Business
Where Food Comes From, Inc. Reports 2022 Second Quarter and Six-Month Financial Results
Second Quarter Highlights – 2022 vs. 2021 Revenue increased 4% to $5.3 million from $5.1 millionNet income increased 10% to $222,000 from $202,000Diluted EPS
About this update from Where Food Comes From, Inc.
[{"type":"text","content":"Second Quarter Highlights – 2022 vs. 2021 Revenue increased 4% to $5.3 million from $5.1 millionNet income increased 10% to $222,000 from $202,000Diluted EPS increased to $0.04 from $0.03Adjusted EBITDA increased 7% to $570,000 from $535,000Company buys back 60,500 shares in quarter Six Month Highlights – 2022 vs. 2021 Revenue increased 20% to $11.5 million from $9.6 millionNet income of $0.7 vs. $1.4 million in year-ago six-month period when Company booked $1.0 million in PPP loan forgiveness in other incomeDiluted EPS of $0.12 vs. $0.22Adjusted EBITDA increased 66% to $1.5 million from $0.9 millionCash generated from operations increased 40% to $2.3 million from $1.6 millionCash & cash equivalents increased 18% to $6.4 million from $5.4 million at year-endSix-month share buyback totals 94,050 CASTLE ROCK, Colo., Aug. 11, 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 second quarter and six-month period ended June 30, 2022. “We continue to deliver revenue, earnings and cash flow growth despite macro headwinds related to inflation, supply chain disruptions, and drought conditions that are impacting ranchers and growers throughout the western US,” said John Saunders, Chairman and CEO. “In addition to consistent strength of our beef verification business, the first half of 2022 was notable for significant progress in our seafood initiatives, which include an increase in consulting activity and the recent introduction of our FishCARE standard for sustainable aquaculture. This new standard further expands our revenue mix and strengthens our position as the most diverse provider of verification services and products in the agricultural industry.” The Company also announced it bought back 60,500 shares of stock in the second quarter, raising to 94,050 the total number of shares bought back in 2022. Second Quarter Results – 2022 vs. 2021Revenue in the second quarter ended June 30, 2022, increased 4% year over year to $5.3 million from $5.1 million. The increase primarily reflected growth of the Company’s verification and certification business, partially offset by lower product sales associated with the impact of drought conditions on cattle herd sizes....