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Where Food Comes From, Inc. reports developments in independent, third-party verification of food production practices, including verification and certification services, product revenue, professional services, and food-supply-chain analytics. The company works with farmers, ranchers, vineyards, wineries, processors, retailers, distributors, trade associations, consumer brands, restaurants, and other food-chain participants to verify claims and production practices.
Recurring news themes include financial results, earnings calls, certification-standard launches, retailer and supply-chain adoption, and capital actions such as share repurchases. Company updates also cover programs such as RaiseWell® Certified, CARE Certified®, non-GMO, Gluten Free, Organic, and Upcycled certifications, as well as verification activity across beef, pork, dairy, eggs, crops, agricultural products, aquaculture, and specialty food categories.
Where Food Comes From, Inc. (WFCF) will ring the Nasdaq closing bell on January 5, 2023, celebrating its recent up-listing to the exchange. The event signifies a milestone in the company's evolution and will be livestreamed and broadcast in Times Square. Co-Founders John and Leann Saunders will speak, highlighting the company's consistent revenue and profit growth attributed to its focus on diverse food certifications. WFCF serves over 17,500 entities across the food industry, utilizing proprietary technology for verification and consumer engagement.
Where Food Comes From, Inc. (WFCF) reported a 11% revenue increase in Q3 2022 to $7.3 million, compared to $6.5 million in Q3 2021. However, net income decreased by 9% to $785,000, resulting in diluted EPS of $0.13. For the nine-month period, revenue grew 16% to $18.8 million, but net income fell to $1.5 million from $2.2 million last year. The company bought back 108,733 shares in Q3 and reported a slight decrease in gross margins. Despite inflationary pressures, management remains optimistic about long-term expansion opportunities.
Where Food Comes From, Inc. (WFCF) will release its 2022 third quarter financial results before the market opens on November 14, 2022. A conference call is scheduled for the same day at 10:00 a.m. Mountain Time (12:00 p.m. Eastern). Investors can join the call using the domestic toll-free number 1-877-407-8289 or international number 1-201-689-8341, with conference code 13734222. A telephone replay will be available until December 14, 2022. WFCF is known for its third-party verification services for food production practices, supporting approximately 17,500 stakeholders across the industry.
Where Food Comes From, Inc. (WFCF) reported a 4% revenue increase in Q2 2022, totaling $5.3 million, with net income rising 10% to $222,000. The diluted EPS improved to $0.04, while adjusted EBITDA rose 7% to $570,000. For the first half of 2022, revenue jumped 20% to $11.5 million, but net income fell to $0.7 million, compared to $1.4 million last year, influenced by a prior PPP loan forgiveness. Cash generated from operations increased 40% to $2.3 million. The company also repurchased a total of 94,050 shares in 2022.
Where Food Comes From, Inc. (WFCF) will release its second quarter financial results for 2022 on August 11, prior to market opening. A conference call will be held the same day at 10:00 a.m. MT (12:00 p.m. ET) to discuss the results.
Interested parties can join the call using the domestic toll-free number 1-877-407-8289 or the international number 1-201-689-8341, with the conference code 13732115. A replay of the call will be available until August 25, 2022.
Where Food Comes From (WFCF) announced that Riverence Provisions LLC is the first company to achieve FishCARE Certification for its farming operations. This certification ensures best practices in animal welfare, environmental care, and community support within the aquaculture sector. Developed by WFCF's Postelsia division, the FishCARE standard aims to substantiate sustainability claims and enhance the traceability of seafood products. Riverence's certification reflects a commitment to humane practices, and the initiative is seen as a significant step for WFCF in expanding its seafood verification services.
Where Food Comes From (WFCF) reported a 39% revenue increase to $6.2 million for Q1 2022, up from $4.4 million year-over-year. Operating income surged six-fold to $0.6 million, while net income fell to $0.5 million due to a lack of prior PPP loan forgiveness. Adjusted EBITDA rose 156% to $0.9 million. The company purchased 33,550 shares in Q1, an increase from previous buybacks. Cash and equivalents were up 13% to $6.1 million, maintaining a debt-free balance sheet.
On May 10, 2022, The Paleo Diet, LLC announced a partnership with Where Food Comes From, Inc. (WFCF) to provide an exclusive third-party verification for a new food certification program. This program will feature two certifications: TRUEPALEO™, strictly adhering to Dr. Loren Cordain's Paleo principles, and PaleoFLEX™, offering more flexible standards. The partnership aims to increase trust and transparency in the Paleo food market, helping consumers, manufacturers, and retailers identify healthier options. The Paleo Diet seeks to align with strategic brand licensing partners to enhance its market presence.
Where Food Comes From, Inc. (WFCF) has announced it will release its 2022 Q1 financial results on May 12, 2022, before the market opens. A conference call is scheduled for the same day at 10:00 a.m. MT (12:00 p.m. ET) to discuss the results. The company provides independent verification of food production practices in North America, supporting around 17,500 agricultural stakeholders through its various services and technologies. Interested parties can join the call using specific domestic and international dial-in numbers.
Where Food Comes From, Inc. (WFCF) reported a 9% increase in 2021 revenue to $21.9 million, with a 114% surge in net income to $3.0 million. Diluted EPS rose to $0.48, up from $0.22. Q4 revenue grew 5% to $5.8 million, driven mainly by verification services, while product sales saw a 22% decline. Adjusted EBITDA for Q4 climbed 28% to $1.3 million. WFCF's cash reserves improved 24% to $5.4 million, reflecting robust operational cash generation despite supply chain challenges, especially in tag sales.