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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.
Where Food Comes From, Inc. (WFCF) announced it will release its 2021 first quarter financial results on May 6, 2021, before the market opens. A conference call will follow at 10:00 a.m. MT (12:00 p.m. ET) to discuss these results. Interested parties can access the call via domestic and international dial-in numbers. The company specializes in third-party verification of food production practices, supporting over 15,000 clients across various sectors.
Where Food Comes From, Inc. (WFCF) announced that its common stock will start trading on the Nasdaq Capital Market from April 12, 2021. This uplisting is expected to enhance the company's visibility and attract institutional investors, according to CEO John Saunders. The Nasdaq exchange is known for supporting emerging growth companies, which aligns with WFCF's strategic growth objectives. The company also cautioned that the potential benefits of this uplisting are subject to various risks and uncertainties, as outlined in their SEC filings.
Where Food Comes From, Inc. (WFCF) has launched the WFCF CARE Certified program with Heinen’s grocery chain for beef, pork, and Gerber Poultry products. This initiative aims to enhance sustainability through three pillars: Animal Care, Environmental Stewardship, and People and Community. Heinen’s is the first retailer to adopt this certification, showcasing the CARE Certified logo on its packaging. Leann Saunders, COO of WFCF, highlighted the importance of transparency and consumer trust in protein supply chains, marking a significant collaboration since Heinen's partnership began in 2011.
