Where Food Comes From, Inc. Q1 FY2020 Earnings Call

· Earnings call transcript and AI-powered summary

  • Revenue: Q1 2020 revenue was $3.9 million, down 2.5% from $4.0 million in Q1 2019, primarily due to COVID-19 impacts on onsite verification and delayed software deals.
  • Verification & Certification Services: Revenue remained flat year-over-year at $2.8 million, impacted by quarantine restrictions and limited site access.
  • Product Sales: Increased by 13% to $725,000 (Q1 2019: $641,000), showing resilience in certain product areas.
  • Software Segment: Mixed results. Licensed maintenance and support down $143,000 to $152,000; consulting services increased to $241,000 (up from $207,000).
  • Gross Profit: Decreased 3% to $1.6 million from $1.7 million.
  • SG&A Expenses: Flat year-over-year at $2 million.
  • Net Loss: Increased to $241,000 (Q1 2019: $143,000).
  • Cash Flow from Operations: $900,000, down from $1.3 million in Q1 2019.

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Operator: Greetings, and welcome to the Where Food Comes From First Quarter Results. At this time all participants are in a listen-only mode. A question-and-answer session will follow the formal presentation. [Operator Instructions]. As a reminder, this conference is being recorded. I would now like to turn the conference over to your host Mr. Jay Pfeiffer, Investor Relations for Where Food Comes From. Thank you. You may begin. Jay Pfeiffer: Good morning and welcome to the Where Food Comes From first quarter earnings call. Joining me on the call today are John Saunders, CEO; Leann Saunders, President; and Dannette Henning, CFO. During this call, we will make forward-looking statements based on current expectations, estimates and projections that are subject to risk. Statements about future revenue, expenses, profitability, cash, growth strategy, new customer wins, business opportunities, market acceptance of our products and services and potential acquisitions are forward-looking statements. Listeners should not place undue reliance on these statements as there are many factors that could cause actual results to differ materially from our forward-looking statements. We encourage you to review our publicly filed documents as well as our news releases and website for more information about the company. Today, we will also discuss EBITDA and adjusted EBITDA, which are non-GAAP financial measures, provided as a complement to the results provided in accordance with GAAP. We use an

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