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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.
Where Food Comes From, Inc. (WFCF) has announced it will release its 2022 fourth quarter and full-year financial results on February 23, 2023, before the market opens. A conference call will follow at 10:00 a.m. Mountain Time (12:00 p.m. Eastern), with dial-in options provided for both domestic and international participants. The company offers third-party verification services for food production, supporting around 17,500 clients through various units, including IMI Global and Validus Verification Services. WFCF is focused on enhancing food supply chain transparency and consumer engagement.
Where Food Comes From, Inc. (WFCF) announced that Lone Creek Cattle Company's Certified Piedmontese Beef is the first brand in North America to receive certification to The Paleo Diet® standard. This certification aims to enhance food labeling clarity for over six million Paleo-inspired consumers in the U.S. The Certified Piedmontese Beef boasts a nutritional profile lower in calories and fat, yet higher in protein compared to other beef varieties, making it a preferred option for health-conscious individuals. The certification was established under the newly launched PaleoFLEX™ program, supported by scientific research and consumer demand.
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.
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