Business
Where Food Comes From, Inc. Reports 2021 First Quarter Financial Results
First Quarter Highlights – 2021 vs. 2020 Revenue up 14% to $4.4 million from $3.9 millionGross margin of 41.9% compared to 41.2%Net income of $1.2 million
About this update from Where Food Comes From, Inc.
[{"type":"text","content":"First Quarter Highlights – 2021 vs. 2020 Revenue up 14% to $4.4 million from $3.9 millionGross margin of 41.9% compared to 41.2%Net income of $1.2 million (inclusive of $1.0 million in PPP loan forgiveness) vs. net loss of $0.2 millionAdjusted EBITDA of $348,000 vs. loss of $44,000 CASTLE ROCK, Colo., May 06, 2021 (GLOBE NEWSWIRE) -- Where Food Comes From, Inc. (WFCF) (Nasdaq: WFCF), the most trusted resource for independent, third-party verification of food production practices in North America, today announced financial results for its first quarter ended March 31, 2021. “We are pleased to report solid growth and improved profitability in the first quarter despite continuing headwinds related to Covid-19,” said John Saunders, chairman and CEO. “Our verification and certification activity is still well below pre-pandemic levels due to restricted access to pork, poultry, egg and dairy customer sites. We are hopeful those restrictions will lessen in the second half of 2021 and our audit activity with these customer segments will begin returning to normal. “In the meantime, our beef verification business continues to accelerate, driven in part by growing customer interest in our CARE Certified program, which supports ranchers, farmers and processors in their efforts to create continuously improving sustainable practices,” Saunders added. “Late in the first quarter we were proud to announce that the Heinen’s grocery chain became the first retailer to implement WFCF CARE Certified across its beef, pork and poultry products.” Saunders added, “Our recent up-listing to Nasdaq was another important milestone in the evolution of our Company. Overall, I’m extremely proud of our team’s performance under trying circumstances over the past five quarters. We continue to execute on our long-term strategy to be the preeminent provider of third-party verifications in the agricultural industry.” First Quarter ResultsRevenue in the first quarter increased 14% to $4.4 million from $3.9 million in the first quarter last year. Revenue components included: Verification and certification services, up 16% to $3.3 million from $2.8 million.Product sales, essentially flat year over year at $724,000.Software license, maintenance and support (excluding intercompany sales*) essentially flat at $141,000 from $143,000.Software-related consulting services (excl...