Business
Where Food Comes From, Inc. Reports 2020 Second Quarter and Six-Month Financial Results
Second Quarter Highlights – 2020 vs. 2019 Revenue down 10% to $4.4 million from $4.9 million, reflecting impact of COVID-19 restrictions on on-site auditing
About this update from Where Food Comes From, Inc.
[{"type":"text","content":"Second Quarter Highlights – 2020 vs. 2019 \n Revenue down 10% to $4.4 million from $4.9 million, reflecting impact of COVID-19 restrictions on on-site auditing activity Gross margin increased to 47.6% from 42.7% Net income attributable to WFCF down 3% to $351,000 from $361,000 Adjusted EBITDA down 5% to $782,000 from $824,000 Six-Month Highlights – 2020 vs. 2019 Revenue down 6% to $8.3 million from $8.8 million Gross margin increased to 44.5% from 42.5% Net income attributable to WFCF down 50% to $110,000 from $218,000 Adjusted EBITDA down 20% to $728,000 from $907,000 Cash generated from operations up 27% to $1.7 million from $1.4 million CASTLE ROCK, Colo., Aug. 13, 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 2020 second quarter and six-month financial results. “We are very pleased with our overall performance in light of the continuing impact of COVID-19 on our business,” said John Saunders, chairman and CEO. “Although auditing activity with pork, poultry, dairy and egg customers was down significantly due to their restrictions on outside visitation in more enclosed environments, our beef verification business was strong in the quarter due to less stringent visitation restrictions on cattle ranches, which are more remote, outdoor operations with fewer employees. And despite widespread slowdowns and shutdowns at beef processing facilities, demand for animals we verified to standards such as source, NHTC, natural and CARE® remained consistent. Product sales were also strong in the quarter, up 25% year over year. We continued to generate positive cash flows from operations in the second quarter and have strengthened our balance sheet year-to-date with a 65% increase in cash and short-term investments. “I’m proud of the effort put forth by our entire team in responding to the unique challenges presented by the pandemic in the first half of 2020,” Saunders added. “These challenges have carried into the second half of the year and we believe we’ll continue to meet them in innovative ways that keep our business moving forward. I’m also pleased to report good initial traction of our Where Food Comes From CARE® suite of sustainability standards launched earlier this year ...