Business
Where Food Comes From, Inc. Reports 2022 First Quarter Financial Results
First Quarter Highlights – 2022 vs. 2021 Revenue up 39% to $6.2 million from $4.4 millionOperating income increases 6-fold to $0.6 million from $0.1
About this update from Where Food Comes From, Inc.
[{"type":"text","content":"First Quarter Highlights – 2022 vs. 2021 Revenue up 39% to $6.2 million from $4.4 millionOperating income increases 6-fold to $0.6 million from $0.1 millionNet income of $0.5 million vs. $1.2 million in year-ago first quarter when Company booked $1.0 million in PPP loan forgiveness in other incomeAdjusted EBITDA of $0.9 million, up 156% from $0.4 millionCompany buys back 33,550 shares of stock in the first quarter CASTLE ROCK, Colo., May 12, 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 financial results for its first quarter ended March 31, 2022. “First quarter revenue growth reflected continued momentum in our verification and certification segment, including typically strong demand from beef customers and steadily increasing activity with other protein segments that are recovering from the impact of Covid-19 restrictions,” said John Saunders, Chairman and CEO. “We also saw a sharp increase in consulting revenue resulting from a large contract our Postelsia unit won with a Japanese government agency for seafood promotion in the United States. On the profit side, operating income was up six-fold and adjusted EBITDA grew by 160% year over year. Our cash and cash equivalents balance topped $6.0 million in the quarter and our balance sheet remains debt free.” Where Food Comes From also announced it bought back 33,550 shares of common stock in the first quarter of 2022. That compares to buybacks totaling 80,775 shares for all of 2021. First Quarter ResultsRevenue in the first quarter increased 39% to $6.2 million from $4.4 million in the first quarter last year. Revenue components included: Verification and certification services, up 16% to $3.8 million from $3.3 million.Product sales, up 39% to $1.0 million from $0.7 million.Software and related consulting services up 201% to $1.4 million from $0.5 million. Gross margins for verification and certification services and associated product sales increased to 46.3% from 43.6% year over year due primarily to favorable changes in sales mix and pricing. Sales, general and administrative expenses in the first quarter were flat at $1.8 million. Income from operations increased six-fold to $0.6 million from $0.1 million due to impro...