Business
Where Food Comes From, Inc. Reports 2024 Second Quarter and Six-Month Financial Results
Second Quarter Highlights – 2024 vs. 2023 Verification and certification revenue up 10% to $5.3 million from $4.8 millionProduct sales decline 13% to $0.8
About this update from Where Food Comes From, Inc.
[{"type":"text","content":"Second Quarter Highlights – 2024 vs. 2023 Verification and certification revenue up 10% to $5.3 million from $4.8 millionProduct sales decline 13% to $0.8 million from $0.9 millionTotal revenue up 4% to $6.4 million from $6.1 millionNet income down 8% to $489,000 from $532,000Diluted EPS flat at $0.09Adjusted EBITDA of $844,000 vs. $917,000Company buys back 33,347 shares of stock in second quarter Six Month Highlights – 2024 vs. 2023 Verification and certification revenue up 13% to $9.7 million from $8.6 millionProduct sales decline 19% to $1.6 million from $1.9 millionTotal revenue up 5% to $12.0 million from $11.4 millionNet income increases 2% to $667,000 from $653,000Diluted EPS of $0.12 vs. $0.11Adjusted EBITDA essentially flat at $1.3 millionCash generated from operations increased to $1.9 million from $1.3 millionCash & cash equivalents of $2.60 million vs. $2.64 million at December 31 year-endYear-to-date stock buybacks and private repurchases total 149,419 shares CASTLE ROCK, Colo., Aug. 08, 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 second quarter and six months ended June 30, 2024. “Despite ongoing inflationary effects and cyclical herd contraction that have impacted our beef-related services, we continued to profitably grow our business for both the second quarter and year-to-date period,” said John Saunders, chairman and CEO. “Our ability to successfully navigate these temporary challenges is attributable to a versatile business model that incorporates the industry’s most diversified services portfolio. Over the first half of 2024 our new Upcycled Food Certification initiative has emerged as one of our fastest growing standards. We’ve also seen growing demand for our biosecurity offerings as we help to position customers and the industry to manage potential animal disease outbreaks. “We are the recognized leader in advocating for transparency and safety in the food supply chain and now audit to nearly 60 different standards – far and away the most of any food certification body,” Saunders added. “This diversification not only reduces our risk during challenging times for other service offerings, but it widens the moat around our ...