Business
Where Food Comes From, Inc. Reports 2021 Fourth Quarter and Full Year Financial Results
Fourth Quarter Highlights – 2021 vs. 2020 Revenue increased 5% to $5.8 million from $5.6 millionNet income increased 36% to $0.7 million from $0.5
About this update from Where Food Comes From, Inc.
[{"type":"text","content":"Fourth Quarter Highlights – 2021 vs. 2020 Revenue increased 5% to $5.8 million from $5.6 millionNet income increased 36% to $0.7 million from $0.5 millionDiluted EPS increased to $0.12 from $0.09Adjusted EBITDA increased 28% to $1.3 million from $1.0 million Full Year Highlights – 2021 vs. 2020 Revenue increased 9% to $21.9 million from $20.1 millionNet income increased 114% to $3.0 million from $1.4 millionDiluted EPS increased to $0.48 from $0.22Adjusted EBITDA increased 23% to $3.7 million from $3.0 millionCash generated from operations increased 23% to $3.0 million from $2.5 millionCash & cash equivalents increased 24% to $5.4 million from $4.4 millionWorking capital increased 31% to $5.7 million from $4.4 million CASTLE ROCK, Colo., Feb. 24, 2022 (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 its 2021 fourth quarter and full year financial results. “We are extremely pleased with our fourth quarter and full year revenue and earnings growth, particularly in light of the challenges and uncertainties we and our customers faced due to the Covid-19 pandemic,” said John Saunders, Chairman and CEO. “Once again, beef verifications were the primary growth driver, although by year-end we were nearly back to normal in terms of access to customer sites for pork, poultry, dairy and egg audits and our revenue from those channels had also strengthened. Fourth quarter tag sales were negatively impacted by supply chain issues with our primary tag provider. We responded by adding new suppliers and building tag inventory, and early in 2022 are experiencing renewed tag sales momentum. While supply chain issues may persist in 2022, our core verification businesses are well positioned for growth, and we are excited about prospects for further expanding our leadership position in 2022 and beyond.” Fourth Quarter Results – 2021 vs. 2020Revenue in the fourth quarter ended December 31, 2021, increased 5% year over year to $5.8 million from $5.6 million. The increase primarily reflected growth of the Company’s verification and certification business, partially offset by lower product sales associated with supply chain disruptions. Revenue mix included: Verification and certification services, up 9% ...