safety of our customers and employees has been our greatest concern during this pandemic. We have responded by making painful but necessary changes to our sales practices and cost structure. Our team has shown great resilience and remains focused on the values of our business. Although our volumes have declined, we expect that navigating this crisis will make us a stronger and more nimble company in the future.”

CleanSpark

CleanSpark Inc., based in Salt Lake City, reported that revenues for the seven months prior to Aril 30 were about $5.6 million, which is above its revenues for the entire 2019 fiscal year by 24 percent.

CleanSpark is a software and services company.

“We have achieved significant progress even in the face of COVID-19,” Zach Bradford, CEO, said in announcing the results. “Our current fiscal year-to-date revenues through April 30, 2020, of approximately $5.6 million represent an increase of approximately 414 percent over the comparable year-to-date revenues in 2019. Our projections lead us to believe that we can maintain course and double our 2019 fiscal year revenues in 2020 and achieve our corporate goal of profitability by the end of this calendar year.”

Utah Medical Products

Utah Medical Products Inc., based in Salt Lake City, reported net income of $3.1 million, or 84 cents per share, for the 2020 first quarter. Those figures are flat with the same quarter a year earlier.

Sales in the most recent quarter totaled $10.9 million, up from $10.7 million in the year-earlier quarter.

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

“Despite 1Q 2020 overall higher sales and gross profits, those increases fell short of UTMD’s expectations due to a delay in ‘elective surgeries’ resulting from COVID-19,” Kevin Cornwell, CEO, said in announcing the results. “Sales of the Filshie Clip System worldwide fell precipitously in March, and have continued that way in April. Filshie device sales were 36 percent of consolidated UTMD revenues in 2019, and were projected to grow in 2020 as a result of direct to end-user distribution in the U.S.”

Cornwell said the company does not expected any shortage of its specialty devices.

“Fortunately, despite current challenges, we can operate exempt from the CARES Act without government support and any restrictions that might go along with that, such as limits on share repurchases and dividends. In other words, I am confident in the company’s continued viability and the prospect that future stockholder dividends are safe.”

Vivint Smart Home

Vivint Smart Homed Inc., based in Provo, with its indirect subsidiary, APX Group Holdings Inc., reported a net loss of $138.1 million for the first quarter ended March 31. That compares with a net loss of $89.2 million for the same quarter a year earlier.

The most recent quarter included $20.9 million in restructuring costs.

Revenues in the most recent quarter totaled $303.2 million, up from $276.2 million in the year-earlier quarter.

Vivint is a smart home company.

“We are pleased with our strong first-quarter results, highlighted by improving momentum in new subscriber adds, double-digit revenue growth, and a sharp increase in profitability from the prior year,” Todd Pedersen, CEO, said in announcing the results.

“We know from experience that our customers value our services even more during extraordinarily difficult and uncertain times like these. We are confident that our customers will continue to prioritize home security and smart home technology through the current pandemic as well.”

USANA Health Sciences

USANA Health Sciences Inc., based in Salt Lake City, reported net income of $26.6 million, or $1.23 per share, for the first quarter ended March 28. That compares with $24.2 million, or $1.01 per share, for the same quarter a year earlier.

Sales in the most recent quarter totaled $266.6 million, down from $272 million in the prior-year period.

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

“During this unprecedented period, we extend our gratitude to medical personnel, health officials, government leaders and volunteers around the world who are working tirelessly to respond to the COVID-19 pandemic,” Kevin Guest, CEO, said in announcing the results.

More people are working from home and virtually, he said. “Although these modifications, and COVID-19 in general, negatively impacted our business during the quarter, strong consumer demand for our high-quality, essential, health products and successful promotions helped us deliver operating results moderately ahead of our expectations,” he said.

The company’s manufacturing facilities in the U.S. and China remain fully operational and the company has experienced no meaningful disruptions to its worldwide supply chain, he said.

Myriad Genetics

Myriad Genetics Inc., based in Salt Lake City, reported a net loss of $115.2 million, or $1.55 per share, for the fiscal third quarter ended March 31. That compares with net income of $6.9 million, or 9 cents per share, for the same quarter a year earlier.

Revenue in the most recent quarter totaled $164 million, down from $216.6 million in the year-earlier quarter.

Myriad discovers and commercializes molecular diagnostic tests that determine the risk of developing disease, accurately diagnose disease, assess the risk of disease progression, and guide treatment decisions.

“We saw several signs of improved business progress in the fiscal third quarter and test volumes were trending above expectations prior to the initiation of social distancing policies in mid-March,” R. Bryan Riggsbee, interim president and CEO and chief financial officer, said in announcing the results.

“These policies have led to unprecedented delays in elective testing for the lab industry and negatively impacted all aspects of our business.”

On April 8, Myriad withdrew its annual financial guidance and is not issuing new financial guidance due to the business uncertainty created by the COVID-19 pandemic.

Purple Innovation

Purple Innovation Inc., based in Lehi, reported net income of $20 million, or 11 cents per share, for the first quarter ended March 31. That compares with a net loss of $720,000, or 2 cents per share, for the same quarter a year earlier.

Revenue in the most recent quarter totaled $122.4 million, up from $83.6 million in the year-earlier quarter.

Purple is a comfort products designer and manufacturer.

“Our first-quarter performance improved significantly year-over-year despite the challenges created by the COVID-19 pandemic,” Joe Megibow, CEO, said in announcing the results. “We entered the new year with great momentum in our business and strategies in place to build on our recent performance.”

The COVID-19 pandemic disrupted the company’s plans, particularly for its wholesale channel as most states enacted temporary shutdowns of non-essential businesses and shelter-at-home directives.

The company reacted by scaling back mattress production, furloughing employees, postponing investments in capacity and retail showroom expansion, and deferring executive and board compensation.

The company has withdrawn its fiscal year guidance due to uncertainty related to the pandemic.

Nature’s Sunshine

Nature’s Sunshine Products Inc., based in Lehi, reported net income of $3 million, or 15 cents per share, for the first quarter ended March 31. That compares with $1.7 million, or 9 cents per share, for the same quarter a year earlier.

Sales in the most recent quarter totaled $95.9 million, up from $91.3 million in the year-earlier quarter.

Nature’s Sunshine is a manufactures and sells nutritional and personal care products.

Responding to COVID-19, the company implemented procedures to comply with established safety protocols, ensuring production and distribution operations could effectively and safely meet strong consumer demand, according to Terrence Moorehead, CEO.

“We were successful, supporting a rapid acceleration of sales in several markets as the pandemic escalated. While this initial surge is not expected to continue in the second quarter as volumes have begun to normalize more recently and macroeconomic challenges will be difficult to forecast, we have seen the strong foundation and demand for Nature’s Sunshine products globally,” he said.

Clarus

Clarus Corp., based in Salt Lake City, reported net income of $36,000, or zero cents per share, for the first quarter ended March 31. That compares with $3.8 million, or 12 cents per share, for the same quarter a year earlier.

Sales in the most recent quarter totaled $53.6 million, down from $61.2 million in the year-earlier quarter.

Clarus develops, manufacturs and distributes outdoor equipment and lifestyle products, with brands including Black Diamond, Sierra, PIEPS and SKINourishment.

“We began the year with great momentum after record financial results in 2019,” John Walbrecht, president, said in announcing the results. “However, in the final weeks of the quarter, our Black Diamond business experienced a dramatic global slowdown as our retail partners shut their doors and cancelled open orders due to the COVID-19 pandemic.”

The company, he said, has “the structural elements to benefit from what we believe, at least in the near-term, will be increased staycations and higher levels of interest in health, wellness and the outdoors. We also think these mega-trends play well when the consumer heads back outside after many weeks under stay-at-home ordinances.”

The company has withdrawn its guidance issued March 9 due to the pandemic effects.

Park City Group

Park City Group Inc., reported net income of $272,000, or 1 cent per share, for the fiscal third quarter ended March 31. That compares with $1 million, or 5 cents per share, for the same quarter a year earlier.

Revenues in the most recent quarter totaled $4.6 million, down from $5 million in the year-earlier quarter.

Park City Group, is the parent company of ReposiTrak Inc., a compliance, supply chain and e-commerce platform for retailers, wholesalers and their suppliers.

“The COVID-19 pandemic has impacted nearly everyone, and certainly the grocery supply chain has been profoundly affected,” Randall K. Fields, chairman and CEO, said in announcing the results. “In the short term, this situation has benefited transaction revenue from our MarketPlace platform, while impacting ReposiTrak revenues as our customers shifted their full attention to more pressing pandemic-related matters.”

Fields said the company has “taken steps to reduce our expenditures during these challenging times, and we are positioning ourselves to weather the storm. … We believe the disruptions will cause a great deal of re-thinking about the food supply chain, and the we will be able to assist our customers building a more resilient system in the future.”

Huntsman

Huntsman, with main offices in Salt Lake City and Texas, reported net income of $708 million, or $3.16 per share, for the first quarter ended March 31 That compares with $131 million, or 51 cents per share, for the same quarter a year earlier.

Revenues in the most recent quarter totaled $1.59 billion, down from $1.67 billion in the year-earlier quarter.

Huntsman manufactures and markets chemicals.

“Fortunately, we have been well-prepared for this global economic crisis,” Peter R. Huntsman, chairman, president and CEO, said in announcing the results. “The ongoing transformation of our business has made us a much better company. Our balance sheet is stronger than ever before, with significant cash and robust liquidity. Visibility has at no time been more difficult, but our portfolio of businesses has never been more differentiated.”

Dominion Energy

Dominion Energy, based in Virginia but with natural gas customers in Utah, reported a net loss of $270 million, or 34 cents per share, for the first quarter ended March 31. That compares with a loss of $680 million, or 86 cents per share, for the same quarter a year earlier.

Operating revenue in the most recent quarter totaled $4.5 billion, up from $3.9 billion in the year-earlier quarter.

Dominion has more than 7 million electricity or natural gas customers in 20 states, including Utah.

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