Where Food Comes From, Inc. Q1 FY2021 Earnings Call

· Earnings call transcript and AI-powered summary

  • Revenue Growth: Total revenue for Q1 2021 was $4.4 million, a 14% increase compared to $3.9 million in Q1 2020.
  • Verification & Certification Revenue: Increased 16% year-over-year to $3.3 million from $2.8 million, primarily driven by strength in the beef segment.
  • Tag Sales: Flat year-over-year; one large order moved to Q2. Tag sales are seen as a leading indicator for future growth.
  • Net Income: Reported at $1.2 million, including a $1 million PPP loan forgiveness benefit. On a normalized basis, net income was approximately $113,000, up from a $241,000 net loss in Q1 2020 — a $350,000 positive swing.
  • Adjusted EBITDA: Positive $348,000 vs. a negative $44,000 in Q1 2020.
  • Cash from Operations: $1.2 million in Q1 2021, up from $900,000 in Q1 2020.
  • Balance Sheet Strength: Cash and cash equivalents rose 14% year-over-year to $5 million, from $4.4 million. Working capital increased to $4.6 million from $4.4 million.
  • NASDAQ Uplisting: Completed in Q1 2021, expected to attract institutional investors and improve visibility with corporate customers.

Continue Reading

Unlock the full AI-powered summary with key highlights, financial performance, and analyst Q&A.

Upgrade to Professional
Operator: Greetings and welcome to Where Food Comes From First Quarter Earnings Call. At this time, all participants are in a listen-only mode. A brief question-and-answer session will follow the formal presentation. [Operator Instructions] Please note, this conference is being recorded. At this time, I’ll turn the conference over to Jay Pfeiffer, Investor Relations. Jay, you may begin. Jay Pfeiffer: Good morning and welcome to the Where Food Comes From 2021 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’ll make forward-looking statements based on current expectations, estimates and projections that are subject to risk. Statements about current and future financial performance, growth strategy, customers, 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. Today, we’ll also discuss adjusted EBITDA, a non-GAAP financial measure provided as a complement to GAAP results. Please refer to today’s earnings release for important disclosures regarding non-GAAP measures. I’ll now turn the call over to John

Continue Reading

Unlock the full earnings call transcript with speaker labels and formatted dialogue.

Upgrade to Professional