Business
Where Food Comes From, Inc. Reports 2022 Fourth Quarter and Full Year Financial Results
Full Year Highlights – 2022 vs. 2021 Revenue increased 13% to $24.8 million from $21.9 millionNet income of $2.0 million vs. $3.0 million last year when
About this update from Where Food Comes From, Inc.
[{"type":"text","content":"Full Year Highlights – 2022 vs. 2021 Revenue increased 13% to $24.8 million from $21.9 millionNet income of $2.0 million vs. $3.0 million last year when Company booked $1.0 million in PPP loan forgivenessDiluted EPS of $0.33 vs. $0.48Adjusted EBITDA of $3.8 million vs. $3.7 millionCash generated from operations declined to $2.7 million vs. $3.0 millionCash & cash equivalents at $4.4 million vs. $5.4 million, reflecting accelerated stock buybacksCompany buys back nearly $3.5 million of its stock in 2022, or 307,884 shares at average price of $11.23 per share Fourth Quarter Highlights – 2022 vs. 2021 Revenue increased to $6.1 million from $5.8 millionNet income declined to $490,000 from $742,000Diluted EPS of $0.08 vs. $0.12Adjusted EBITDA of $1.0 million vs. $1.3 millionCompany buys back approximately $1.2 million of its stock in Q4, or 105,101 shares at average price of $11.88 per share CASTLE ROCK, Colo., Feb. 23, 2023 (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 fourth quarter and full year ended December 31, 2022. “We produced solid results in 2022 considering various headwinds involving inflationary pressures and adverse weather conditions that impacted our producer customers,” said John Saunders, Chairman and CEO. “Total revenue was up 13% year over year as we delivered growth in all three revenue segments. Net income for the year, excluding the impact of PPP loan forgiveness in 2021, was also slightly higher despite a sharp increase in labor costs due to the tight labor market and resulting wage inflation. Based on our continued profitability and predictable cash flows, we accelerated our share buyback program in 2022 and repurchased nearly $3.5 million of our stock during the year at an average price of $11.88 per share. Over the past two fiscal years we have returned approximately $5.5 million in value to stockholders through share buybacks and a special dividend. “We are confident in our ability to continue delivering positive results for our stockholders over the long term,” Saunders added. “We have the industry’s most complete portfolio of solutions and continue to benefit from legacy trends around food supply chain transparency and emerg...