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 $187 million, or 89 cents per share, for the second quarter. That compares with $154 million, or 73 cents per share, for the same quarter a year earlier.
Net interest income was up about 4 percent from the year-earlier quarter, to $548 million. Noninterest income was up 3 percent year over year. Average deposits were up 1.1 percent year over year.
Zions has banking operations in 11 western states.
“Second quarter results reflect continued strong credit quality, tempered by modest linked-quarter loan growth,” Harris H. Simmons, chairman and CEO, said in announcing the results.
“We experienced net recoveries this quarter and only three basis points of net loan losses as a percentage of total loans over the past 12 months. At the same time, competitive pressures in the market for commercial real estate loans led to additional runoff in that portfolio as we’ve exercised discipline with respect to pricing and terms, muting overall loan growth.”
Simmons said the company is “encouraged” by recent legislative and regulatory developments that should provide the company with greater flexibility with respect to capital management. The company also expects it will be able to increase the pace of capital distribution in coming quarters.
“We’re also optimistic that, pending shareholder approval, we’ll be able to complete the planned merger of Zions Bancorporation into its subsidiary, ZB NA, by the end of the third quarter, leading to a more efficient regulatory structure for the company,” he said.
Merit Medical
Merit Medical Systems Inc., based in South Jordan, reported net income of $10.9 million, or 21 cents per share, for the quarter ended June 30. That compares with $9.5 million, or 19 cents per share, for the same quarter a year earlier.
Revenue in the most recent quarter totaled $224.8 million, up from $186.5 million in the year-earlier quarter.
The company manufactures and markets disposable devices used in interventional, diagnostic and therapeutic procedures, particularly in cardiology, radiology, oncology, critical care and endoscopy.
“The company grew substantially in the second quarter, driven primarily by demand for our legacy products, a full quarter of selling products acquired from BD, and continued growth in our international markets,” Fred P. Lampropoulos, chairman and CEO, said in announcing the results.
“We see additional growth opportunities for the balance of 2018, due primarily to recently awarded tenders, anticipated releases of new products, commencement of production of the Laurane Medical product line in our Irish facility, our acquisition of product distribution agreements for the DirectACCESS Medical FirstChoice Ultra High Pressure PTA Balloon Catheter, and the execution of a product distribution agreement for the QXMédical Q50 PLUS Stent Graft Balloon Catheter.”
Lampropoulos said the company is raising its 2018 revenue and earnings-per-share forecasts because of increased demands for some of its products in the wake of a competitor experiencing “global shortages due to internal issues.”
Franklin Covey
Franklin Covey Co., based in Salt Lake City, reported a net loss of $2.5 million, or 18 cents per share, for the fiscal third quarter ended May 31. That compares with a loss of $4.5 million, or 33 cents per share, for the same quarter a year earlier.
Revenue totaled $50.5 million during the most recent quarter, up from $43.8 million in the prior-year quarter.
Franklin Covey specializes in organizational performance improvement. During fiscal 2016, it began to transition its business model to subscription-based services rather than selling content and solutions one course or one solution at a time.
“The company continues to believe that fiscal 2018 represents a key inflection point that will generally begin a pattern of accelerated increases in financial performance compared with prior periods,” it said in announcing its results.
“We are really pleased that in the third quarter, and year-to-date, we have continued to make significant progress on each of the four key objectives which have been our focus over the past several years. … We have strong momentum as we enter the fourth quarter of fiscal 2018 and we expect these same trends to continue, producing continued increases in adjusted EBITDA (earnings before interest, taxes, depreciation and amortization) and cash flow,” said Bob Whitman, chairman and CEO.
ClearOne
ClearOne, based in Salt Lake City, reported a net loss of $1.8 million, or 22 cents per share, for the quarter ended March 31. That compares with a loss of $500,000, or 5 cents per share, for the same quarter a year earlier.
Revenue in the most recent quarter totaled $7.3 million, down from $11.7 million in the year-earlier period.
ClearOne designs, develops and sells conferencing, collaboration and network streaming solutions for voice and visual communications.
“Our revenue achievement for the first quarter of 2018 did not meet our expectations,” Zee Hakimoglu, president and CEO, said in announcing the results. “The adoption of Beamforming Microphone Array 2, along with our Converge Pro 2, our new platform for professional audio conferencing, remains challenged in large part because of our competitors’ product offering that directly infringes our strategic patents.”
Makimoglu said the company is pursuing litigation to stop infringement of intellectual property, is taking measures to preserve cash, and is developing “superseding technologies and solutions to leapfrog our competition.”