Business
Where Food Comes From, Inc. Reports 2022 Third Quarter and Nine-Month Financial Results
Third Quarter Highlights – 2022 vs. 2021 Revenue increased 11% to $7.3 million from $6.5 millionNet income declines 9% to $785,000 from $867,000Diluted EPS of
About this update from Where Food Comes From, Inc.
[{"type":"text","content":"Third Quarter Highlights – 2022 vs. 2021 Revenue increased 11% to $7.3 million from $6.5 millionNet income declines 9% to $785,000 from $867,000Diluted EPS of $0.13 vs. $0.14Adjusted EBITDA down 13% to $1.3 million from $1.5 millionCompany buys back 108,733 shares in third quarter Nine Month Highlights – 2022 vs. 2021 Revenue increased 16% to $18.8 million from $16.1 millionNet income of $1.5 million vs. $2.2 million in year-ago nine-month period when Company booked $1.0 million in PPP loan forgiveness in other incomeDiluted EPS of $0.25 vs. $0.36Adjusted EBITDA increased 16% to $2.8 million from $2.4 millionCash generated from operations flat at $3.0 millionCash & cash equivalents increased 11% to $6.0 million from $5.4 million at year-endNine-month share repurchase totals 202,783 shares CASTLE ROCK, Colo., Nov. 14, 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 third quarter and nine-month period ended September 30, 2022. “We are pleased to report an 11% increase in total revenue in the third quarter and a 16% increase year to date as the Company continues to recover from effects of the Covid-19 pandemic. We are particularly encouraged by solid growth in product revenue in the third quarter as supply chain disruptions and drought conditions in the Western U.S. began to abate,” said John Saunders, chairman and CEO. “Net income was down slightly in the third quarter, reflecting inflationary pressures and higher labor and benefits costs resulting from a tightening labor market. Nevertheless, excluding the impact of 2021 PPP loan forgiveness, our 2022 profitability is on pace to meet or exceed that of 2021. Given our continued profitable operations and solid cash generation, we have also accelerated our share repurchase program. “We are excited about prospects for continued expansion of our verification and certification services portfolio, which already is the most comprehensive in our industry,” Saunders added. “Our core beef verification business continues to dominate revenue mix, but two emerging movements – ESG and aquaculture – are expected to contribute to our top line in coming years. Large companies are rolling out ESG and other climate an...