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Firms with Utah ties announce earnings

SHARE Firms with Utah ties announce earnings

Several companies based in Utah or with ties to the state announced quarterly earnings results Tuesday.

Nu Skin

Provo-based Nu Skin Enterprises reported net income of $20.9 million, or 29 cents per share, for the quarter ended Sept. 30. That compares with $15.1 million, or 19 cents per share, for the same period a year ago.

The 2003 figure included a one-time restructuring charge of $5.6 million, or 4 cents per share.

The earnings per share topped the Wall Street analyst consensus estimate by 2 cents.

Revenue totaled $283.3 million, up from $250.2 million a year ago.

For the first nine months of 2004, the company reported net income of $55.7 million, or 76 cents per share, on revenues of $831.5 million. That compares with $44.7 million, or 55 cents per share, on revenues of $710.5 million in the same period of 2003.

Nu Skin is predicting fourth-quarter revenue of $285 million to $290 million and earnings per share of 27 cents to 29 cents.

The company markets personal-care products under the Nu Skin brand, nutritional supplements under the Pharmanex brand and technology products under the Big Planet brand.

The company's stock rose $1.40 Tuesday to close at $19.40 per share on the New York Stock Exchange. During the past year, the price has ranged from $14.73 to $28.15.

Merit Medical

South Jordan-based Merit Medical Systems Inc. reported net income of $4.2 million, or 15 cents per share, for the quarter ended Sept. 30. That compares with $4.7 million, or 17 cents per share, for the year-ago period.

Revenues totaled $35.5 million, up from $34.5 million a year ago.

For the first nine months of 2004, the company reported net income of $13.6 million, or 49 cents per share, on revenues of $112.1 million. That compares with $12.6 million, or 47 cents per share, on revenues of $100.8 million during the first nine months of 2003.

The company develops, manufactures and distributes disposable medical products.

The company's stock fell 69 cents Tuesday to close at $10.01 per share on Nasdaq, a new 52-week low. During the past year, the price has traded as high as $25.40.

L-3 Communications

Defense electronics contractor L-3 Communications Holding Inc.'s earnings jumped 35 percent in the third quarter on strong sales growth across most of its business lines.

For the quarter ended Sept. 30, the New York-based supplier of intelligence and surveillance systems Tuesday posted earnings of $102.5 million, or 93 cents a share, on revenue of $1.78 billion.

Analysts were expecting earnings of 88 cents a share on revenue of $1.68 billion, according to Thomson First Call.

In the same period last year, it earned $76.1 million, or 74 cents a share, on revenue of $1.26 billion.

Communications Systems-West, the Salt Lake division of L-3, employs 2,000 people in Utah and expects to hire more than 400 people over the next five years.

Aircraft modernization and products sales more than doubled to $573.6 million, while sales for communications, intelligence, surveillance and reconnaissance systems increased 18 percent to $442.4 million.

Training, simulation and government-services sales rose 32 percent to $329.4 million.

New York Stock Exchange-listed L-3 shares closed Tuesday at $64.36, up 41 cents, or 0.6 percent.

IMergent

Orem-based e-commerce and software company iMergent Inc. reported net earnings of $1.7 million, or 14 cents per share, for the fiscal first quarter ended Sept. 30. That compares with $2.2 million, or 18 cents per share, for the same period a year ago.

Wall Street analysts had a consensus expectation of 12 cents per share for the most recent quarter.

Revenue totaled $23.7 million, up from $18.8 million a year ago.

The company's stock rose 9 cents Tuesday to close at $10 per share. During the past year, the price has ranged from $6.95 to $10.74.

Iomed

Salt Lake-based drug delivery system company Iomed Inc. reported net income of $326,000, or 4 cents per share, for the fiscal first quarter ended Sept. 30. That compares with $117,000, or 2 cents per share, for the same quarter in 2003.

Sales topped $3 million, up from $2.9 million a year ago.

The company's stock fell 2 cents Tuesday to close at $1.90 per share on the American Stock Exchange. During the past year, the price has ranged from $1.35 to $3.74.

Sonic Innovations

Salt Lake-based digital hearing aids company Sonic Innovations Inc. reported a net loss of $660,000, or 3 cents per share, for the quarter ended Sept. 30. That compares with a loss of $388,000, or 2 cents per share, for the year-ago quarter.

Wall Street's consensus estimate for the quarter was a loss of 4 cents per share.

Sales totaled $22.5 million, down from $23 million a year ago.

For the first nine months of 2004, the company reported net income of $1.6 million, or 7 cents per share, on sales of $73.1 million. That compares with a net loss of $1 million, or 5 cents per share, on sales of $62 million during the first nine months of 2003.

The company's stock fell 15 cents Tuesday to close at $3.50 per share on Nasdaq. During the past year, the price has ranged from $3.40 to $12.54.

ELLIS

Salt Lake-based English Language Learning and Instruction System Inc. reported net income of $47,991 on revenues of $1.1 million, the highest ever for the company during a third quarter and up from $458,686 during the year-ago quarter.

Net income for the first three quarters of 2004 was $112,989, and revenues totaled $2.6 million. That compares with a net loss of $979,346 for the first three quarters of 2003, on revenues of $2.3 million.

The company is a software development and marketing company focusing on better ways of teaching English.

The company's stock was up 1 cent Tuesday to close at 10 cents per share. During the past year, the price has ranged from 9 cents to 57 cents.

Berry Petroleum

California-based Berry Petroleum Co., involved in operations in the Uinta Basin, reported company-record net income of $18.2 million, or 82 cents per share, for the quarter ended Sept. 30. That compares with $7.8 million, or 35 cents per share, for the year-ago quarter.

The consensus Wall Street expectation was for earnings per share of 75 cents.

Revenues totaled $72.9 million, up from $44.5 million a year ago.

For the first nine months of 2004, the company reported record net income of $43.9 million, or $1.97 per share, up from $23 million, or $1.05 per share, for the first nine months of 2003. Revenues totaled $194.4 million, up from $130.8 million.

The company's stock rose $1.40 Tuesday to close at $40.04, its high point during the past year. During the past year, the price has been as low as $17.90.


Contributing: Dow Jones/Associated Press