The following are recent financial reports as posted by selected Utah corporations:
Zions
Zions Bancorporation, based in Salt Lake City, reported net earnings applicable to common shareholders of $231 million, or $1.09 per share, for the first quarter ended March 31. That compares with $129 million, or 61 cents per share, for the same quarter a year earlier.
Net interest income increased $53 million, or 11 percent, to $542 million during the quarter. Total noninterest income for the quarter grew $6 million, or 5 percent, to $138 million.
Net loans and leases increased $2.3 billion, or 5 percent, since March 31, 2017, to $45.1 billion.
Total deposits decreased by $500 million, or 1 percent, to $52.96 billion from a year earlier when it was $53.47 billion.
Zions operates in 11 western states.
“Our first-quarter results reflect continued strong positive operating leverage, with the result that adjusted pre-provision net revenue increased 19 percent over the first quarter of last year, even after excluding the positive impact of unusually large interest recoveries,” Harris H. Simmons, chairman and chief executive officer, said in announcing the results.
“Credit quality is also strong, as nonperforming assets have declined by a third over the past year, while net loans charged-off during the quarter were a modest 0.05 percent, annualized, of total loans and leases. Finally, tax reform reduced the effective tax rate to 23 percent from what has more typically been a rate in the mid-to-low-30-percent range. Business confidence and economic conditions across the western U.S. are strong, and we are optimistic about the year ahead.”
Franklin Covey
Franklin Covey Co., based in Salt Lake City, reported a net loss of $2.7 million, or 20 cents per share, for the second fiscal quarter ended Feb. 28. That compares with a net loss of $3.3 million, or 24 cents per share, for the same quarter a year earlier.
Revenue in the most recent quarter totaled $46.5 million, up from $42.2 million in the prior-year quarter.
Franklin Covey specializes in organizational performance improvement.
“We are excited about the impact which the All Access Pass and ‘The Leader In Me’ membership subscription offerings are having on the ability of our clients to impact their organizations,” Bob Whitman, chairman and chief executive officer, said in announcing the results.
“We are also pleased that the transition to the subscription model continues to accelerate, with subscription and related revenue growing 55 percent in the quarter, and our number of paying subscribers increasing 39 percent to 510,000. We believe that fiscal 2018 represents an important inflection point, where we expect to achieve strong revenue growth, increased gross profit, continued strong gross margins, and a significantly increasing and accelerating flow-through of this revenue to increases in adjusted EBITDA (earnings before interest, taxes, depreciation and amortization) and cash flows under any of a wide variety of revenue growth scenarios.”
ClearOne
ClearOne, based in Salt Lake City, reported a net loss of $3.6 million, or 43 cents per share, for the quarter ended Dec. 31. That compares with a net loss of $1.1 million, or 12 cents per share, for the same quarter a year earlier.
The company said the net loss in the most recent quarter was largely caused by the reduction in tax benefits of approximately $2.6 million due to changes in federal income tax rates effective in 2018.
Revenue in the most recent quarter totaled $9.3 million, down from $10.7 million in the year-earlier quarter.
For the full year 2017, the company reported a net loss of $14.2 million, or $1.65 per share, on revenue of $41.8 million. That compares with net income of $1.4 million, or 27 cents per share, on revenue of $48.6 million in 2016.
ClearOne designs, develops and sells conferencing, collaboration and network streaming solutions for voice and visual communications.
“Our recently introduced products and the video category of our business continued to make progress in the fourth quarter,” Zee Hakimoglu, president and chief executive officer, said in announcing the results.