The following are recent financial reports as posted by selected Utah corporations:
Zions
Zions Bancorporation NA, based in Salt Lake City, reported net earnings applicable to shareholders of $168 million, or $1.13 per share, for the third quarter ended Sept. 30. That compares with $211 million, or $1.40 per share, for the same quarter a year earlier.
Zions operates banks in 11 western states.
“Our third-quarter results reflect a stabilization of the net interest margin in the wake of the industry-wide turbulence earlier in the year,” Harris H. Simmons, chairman and CEO, said in announcing the results. “While loan demand weakened in the third quarter, we were pleased with the growth in customer deposits, which increased 5 percent over the past three months, while higher-cost brokered deposits and short-term borrowed funds decreased 23 percent and 21 percent, respectively.”
Simmons said credit quality “remains well controlled” and capital continues to strengthen.
Overstock.com
Overstock.com Inc., based in Midvale, reported a net loss of $63 million, or $1.39 per share, for the third quarter ended Sept. 30. That compares with a loss of $37 million, or 81 cents per share, for the same quarter a year earlier.
Revenue in the most recent quarter totaled $373 million, down from $460.3 million in the year-earlier quarter.
Overstock.com is the owner of the Bed Bath & Beyond brand and intellectual property related to the brand. Bed Bath & Beyond is an online home furnishings and furniture retailer in the United States and Canada.
Overstock.com Inc acquired the Bed Bath & Beyond brand and associated intellectual property in late June. It will change its corporate name to Beyond Inc. and change its ticker symbol to “BYON,” both effective Nov. 6.
“Over the last three months, we have accelerated efforts to build a company with a bigger, brighter and bolder future,” Jonathan Johnson, CEO, said in announcing the results.
He noted that the company is in the early stages of capitalizing on the acquisition. “Since launching the new Bed Bath & Beyond in the U.S. on Aug. 1, we have been successful in acquiring new customers and reactivating past customers. Total active customers grew sequentially after over two years. As I’ve said from the onset, growing the customer file is our primary measure of success. Orders have returned to positive year-over-year growth for the first time in over two years. This acquisition has positioned us for growth over the long term.”
Utah Medical Products
Utah Medical Products Inc., based in Salt Lake City, reported net income of $3.9 million, or $1.08 per share, for the third quarter ended Sept. 30. That compares with $4.3 million, or $1.18 per share, for the year-earlier quarter.
Sales in the most recent quarter totaled $12.5 million, down from $13 million in the year-earlier quarter. Utah Medical develops, manufactures and markets disposable and reusable specialty medical devices.