Utah’s public companies demonstrate versatility and resilience during times of economic uncertainty. For some companies, net incomes, losses and revenues have changed significantly over the past year, yet each company shares one common attribute: innovation in the face of adversity. For example, Questar completed the spin-off of QEP Resources, and ZAGG increased its revenues from $19.79 million to $38.36 million. Join us as we champion our state’s endurance through the stock market highs and lows with our annual look at the top public players in the Beehive State ranked by 2009 revenue.
Questar Corporation completed the spin-off of QEP Resources, Inc. on June 30, 2010. One share of QEP common stock was distributed for every share of Questar common stock held as of the record date of June 18, 2010, including a pro-rata distribution of fractional shares.
Founded in 1929, Questar Corporation is headquartered in Salt Lake City and is a natural gas-focused energy company. Its subsidiaries include Wexpro Company, which develops and produces natural gas on behalf of Questar Gas Company’s utility customers; Questar Pipeline Company, which operates interstate natural gas pipelines and storage facilities in the western United States; and Questar Gas Company, a regulated natural gas distribution utility serving over 900,000 homes and businesses in Utah, Wyoming and Idaho.
The newly formed QEP Resources is a domestic U.S. exploration and production company. Its subsidiaries include QEP Energy Company, a diversified natural gas and oil-exploration, development and production company; QEP Field Services Company, a midstream field services company that gathers and processes natural gas in the Rocky Mountain region and northwest Louisiana; and QEP Marketing Company, which markets natural gas and oil on behalf of QEP Energy Company.
15. Security National Financial Corporation
Established in 1965, Security National Financial Corporation is headquartered in Murray and operates three main business segments: life insurance, funeral services and mortgage loans. Each segment is related to the others and contributes to the profitability of the whole. The cemetery and mortuary operations enjoy a high level of public awareness, assisting the sales and marketing of insurance and pre-planned funeral products and services. The life insurance operation in turn invests its assets in high-quality mortgage loans. While each segment is a stand-alone entity, the horizontal integration is designed to improve profitability.
Over the past four decades, the company has grown consistently through new sales and investment opportunities; the acquisition of life insurance companies, funeral homes and cemeteries; and the formation and growth of its mortgage operations.
24. ClearOne Communications
ClearOne is a provider of audio conferencing solutions headquartered in Salt Lake City. The company’s audio conferencing products can save organizations time and money by enabling effective personal and group communication. ClearOne products facilitate greater collaboration, distance communications and multimedia applications.
In business for more than 20 years, ClearOne products are used by thousands of organizations worldwide, from small enterprises to the Fortune 1000, as well as domestic and international governments and educational institutions. Customers include a diverse group of industries, including education, enterprise, government, legal, health care, religious and finance.
ClearOne provides high-quality hands-free audio for any environment—analog or VoIP—from personal conferencing on PCs and cell phones, to office desktop conferencing, to large professional conferencing venues such as boardrooms, training centers, courtrooms and auditoriums.
38. Myrexis, Inc.
Myrexis, Inc. (formerly Myriad Pharmaceuticals, Inc.) is a biotechnology spin-off from Myriad Genetics, focused on discovering, developing and commercializing novel therapies for the treatment of cancer. Headquartered in Salt Lake City, its pipeline includes clinical and pre-clinical product candidates with distinct mechanisms of action and novel chemical structures that have the potential to be best-in-class therapeutics. The discovery and development of each drug candidate is guided by a unique understanding of the genetic causes of human diseases, the genetic factors that may cause drug side effects, drug interactions and drug metabolism. The company’s extensive experience in human genetics, protein-protein interaction technology and chemical proteomic drug discovery allows identification of novel drug targets and accelerated progression from chemical lead compounds to investigational drug candidates. Corporate strategy includes focusing resources on lead clinical drug programs, expanding pre-clinical pipeline of drug candidates, directing discovery programs to address significant unmet needs in oncology and partnering to maximize the value of its portfolio.
44. BayHill Capital Corporation
For 15 years, BayHill Capital Corporation has focused on performance-based Internet marketing—providing technology, tools and products to thousands of affiliate marketers. Recently the company added a new strategic business focus of wireless broadband communications in rural areas. By merging with American Senior Benefits Company, LLC, the company added 2,000 sales agents to its team and now offers a doctor and prescription discount card to hundreds of thousands of customers, providing a database software platform to agents for tracking and marketing purposes. BayHill's subsidiary, Commission River, operates an online affiliate marketing business that focuses on services for third-party product vendors. This enables the vendors to launch an online business, generate leads, offer brand-name and niche products and services, and drive repeat business.