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 $193 million, or $1.33 per share, for the first quarter of 2023. That compares with $195 million, or $1.27 per share, for the same quarter a year earlier.
Zions, with approximately $90 billion of total assets at the end of 2022, operates in 11 western states.
“The fundamentally solid results that we and many other banks produced in the first quarter were overshadowed by concerns about liquidity and capital strength in the wake of two prominent bank failures in mid-March,” Harris H. Simmons, chairman and CEO, said in announcing the results.
“Deposits across the industry had been declining in recent quarters after growing rapidly during the pandemic, and although we and other banks experienced negative impacts from these bank failures, our own deposits (excluding any brokered deposits) at quarter-end were 18 percent greater than pre-pandemic (12/31/19) levels, with noninterest-bearing demand deposits up 31 percent during that period, and loans up 16 percent.”
Qualtrics
Qualtrics, based in Provo and Seattle, reported a net loss of $259 million, or 43 cents per share, for the first quarter ended March 31. That compares with a loss of $292.3 million, or 51 cents per share, for the same quarter a year earlier.
Revenue in the most recent quarter totaled $409.8 million, up from $335.6 million in the year-earlier quarter.
Qualtrics is focused on experience management. In March, it announced it had reached an agreement to be acquired by Silver Lake Partners, in partnership with Canadian Pension Plan Investment Board. The transaction is expected to close in the second half of 2023.
Sportsman’s Warehouse
Sportsman’s Warehouse Holdings Inc., based in West Jordan, reported net income of $11 million, or 29 cents per share, for the fiscal fourth quarter ended Jan. 28. That compares with $58.4 million, or $1.31 per share, for the same quarter a year earlier.
Net sales in the most recent quarter totaled $379.3 million, down from $416.3 million in the year-earlier quarter.
For the full fiscal year, the company reported net income of $40.5 million, or $1 per share. That compares with $108.5 million, or $2.44 per share, for fiscal 2021.
Net sales in the most recent fiscal year totaled $1.4 billion, down from $1.5 billion in fiscal 2021.
Sportsman’s Warehouse is an outdoor specialty retailer.
“While we believe outdoor participation remains strong, the macroeconomic environment and inflationary pressures are weighing on the consumer and their discretionary spending,” Jeff White, chief financial officer, said in announcing the results.
“Additionally, the unusually wet and cold weather in the western U.S., where a large portion of our stores are located, is creating a later-than-normal start to the spring shooting, fishing and camping seasons, negatively impacting our current business.”
The company is on track to open 15 stores in 2023, the highest number it has ever opened in a single year, he said.
“Although we expect the first half of fiscal 2023 to be pressured, we anticipate improvements during the back half of the year,” White said.
Franklin Covey
Franklin Covey Co., based in Salt Lake City, reported net income of $1.7 million, or 12 cents per share, for the second fiscal quarter ended Feb. 28. That compares with $1.9 million, or 13 cents per share, for the second quarter of fiscal 2022.
Sales in the most recent quarter totaled $61.8 million, up from $56.6 million in the year-earlier quarter.
Franklin Covey focuses on organizational performance improvement.
“Despite the current challenging economic environment, we are pleased with the demonstrated durability of our business model and our second-quarter results, which featured continued revenue growth, a strong gross margin, and growth in adjusted EBITDA (earnings before interest, taxes, depreciation and amortization) over the prior year,” Paul Walker, president and CEO, said in announcing the results.
“Our consolidated sales for the second quarter increased 9 percent over the prior year (11 percent in constant currency), our gross margin remained strong at 76.4 percent, and our adjusted EBITDA increased to $8.2 million. Our liquidity remained strong with $55.1 million of cash and with our full revolving credit facility undrawn. We achieved these results despite the challenging economic conditions, a slower-than-expected rebound of post-COVID operations in China and Japan, and the impact of $1 million of unfavorable foreign exchange on our second-quarter sales.”