Welcome to our dedicated page for Where Food Comes From news (Ticker: WFCF), a resource for investors and traders seeking the latest updates and insights on Where Food Comes From stock.
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, 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.
Where Food Comes From, Inc. (WFCF) will release its 2021 fourth quarter and full year financial results on February 24, 2022, before market opening. A conference call is scheduled for the same day at 10:00 a.m. Mountain Time. Investors can participate by dialing 1-877-407-8289 domestically or 1-201-689-8341 internationally, using conference code 13726788. The call will have a replay available until March 24, 2022. WFCF is recognized for its independent verification services in food production across North America, serving over 15,000 clients through various specialized units.
Where Food Comes From, Inc. (WFCF) reported a solid financial performance for Q3 2021, with revenue increasing by 6% to $6.5 million and net income rising 19% to $0.9 million. Diluted EPS improved to $0.14. For the nine-month period, revenue grew 11% to $16.1 million, while net income surged 164% to $2.2 million. Adjusted EBITDA increased 18% to $1.5 million in Q3 and 20% to $2.4 million for nine months. Cash generated from operations was up 39% year-over-year to $3.0 million.
Where Food Comes From, Inc. (WFCF) announced it will release its third quarter financial results for 2021 on November 4, 2021, before market opening. The company will host a conference call at 10:00 a.m. Mountain Time (12:00 p.m. Eastern), where stakeholders can discuss the financial results. Interested parties can join the call using the provided domestic and international dial-in numbers. Where Food Comes From provides third-party verification for food production practices, supporting over 15,000 clients across various sectors.
Where Food Comes From, Inc. (WFCF) has appointed Jason Franco as Chief Technology Officer, effective August 18, 2021. Franco, who served as Senior Vice President of Technology since 2018, aims to drive technical innovation within the agricultural supply chain. His focus will be on enhancing secure platforms for traceability and verification of claims made by producers. The company leverages proprietary technology to service over 15,000 customers, including farmers and retailers, enhancing food production practices and consumer engagement. This leadership change underscores WFCF's commitment to technology.
Where Food Comes From, Inc. (WFCF) reported a 16% increase in revenue for Q2 2021, reaching $5.1 million compared to $4.4 million in Q2 2020. However, net income declined to $0.2 million from $0.4 million, resulting in diluted EPS of $0.03 versus $0.06. The gross margin also dipped to 39.1% from 47.6% due to a shift towards lower-margin audits. For the first half of 2021, revenue increased 15% to $9.6 million, with significant profit growth despite declining cash generated from operations.
Where Food Comes From, Inc. (WFCF) will announce its 2021 second quarter financial results before the market opens on August 5, 2021. A conference call is scheduled for the same day at 10:00 a.m. Mountain Time (12:00 p.m. Eastern). Investors can connect to the call via designated dial-in numbers, and a replay option will be available until August 26, 2021. The company is noted for providing third-party verification of food production practices, supporting over 15,000 clients across various sectors with a range of value-added services.
Where Food Comes From, Inc. (WFCF) declared a special cash dividend of $0.15 per share on July 1, 2021, totaling approximately $920,000. This dividend will be paid to stockholders of record as of July 27, 2021, with a payment date set for August 16, 2021. The company’s chairman and CEO, John Saunders, emphasized the decision was based on a strong balance sheet and solid cash flow, indicating the remaining cash balance is adequate to support growth initiatives.
Where Food Comes From (WFCF) reported a 14% revenue increase to $4.4 million in Q1 2021, compared to $3.9 million in Q1 2020. Gross margin improved to 41.9%, while net income reached $1.2 million, bolstered by $1 million in PPP loan forgiveness.
Adjusted EBITDA was $348,000, recovering from a loss of $44,000. The company saw a 10% decrease in SG&A expenses, and cash and equivalents rose 14% to $5.0 million. Despite positive growth, the company highlighted ongoing challenges from Covid-19 affecting verification activities.
FAQ
What is the current stock price of Where Food Comes From (WFCF)?
What is the market cap of Where Food Comes From (WFCF)?
What does Where Food Comes From, Inc. do?
How does WFCF verify food production practices?
What are the main divisions of WFCF?
How does WFCF support its clients?
What recent achievements has WFCF made?
How has WFCF performed financially?
What is the significance of WFCF's share repurchase program?
How does WFCF contribute to sustainability in food production?
Where can I learn more about WFCF?
What is the WFCF's approach to consumer engagement?
