Business
Where Food Comes From, Inc. Reports 2021 Third Quarter and Nine-Month Financial Results
Where Food Comes From, Inc. Reports 2021 Third Quarter and Nine-Month Financial Results Third Quarter Highlights – 2021 vs. 2020 Revenue increased 6% to $6.5
About this update from Where Food Comes From, Inc.
[{"type":"text","content":"Where Food Comes From, Inc. Reports 2021 Third Quarter and Nine-Month Financial Results Third Quarter Highlights – 2021 vs. 2020 Revenue increased 6% to $6.5 million from $6.2 million Net income increased 19% to $0.9 million from $0.7 million Diluted EPS increased to $0.14 from $0.12 Adjusted EBITDA increased 18% to $1.5 million from $1.3 million Nine-Month Highlights – 2021 vs. 2020 Revenue increased 11% to $16.1 million from $14.5 million Net income increased 164% to $2.2 million from $0.8 million Diluted EPS increased to $0.36 from $0.13 Adjusted EBITDA increased 20% to $2.4 million from $2.0 million Cash generated from operations increased 39% to $3.0 million from $2.2 million Cash and cash equivalents increased to $5.6 million from $4.4 million at 2020 year-end Working capital increased 15% to $5.0 million from $4.4 million at 2020 year-end CASTLE ROCK, Colo., Nov. 04, 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 its 2021 third quarter and nine-month financial results. “We carried our revenue growth momentum into the third quarter as demand for beef verifications remained strong and our pork, poultry, dairy and egg verification customers continued to re-open their facilities and resume verification activity that was suspended in 2020 due to the pandemic,” said John Saunders, Chairman and CEO. “We also achieved double digit growth in net income and adjusted EBITDA while continuing to generate solid cash flows and build our cash and cash equivalents balance – the latter despite returning more than $900,000 in cash to investors in the form of a special dividend in the third quarter. We are optimistic about prospects for continued profitable growth and solid cash flow generation in the fourth quarter and beyond.” Third Quarter Results – 2021 vs. 2020Revenue in the third quarter ended September 30, 2021, was up 6% year over year to $6.5 million from $6.2 million. The increase reflected growth of the Company’s verification and certification business. Revenue mix included: Verification and certification services, up 9% to $4.7 million from $4.3 million.Product revenue, flat at $1.4 million.Software and related consulting revenue, nearly flat at $0.5 million. Gross profit ...