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Where Food Comes From, Inc. (WFCF) is a leading independent, third-party food verification company dedicated to ensuring transparency and authenticity in food production practices. Renowned as the ultimate food experts, WFCF rigorously verifies the quality of food, how it’s grown and raised, and the standards adhered to by farmers, ranchers, and producers. They visit farms and ranches, scrutinizing plants, animals, and records, and cross-checking collected data against specific standards or claims. This meticulous approach ensures that everyone involved in the food chain—from growers to consumers—can trust the information about the food they consume.
WFCF operates under various verification divisions, including IMI Global, Validus Verification Services, International Certification Services, and others. These divisions offer a comprehensive suite of services such as food production audits and certification processes to validate the claims made by food producers and processors. The company supports over 17,500 farmers, ranchers, vineyards, wineries, processors, retailers, distributors, trade associations, and restaurants. By providing these value-added services, WFCF helps clients optimize their production practices and enhance food supply chains with data-driven insights and analytics.
Financially, WFCF has demonstrated robust growth. For the second quarter of 2023, the company reported a 15% increase in revenue year-over-year, reaching $6.1 million, and a remarkable 140% increase in net income. The third quarter saw a slight decline in revenue due to external factors such as cyclical herd contraction but sustained profitability. Despite inflationary pressures and other challenges, WFCF has continued to invest in its share repurchase program and has made strategic acquisitions to expand its service offerings.
Recent achievements include being named the exclusive verifier for the Bee Friendly Farming Certification and acquiring the Smart Catch program, which promotes sustainability in seafood. These initiatives, along with the company's diverse certification portfolio, position WFCF as a pivotal player in the food verification industry, connecting consumers to the sources of their food and promoting sustainable practices.
You can learn more about Where Food Comes From, Inc. and their verification divisions at:
Where Food Comes From (WFCF) has made an equity investment in BlueTrace, a seafood traceability technology provider. BlueTrace offers a cloud-based solution tailored for compliance and profitability in the shellfish industry. With over 350 customers across the U.S. and Canada, the company aims to expand its seafood traceability services as regulations become stricter. The investment follows BlueTrace's successful stock offering, intended to support its growth. WFCF plans to leverage its expertise to enhance blueTrace's initiatives and increase market reach, addressing the growing demand for traceability in seafood due to the Food Safety Modernization Act.
Where Food Comes From, Inc. (WFCF) reported a 13% revenue increase for 2022, reaching $24.8 million compared to $21.9 million in 2021. However, net income fell to $2.0 million from $3.0 million the previous year due to the absence of PPP loan forgiveness. Diluted EPS was $0.33, down from $0.48. Despite challenges such as inflation and labor costs, the company accelerated its share buyback program, purchasing $3.5 million of stock. In Q4 2022, revenue increased to $6.1 million, but net income decreased to $490,000.
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