Earnings roundup
By Danny Diaz
Friday, May 12th, 2017

 

Six Flags

Six Flags Entertainment Corp. announced that revenue for the first quarter 2017 was $100 million, down from $115 million for the same period in 2016. The Grand Prairie, Texas-based operator of Six Flags Magic Mountain mainly attributed the decline to the fact that Easter fell in April this year.

This resulted in an attendance decline of 380,000 for the quarter. The later holiday timing caused many schools to schedule spring-break vacations in the second quarter versus the first quarter in 2016. After adjusting for the attendance shift, attendance grew approximately 5 percent.

Since most of the parks were not open during the first quarter, the company had a net loss during the quarter of $57.5 million, the company said. “Our 2017 season is off to an excellent start with solid attendance growth through this past weekend,” said John Duffey, President and CEO, in a statement on April 26.

In April, the company opened a new 60-acre water park in Oaxtepec, Mexico, its 19th amusement park.

“With a 17 percent increase in our Active Pass Base at the end of the quarter, a new water park opening in Mexico and the best line-up of new rides and attractions in the company’s history, we are very well-positioned for 2017 to be another record season.

 

Quest Diagnostics

Quest Diagnostics Inc., the world’s leading provider of diagnostic information services, announced today financial results for the first quarter ended March 31, 2017 and raised its full year 2017 diluted earnings-per-share outlook.

The company, based in Madison, N.J., had first quarter revenues of $1.9 billion, up 1.9% from the same quarter a year earlier. It reported earnings per share of $1.16, up 63.4% from 2016’s first quarter.

“We delivered strong growth across the board in the first quarter with gains in revenues, earnings per share, operating income, margins and operating cash flow,” said Steve Rusckowski, chairman, president and CEO, in a statement. “Growth in the quarter was driven by expanding relationships with hospital health systems. Our agreement with PeaceHealth in the Pacific Northwest announced in the first quarter will further bolster growth later in the year.”

 

 

TRI Pointe Holdings

TRI Pointe Holdings, developer of Aliento and Skyline Ranch in the Santa Clarita Valley, reported net income available to common stockholders in the first quarter of 2017 was $8.2 million, or $0.05 per diluted share, down from $28.6 million, or $0.18 per diluted share for the first quarter of 2016. The decrease in net income available to common stockholders was primarily driven by lower home sales revenue and a $25 million decrease in homebuilding gross margin, resulting in a 450 basis point decrease in homebuilding gross

margin percentage.

“I am pleased to announce that 2017 is off to a strong start,” said Doug Bauer, CEO of Irvine-based TRI Pointe Group. “Orders grew 13% in the first quarter on a year-over-year basis thanks to a 10% increase in average selling community count and a strong absorption rate of 3.5 orders per community per month, Bauer said. “These results, combined with the continued progress we made in bringing our long dated California land assets to market, put us in an excellent position to achieve our goals for this year and beyond.”

 

 

Mission Valley Bancorp

Mission Valley Bancorp reported net income of $1,293 million for the period ended March 31, 2017, the strongest first quarter in the history of the company, President and CEO Tamara Gurney said in a statement.

“I am pleased to share that Mission Valley Bancorp has once again achieved a benchmark quarter close, reaching net income of $1,293,000, a 107% increase over the $626,000 reported at March 31, 2016,” Gurney said. The company is based in Sun Valley.

“This significant uptick in earnings is directly related to our strong performance with regard our merchant bankcard portfolio as well as the sale of SBA loans within the secondary market. The outstanding results achieved in these business units, combined with the continued steady performance throughout the company, resulted in an increase in earnings per share to $0.39 as of March 31, 2017, up 117% from the $0.18 reported at March 31, 2016.”

 

Bank of Santa Clarita

Bank of Santa Clarita on April 25 reported record-high earnings during the first quarter of 2017. The bank reported net earnings of $489,000, up more than 100% over the bank’s first quarter 2016 earnings, and the greates

t quarterly net earnings in the bank’s history.\

“We increased our total revenues, both net interest income and noninterest income, and reduced our operating expenses as well, which resulted in another quarterly increase in total net earnings,” said Frank Di Tomaso, chairman and CEO, in a statement.

“We increased our total revenues, both net interest inco

me and noninterest income, and reduced our operating expenses as well, which resulted in another quarterly increase in total net earnings,” Di Tomaso said.

 

 

 

 

 

About the author

Danny Diaz

Danny Diaz

Earnings roundup

 

Six Flags

Six Flags Entertainment Corp. announced that revenue for the first quarter 2017 was $100 million, down from $115 million for the same period in 2016. The Grand Prairie, Texas-based operator of Six Flags Magic Mountain mainly attributed the decline to the fact that Easter fell in April this year.

This resulted in an attendance decline of 380,000 for the quarter. The later holiday timing caused many schools to schedule spring-break vacations in the second quarter versus the first quarter in 2016. After adjusting for the attendance shift, attendance grew approximately 5 percent.

Since most of the parks were not open during the first quarter, the company had a net loss during the quarter of $57.5 million, the company said. “Our 2017 season is off to an excellent start with solid attendance growth through this past weekend,” said John Duffey, President and CEO, in a statement on April 26.

In April, the company opened a new 60-acre water park in Oaxtepec, Mexico, its 19th amusement park.

“With a 17 percent increase in our Active Pass Base at the end of the quarter, a new water park opening in Mexico and the best line-up of new rides and attractions in the company’s history, we are very well-positioned for 2017 to be another record season.

 

Quest Diagnostics

Quest Diagnostics Inc., the world’s leading provider of diagnostic information services, announced today financial results for the first quarter ended March 31, 2017 and raised its full year 2017 diluted earnings-per-share outlook.

The company, based in Madison, N.J., had first quarter revenues of $1.9 billion, up 1.9% from the same quarter a year earlier. It reported earnings per share of $1.16, up 63.4% from 2016’s first quarter.

“We delivered strong growth across the board in the first quarter with gains in revenues, earnings per share, operating income, margins and operating cash flow,” said Steve Rusckowski, chairman, president and CEO, in a statement. “Growth in the quarter was driven by expanding relationships with hospital health systems. Our agreement with PeaceHealth in the Pacific Northwest announced in the first quarter will further bolster growth later in the year.”

 

 

TRI Pointe Holdings

TRI Pointe Holdings, developer of Aliento and Skyline Ranch in the Santa Clarita Valley, reported net income available to common stockholders in the first quarter of 2017 was $8.2 million, or $0.05 per diluted share, down from $28.6 million, or $0.18 per diluted share for the first quarter of 2016. The decrease in net income available to common stockholders was primarily driven by lower home sales revenue and a $25 million decrease in homebuilding gross margin, resulting in a 450 basis point decrease in homebuilding gross

margin percentage.

“I am pleased to announce that 2017 is off to a strong start,” said Doug Bauer, CEO of Irvine-based TRI Pointe Group. “Orders grew 13% in the first quarter on a year-over-year basis thanks to a 10% increase in average selling community count and a strong absorption rate of 3.5 orders per community per month, Bauer said. “These results, combined with the continued progress we made in bringing our long dated California land assets to market, put us in an excellent position to achieve our goals for this year and beyond.”

 

 

Mission Valley Bancorp

Mission Valley Bancorp reported net income of $1,293 million for the period ended March 31, 2017, the strongest first quarter in the history of the company, President and CEO Tamara Gurney said in a statement.

“I am pleased to share that Mission Valley Bancorp has once again achieved a benchmark quarter close, reaching net income of $1,293,000, a 107% increase over the $626,000 reported at March 31, 2016,” Gurney said. The company is based in Sun Valley.

“This significant uptick in earnings is directly related to our strong performance with regard our merchant bankcard portfolio as well as the sale of SBA loans within the secondary market. The outstanding results achieved in these business units, combined with the continued steady performance throughout the company, resulted in an increase in earnings per share to $0.39 as of March 31, 2017, up 117% from the $0.18 reported at March 31, 2016.”

 

Bank of Santa Clarita

Bank of Santa Clarita on April 25 reported record-high earnings during the first quarter of 2017. The bank reported net earnings of $489,000, up more than 100% over the bank’s first quarter 2016 earnings, and the greates

t quarterly net earnings in the bank’s history.\

“We increased our total revenues, both net interest income and noninterest income, and reduced our operating expenses as well, which resulted in another quarterly increase in total net earnings,” said Frank Di Tomaso, chairman and CEO, in a statement.

“We increased our total revenues, both net interest inco

me and noninterest income, and reduced our operating expenses as well, which resulted in another quarterly increase in total net earnings,” Di Tomaso said.