Firms in Utah reporting a mixed bag of financial news

Tuesday's quarterly financial reports were a mixed bag for companies based in Utah or with operations in the state.

Usana Health Sciences

Direct-sales nutritional and personal-care product company Usana Health Sciences Inc. on Tuesday reported net income of $7.4 million, or 36 cents per share, for the quarter ended July 3. That compares with $4.3 million, or 20 cents per share, for the second quarter of 2003.

Net sales for the Salt Lake-based company totaled $67.2 million, up from $47.2 million a year earlier. The company said the total number of active associates grew 35 percent to 104,000.

For the six months ended July 3, the company reported net income of $13.6 million, or 66 cents per share, on net sales of $129 million. That compares with $7.9 million, or 37 cents per share, on net sales of $88 million during the prior-year period.

The company said third-quarter net sales should be nearly $69 million, with earnings per share between 36 cents and 38 cents. The company improved guidance for the year, with sales expected to be nearly $270 million and earnings between $1.42 and $1.44.

The company's stock rose $1.47 Tuesday to close at $27.81. During the past year, the price has ranged from $16.79 to $39.49.

Wells Fargo

San Francisco-based Wells Fargo & Co.'s second-quarter earnings rose more than 12 percent due to broad-based growth in revenue and improving credit quality.

The nation's fifth-largest bank by assets Tuesday reported second-quarter net income of $1.71 billion, or $1 a share, up from $1.53 billion, or 90 cents a share, in the same quarter a year earlier.

The latest quarter included charges of 14 cents a share to reposition the bank's balance sheet due to rising interest rates. The charges reflect a debt buyback and the sale of $14 billion in securities and adjustable rate mortgages.

Results also included 1 cent a share in market-sensitive income, which reflects net gains and losses on debt securities available for sale and equity investments.

A Thomson First Call survey of analysts produced an average earnings estimate of $1.04 a share.

Revenue increased 7 percent to $7.4 billion, despite a $222 million reduction for losses taken on the asset-repositioning actions. The First Call average estimate was $7.33 billion.