The following are recent financial reports as posted by selected Utah corporations:
PACS Group
PACS Group Inc., based in Farmington, reported net income of $49.1 million, or 38 cents per share, for the first quarter ended March 31. That compares with $37.6 million, or 29 cents per share, for the same quarter a year earlier.
Revenue in the most recent quarter totaled $934.7 million, up from $708.4 million in the year-earlier quarter.
PACS Group is a holding company investing in post-acute healthcare facilities, professionals and ancillary services. During the past 15 months, it added 68 facilities and 12 real estate acquisitions, bringing total operated facilities to 218 and wholly owned properties to 35.
“We’re proud of our teams across the country and their continued dedication to the clinical excellence that drives our financial results,” Jason Murray, CEO, said in announcing the results. “We look forward to carrying that momentum through 2024.”
Security National Financial
Security National Financial Corp., based in Salt Lake City, reported before-tax earnings from operations of $9.6 million for the quarter ended March 31. That compares with $1.6 million for the same quarter a year earlier. Net earnings per common share was 33 cents for the 2024 quarter, up from 5 cents per share in the year-earlier quarter.
Revenue in the most recent quarter totaled $81.2 million, up from $79.5 million in the year-earlier quarter.
The company has three business segments: life insurance, cemeteries/mortuaries, and mortgages.
“Anytime we increase earnings 507 percent, we are pleased,” Scott Quist, chairman, president and CEO, said in announcing the results. “Obviously, since total revenues increased only 2 percent, the bulk of the earnings improvement came from expense control. Total expenses decreased a little over 8 percent, with the bulk of the decrease coming from ‘Selling, general and administrative expenses.’ I am pleased with our team’s efforts and results. … All in all, I believe this was a very strong quarter for us.”
Instructure
Instructure Holdings Inc., based in Salt Lake City, reported a net loss of $21.1 million, or 15 per share, for the first quarter ended March 31. That compares with $11.9 million, or 8 cents per share, for the same quarter a year earlier.
Revenue in the most recent quarter totaled $155.5 million, up from $128.8 million in the year-earlier quarter.
Instructure offers education technology.
“Our first-quarter results exceeded all guided metrics and demonstrate the durability, operational scale, and breadth of the Instructure platform,” Steve Daly, CEO, said in announcing the results. “I couldn’t be more pleased with how our team is working to deliver a best-in-class experience to educators, students and partners as we build momentum bringing Parchment into the Instructure ecosystem.”
Superior Drilling Products
Superior Drilling Products Inc., based in Vernal, reported a net loss of $1.8 million, or 6 cents per share, for the first quarter ended March 31. That compares with net income of $5.6 million, or 18 cents per share, for the same quarter a year earlier.
Revenue in the most recent quarter totaled $4.9 million, down from $6.3 million in the year-earlier quarter.
The company designs, manufactures, repairs and sells drilling tools for the oil and natural gas drilling industry. In March, Drilling Tools International Corp. and SDP jointly announced they have entered into a definitive agreement under which DTI agreed to acquire SDP for approximately $32.2 million. The closing of the transaction is expected to occur in the third quarter of 2024.