Business
Where Food Comes From, Inc. Reports 2019 Fourth Quarter and Full Year Financial Results
Fourth Quarter Highlights – 2019 vs. 2018 Revenue up 23% to $5.7 million from $4.6 million Gross margin increased to 48.1% from 38.2% Net income attributable
About this update from Where Food Comes From, Inc.
[{"type":"text","content":"Fourth Quarter Highlights – 2019 vs. 2018\n Revenue up 23% to $5.7 million from $4.6 million Gross margin increased to 48.1% from 38.2% Net income attributable to WFCF up 178% to $586,000 from $211,000 EPS increased to $0.02 from $0.01 Adjusted EBITDA up 151% to $1.3 million from $522,000 Full Year Highlights – 2019 vs. 2018 Revenue up 17% to $20.8 million from $17.8 million Gross margin increased to 43.7% from 43.5% Net income attributable to WFCF up 68% to $1.3 million from $801,000 EPS increased to $0.05 from $0.03 Adjusted EBITDA up 40% to $3.3 million from $2.3 million Cash generated from operations up 149% to $2.9 million from $1.2 million CASTLE ROCK, Colo., March 05, 2020 (GLOBE NEWSWIRE) -- Where Food Comes From, Inc. (WFCF) (OTCQB: WFCF), the most trusted resource for independent, third-party verification of food production practices in North America, today announced its 2019 fourth quarter and full year financial results. “Where Food Comes From team members executed at a very high level throughout 2019, and that enabled us to deliver double-digit growth in revenue, gross profit, net income, adjusted EBITDA and operating cash flow – all of which reached record highs in 2019,” said John Saunders, Chairman and CEO. “We closed the year with a strong balance sheet that included cash, cash equivalents and investments of $2.9 million, up 46% year over year, despite having paid $1.0 million in cash to purchase the remaining 40% interest in SureHarvest in the fourth quarter. Working capital at year-end was $3.1 million, up from $2.7 million year over year. We have no long-term debt.\" “Where Food Comes From and its business units are the industry leaders in creating and implementing programs that provide transparency in the food supply chain,” Saunders added. “Our portfolio of verification solutions is by far the largest and most comprehensive in the world, supporting more than 15,000 customers and covering virtually all food commodities and 40-plus verification standards. We are continually adding new programs and services and recently launched our CARE suite of sustainability standards covering beef, poultry and dairy.” Saunders added, “On March 4, 2020, we announced our entry into the seafood space with the acquisition of Postelsia Holdings, a Canada-based provider of environmental and social sustainability programs for the...