Business
Where Food Comes From, Inc. Reports 2023 Fourth Quarter and Full Year Financial Results
Fourth Quarter Highlights – 2023 vs. 2022 Verification and certification revenue up 17% to $5.5 million from $4.7 millionProduct sales flat at $0.9
About this update from Where Food Comes From, Inc.
[{"type":"text","content":"Fourth Quarter Highlights – 2023 vs. 2022 Verification and certification revenue up 17% to $5.5 million from $4.7 millionProduct sales flat at $0.9 millionTotal revenue up 10% to $6.7 million from $6.1 millionNet income increased 58% to $776,000 from $490,000Diluted EPS increased to $0.14 from $0.08Adjusted EBITDA up 31% to $1.3 million from $1.0 millionCompany buys back more than $1.0 million of its stock in Q4 Full-Year Highlights – 2023 vs. 2022 Verification and certification revenue up 10% to $19.4 million from $17.6 millionProduct sales decline 8% to $4.0 million from $4.4 millionTotal revenue up slightly to $25.1 million from $24.8 millionNet income increases 8% to $2.2 million from $2.0 millionDiluted EPS of $0.39 vs. $0.33Adjusted EBITDA flat at $3.8 millionCash generated from operations increased to $2.8 million from $2.7 millionCash & cash equivalents of $2.6 million vs. $4.4 million at 2022 year-end, reflecting impact of $3.9 million in stock buybacks for full year CASTLE ROCK, Colo., Feb. 15, 2024 (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, 2023. “We closed the year with a very strong fourth quarter, highlighted by a 17% increase in core verification services revenue and a 58% increase in net income year over year,” said John Saunders, chairman and CEO. “This solid performance enabled us to overcome industry headwinds in the form of inflation and cyclical herd contraction and deliver another full year of revenue and profit growth. We are also pleased to report that SG&A expenses were flat for both the fourth quarter and full year, reflecting our continued focus on carefully managing overhead costs. We anticipate macro headwinds will persist in the near future but believe we can offset the impact through continued customer growth, expansion of service offerings and addition of new revenue streams. “In 2023 we continued to diversify our business mix with a number of transactions and partnerships that give our customers additional options to differentiate and add value to their products,” Saunders added. “These moves include multiple seafood initiatives, another exclusive verifier designation...