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Monday, June 5, 2023
June 5, 2023

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Earnings mixed for Vancouver companies

By , Columbian staff writer
Published:

As the economy shifts, the latest fiscal quarter proved mixed for Vancouver’s public companies that have released their earnings so far.

ZoomInfo saw its revenue increase, the local tech company reported in its latest quarterly earnings report. Its revenue was $301.7 million, an increase of 36 percent from the previous year.

Its operating income was $52.1 million, and its cash flow from operations was $120.2 million.

The company reported that it closed its fourth quarter with 1,926 customers with $100,000 or more in annual contract value. Its annual net revenue retention rate for 2022 was 1.4 percent.

ZoomInfo trades on the NASDAQ under ZI. Its stock closed down 6.68 percent Thursday at $26.40 a share.

Vancouver-based Riverview Bancorp closed out its third quarter with $5.2 million in net income, the company reported. That’s down slightly from where its earnings were in its third fiscal quarter a year ago, when it was at $5.5 million.

Its net interest income increased to $13.7 million, compared with $12.1 million a year ago. This was because of an increase in loan interest income and higher investment income, the company said.

The bank’s net interest margin expanded to 3.48 percent for the quarter, up from 2.96 percent the prior year.

“Higher loan yields on new loan originations, as well as investment yields due to the recent Fed rate increases contributed to NIM expansion during the quarter,” David Lam, executive vice president and chief financial officer for the company, said in its quarterly report.

Riverview Bancorp Inc. trades on the NASDAQ under the ticker RVSB. Its stock closed down 1.1 percent Thursday at $7.17 a share.

The third-quarter report for Vancouver-based Nautilus showed the company’s net sales in 2022 were $98.1 million, a 33.4 percent decline versus the previous year. The decline, the company said, was due primarily to the return to pre-pandemic seasonal demand. Net sales were up 9 percent, when comparing the same fiscal year in 2020.

The company’s gross profit was $22.9 million, a decline of $7 million from 2021. Gross profit margins were 23.3 percent, compared with 20.3 percent last year. In the quarterly report, the company said the increase was because of inventory adjustments and lower product costs.

Nautilus’ operating expenses were $33.1 million, down from $49.2 million last year. The company spent less on media, marketing and advertising and employed other cost savings.

Its operating loss was $10.3 million, compared with $19.3 million last year.

As previously reported, the company also announced in its quarterly earnings that it would be reducing its workforce by about 15 percent.

Nautilus trades as NLS on the New York Stock Exchange. Its stock closed up 1.08 percent Thursday at $1.87 a share.

Clark County companies Absci, Barrett Business Services Inc., Northwest Pipe Co. and nLight are expected to release their quarterly reports in the coming weeks.

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