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 common shareholders of $6 million, or 4 cents per share, for the first quarter. That compares with $205 million, or $1.04 per share, for the same quarter a year earlier.
Zions, with more than $70 billion of total assets, operates banks in 11 western states.
“In what has become a challenging environment, we are nevertheless pleased with many elements of the first quarter’s financial performance, including well-controlled operating expenses, which decreased 5 percent from last year; a net interest margin that remained relatively resilient when compared to the prior quarter; and very modest realized loan losses,” Harris H. Simmons, chairman and CEO, said in announcing the results.
“As economic conditions deteriorated in mid-March as a result of the COVID-19 pandemic, we adapted rapidly. We materially strengthened our allowance for credit losses, established payment deferral arrangements for adversely affected clients and rapidly developed an automated capability to deliver government guaranteed Paycheck Protection Program loans to thousands of small businesses and nonprofit organizations.”
“Looking forward, we confront the uncertain current economic environment with a strong capital and reserve position, a robust liquidity profile and a loan portfolio that has been substantially ‘de-risked’ in recent years, and that largely tends to have collateral as a secondary source of repayment — a characteristic that has historically resulted in lower loss rates per dollar of troubled loans.”
Security National Financial
Security National Financial Corp., based in Salt Lake City, reported after-tax earnings from operations of $10.9 million, or 60 cents per share, for the full year 2019. That compares with $21.7 million, or $1.19 per share, for 2018.
Revenues in 2019 totaled $283 million, up from $279.6 million in 2018.
The company has three business segments: life insurance, cemeteries/mortuaries and mortgages.
“We are pleased with our operational performance in 2019,” Scott Quist, chairman, president and CEO, said in announcing the results. “Excluding extraordinary items, meaning the gain from the sale of our Dry Creek Apartments in 2018 and the write-down on our Wichita office building in 2019, our pre-tax operational earnings increased from $3.9 million in 2018 to $16.6 million in 2019, or a 322 percent (year-over-year) improvement.
“While it is true that much of that improvement was centered in our mortgage segment, all of our business segments experienced significant and measurable operational improvement in 2019.”
Franklin Covey
Franklin Covey Co., based in Salt Lake City, reported net income of $1.1 million, or 8 cents per share, for the fiscal quarter ended Feb. 29. That compares with a net loss of $3.5 million, or 25 cents per share, for the same quarter a year earlier.
Sales in the most recent quarter totaled $53.7 million, up from $50.4 million in the year-earlier quarter.
Franklin Covey offers organizational performance improvement products.
“Following a strong start to fiscal 2020 in our first quarter, we were very pleased with our second-quarter results, which reflected continued growth in our subscription-based business model and high levels of flow-through from incremental sales to adjusted EBITDA (earnings before interest, taxes, depreciation and amortization),” Bob Whitman, chairman and CEO, said in announcing the results.
“In the second quarter of fiscal 2020, we generated strong growth in sales and gross profit, improved operating results, and achieved a 321 percent increase in adjusted EBITDA over the second quarter of the prior year. Our revenue increased 7 percent, or $3.4 million, to $53.7 million, with growth occurring in both our Enterprise and Education divisions, and our adjusted EBITDA improved $3.1 million over last year’s second quarter to $4.1 million.”
Whitman said the COVID-19 outbreak in Asia “significantly” impacted the company’s direct office operations in China and Japan. “Tragically, the COVID-19 pandemic will impact many lives, and unfortunately will also adversely impact world economies and our business operations during the second half of fiscal 2020,” he said.