Business
Where Food Comes From, Inc. Reports 2023 Second Quarter Financial Results
Second Quarter Highlights – 2023 vs. 2022 Revenue increased 15% to $6.1 million from $5.3 millionNet income increased 140% to $532,000 from $222,000Diluted
About this update from Where Food Comes From, Inc.
[{"type":"text","content":"Second Quarter Highlights – 2023 vs. 2022 Revenue increased 15% to $6.1 million from $5.3 millionNet income increased 140% to $532,000 from $222,000Diluted EPS of $0.09 vs. $0.04Adjusted EBITDA increased 61% to $917,000 from $570,000Company buys back $836,000 of its stock in Q2, or 61,000 shares at average price of $13.70 per share Six-Month Highlights – 2023 vs. 2022 Revenue decreased 1% to $11.4 million from $11.5 million based on anomalous Q1 eventsNet income of $653,000 vs. $719,000Diluted EPS of $0.11 vs. $0.12Adjusted EBITDA of $1.3 million vs. $1.5 millionCash generated from operations declined to $1.3 million from $2.3 millionCash & cash equivalents at $3.4 million vs. $4.4 million at 2022 year-end, reflecting impact of stock buybacksCompany buys back more than $2.0 million of its stock through first six months of 2023 CASTLE ROCK, Colo., Aug. 10, 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 second quarter and six-month period ended June 30, 2023. “We are pleased to announce a solid second quarter highlighted by 15% revenue growth, a 140% increase in net income and 61% growth in adjusted EBITDA,” said John Saunders, chairman and CEO. “This strong performance underscores the resiliency of our company following a challenging first quarter in which we encountered several anomalous events that impacted both revenue and profitability. While we continue to deal with the effects of inflationary pressures and cyclical cattle trends, we are confident in our ability to drive long-term growth and profitability based on the broad scope of our product and service offerings combined and high customer retention rates. Accordingly, we continued our aggressive share repurchase program in the second quarter and, over the past 10 quarters, have returned a total of $7.5 million in value to stockholders through share buybacks and one special dividend. “We also made important additions to our industry-leading solutions portfolio in the first half of 2023,” Saunders added. “In the second quarter we were named exclusive third-party verifier for the Bee Friendly Farming® Certification, a fast-growing program that supports farmers and ranchers implement regenera...