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) of $166.8 million, or $1.21 per share, for the second quarter ended June 30. That compares with $165.8 million, or $1.21 per share, for the same quarter a year earlier.

Net income attributable to common stockholders totaled $102.9 million, or 80 cents per share. That compares with $104.8 million, or 81 cents per share, for the same quarter a year earlier.

Same-store revenues totaled $262.7 million in the most recent quarter, down from $271.2 million in the year-earlier quarter.

Extra Space Storage is a self-administered and self-managed real estate investment trust that owns and/or operates 1,878 self-storage stores in 40 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 is the largest self-storage management company in the United States.

The company said COVID-19 led to reductions in new rentals and vacates due to stay-at-home orders and other restrictions, lower achieved rental rates from new customers, fewer existing customer rent increases, reduced late fee collection and impaired ability to hold auctions resulting in higher accounts receivable and bad debt.

The company has elected to not reinstate 2020 annual guidance.

“Despite the impact from COVID-19, we delivered positive year-over-year FFO growth in the quarter,” Joe Margolis, CEO, said in announcing the results. “We are pleased with the returning demand we have seen in our need-based sector and our customer acquisition platform’s ability to convert that demand into rentals.”

Nature’s Sunshine Products

Nature’s Sunshine Products Inc., based in Lehi, reported net income of $6.1 million, or 29 cents per share, for the second quarter ended June 30. That compares with $2.6 million, or 14 cents per share, for the same quarter a year earlier.

Sales in the most recent quarter totaled $87.3 million, down from $90.7 million in the year-earlier quarter.

Nature’s Sunshine Products manufactures, markets and distributes nutritional and personal care products in more than 40 countries.

“Demand for our products surged following the onset of the pandemic in mid-March, especially for our immune product line,” Terrence Moorehead, CEO, said in announcing the results. “While the increased demand slowed temporarily in April through mid-May, buying patterns soon stabilized and even accelerated for the remainder of the quarter, potentially signaling a long-term trend towards continued expansion and better engagement with the health-conscious consumer.”

Nu Skin

Nu Skin Enterprises Inc., based in Provo, reported net income of $41.9 million, or 81 cents per share, for the second quarter ended June 30. That compares with $46.3 million, or 83 cents per share, for the same quarter a year earlier.

Revenue in the most recent quarter totaled $612.4 million, down from $623.5 million in the year-earlier quarter.

Nu Skin Enterprises offers consumer products, product manufacturing and controlled environment agriculture technology.

“Our business performed well above expectations in the second quarter of 2020, driven by our socially enabled business model, strategic investments in technology and manufacturing, and our balanced product portfolio,” Ritch Wood, CEO, said in announcing the results.

Wood said more than 85 percent of revenue in the quarter came through digital transactions. “In addition, our manufacturing division generated 20 percent revenue growth and increased stability in our supply chain. In the first half, we generated strong cash from operations, raised our dividend, strengthened our balance sheet and reduced our outstanding shares by nearly 8 percent,” he said.

Vivint Smart Home

Vivint Smart Home Inc., based in Provo, reported a net loss of $87 million for the second quarter ended June 30. That compares with a loss of $115.9 million for the same quarter a year earlier.

Revenues in the most recent quarter totaled $306 million, up from $281.1 million in the year-earlier quarter.

Vivint Smart Home produces smart home systems.

“Our strong results demonstrate that our customers value the peace of mind and security that we provide, particularly during extremely challenging times like those we find ourselves in today,” Todd Pedersen, CEO, said in announcing the results. “Our high-margin, recurring revenue model is built to not only be resilient, but also to thrive in the current environment where people are spending much more time in their homes. During this time, when people are reconnecting with their homes, we believe that Vivint is perfectly positioned for what could be a lasting change.”

Medallion Bank

Medallion Bank, based in Salt Lake City, reported net income of $1.8 million for the second quarter ended June 30. That compares with $2.1 million for the same quarter a year earlier.

Net interest income totaled $28.1 million, up from $25.4 million in the year-earlier quarter. Assets totaled $1.3 billion at the end of the most recent quarter.

Medallion Bank is an industrial bank that is a wholly owned subsidiary of Medallion Financial Corp. It provides consumer loans for the purchase of recreational vehicles, boats and home improvements, along with loan origination services to fintech partners,

“The bank’s recreation and home improvement lending segments had record-breaking application volumes this quarter, reflecting increased consumer demand for the products we finance,” Donald Poulton, president and CEO, said in announcing the results.

“Like many lenders during the pandemic, we tightened borrower credit criteria in order to improve overall asset quality, but even so, the demand resulted in growth in our consumer portfolios to over $1 billion. With the impact of the pandemic on our borrowers, we added to our loan loss reserves during the quarter and are monitoring loan performance closely. The provision for our medallion loans, most of which are collateralized by New York City medallions, was $7.4 million for the quarter.

“With our strong capital position, we believe we are well-positioned for the expected bumps in the road ahead.”

Superior Drilling Products

Superior Drilling Products Inc., based in Vernal, reported a net loss of $1.2 million, or 5 cents per share, for the second quarter ended June 30. That compares with a loss of $397,000, or 2 cents per share, for the same quarter a year earlier.

Revenue in the most recent quarter totaled $2 million, down from $4.5 million in the year-earlier quarter.

The company designs and manufactures drilling tool technologies.

The company said the average U.S land rig count declined 60 percent year-over-year during the quarter, reflecting the imbalance of supply and demand in the global oil industry, as well as the impact of the COVID-19 pandemic. That drilling reduction was the primary driver of the year-over-year revenue decline.

“As we had indicated in May, our second quarter was heavily impacted by the severe downturn in the oil and gas industry due to the impacts of the stay-at-home mandates on oil demand, the resulting shutdown of global economies combined with excess supply,” Troy Meier, chairman and CEO, said in announcing the results.

“Nonetheless, our year-over-year growth in international revenue further validated the traction our DrillN-Ream well bore conditioning tool is gaining in the Middle East, even as the region struggled like the U.S. with stay-at-home restrictions that caused drilling activity to stall heavily. Importantly, demand for our tool is driving expansion into more countries as we further our relationships with the largest international oil field service companies.”

Profire Energy

Profire Energy Inc., based in Lindon, reported a net loss of $808,500, or 2 cents per share, for the second quarter ended June 30. That compares to net income of $1 million, or 2 cents per share, for the same quarter a year earlier.

Revenue in the most recent quarter totaled $4.4 million, down from $10.1 million in the year-earlier quarter.

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

“Our second-quarter results reflect both a full quarter’s impact of the COVID-19 global pandemic, which significantly reduced demand across the oil and gas industry, and the fallout of the price war between Russia and OPEC, which caused oil futures to turn negative for the first time in history,” Ryan Oviatt, co-CEO and chief financial officer, said in announcing the results.

“We responded quickly to these events by reducing expenses and adjusting the cost structure of our organization during the quarter. These actions are reflected in our results through the sequential improvement in gross margin and a nearly $600,000 reduction in operating expenses from the first quarter, while maintaining our strong balance sheet.”

Lipocine

Lipocine Inc., based in Salt Lake City, reported a net loss of $6.4 million, or 13 cents per share, for the second quarter ended June 30. That compares with a net loss of $3.4 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 stockholders of $1.2 million, or 1 cent per share, for the second quarter ended June 30. That compares with a loss of $28.6 million, or 24 cents per share, for the same quarter a year earlier.

Revenue in the most recent quarter totaled $81.8 million, up from $63.4 million in the year-earlier quarter.

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

CleanSpark

CleanSpark Inc., based in Salt Lake City, reported a net loss of $8.6 million, or 77 cents per share, for the quarter ended June 30. That compares with a loss of $4 million, or 90 cents per share, for the same quarter a year earlier.

Revenue in the most recent quarter totaled $3.4 million, up from $1.2 million in the year-earlier quarter.

“As the planet begins to emerge from the catastrophic effects of the global pandemic, we consider ourselves blessed to have had the ability to continue the operations of our business largely unscathed,” Zachary Bradford, CEO, and S. Matthew Schultz, chairman, wrote in a letter to shareholders.

Despite an atmosphere of economic uncertainty, “CleanSpark continues to execute on its strategy and is pleased to report our eighth consecutive record-breaking quarter, significantly increasing year-over-year revenues,” they wrote. “We remain optimistic that the company will continue to see record-setting growth across our software and services segments.”

Holly Energy Partners

Holly Energy Partners LP, based in Dallas but with operations in Utah, reported net income of $76.5 million, or 73 cents per unit, for the second quarter ended June 30. That compares with $45.7 million, or 43 cents per share, for the same quarter a year earlier.

Revenues in the most recent quarter totaled $114.8 million, down from $130.8 million in the year-earlier quarter.

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 pipelines, tankage and terminals in Utah and eight other states, plus refinery processing units in Utah and Kansas.

“Our business depends in large part on the demand for the various petroleum products we transport, terminal and store in the markets we serve,” the company said. “The COVID-19 pandemic has created destruction of demand, as well as lack of forward visibility, for refined products and crude oil transportation, and for the terminalling and storage services that we provide.”

Demand for transportation fuels stabilized during the quarter and the company saw incremental improvement in volumes late in the quarter.

“We expect our customers will continue to adjust refinery production levels commensurate with market demand and ultimately expect demand to return to pre-COVID-19 levels,” the company said.

HollyFrontier

HollyFrontier Corp., based in Dallas but with operations in Utah, reported a net loss of $176.7 million, or $1.09 per share, for the second quarter ended June 30. That compares with net income of $196.9 million, or $1.15 per share, for the same quarter a year earlier.

Revenues in the most recent quarter totaled $2 billion, down from $4.8 billion in the year-earlier quarter.

HollyFrontier Corp. is an independent petroleum refiner and marketer that produces high- value light products such as gasoline, diesel fuel, jet fuel and other specialty products. It owns and operates refineries located in Utah and three other states.

The COVID-19 pandemic caused a decline in U.S. and global economic activity starting in the first quarter of 2020, which reduced both volumes and unit margins across the company’s businesses, it said.

“Despite this challenging environment, HollyFrontier demonstrated its financial strength and we have taken prudent steps to preserve cash,” Michael Jennings, president and CEO, said in announcing the results. “Our strong balance sheet and the superior quality of our assets provides us with a competitive advantage through the cycle.”

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