Where Food Comes From, Inc. Q2 FY2023 Earnings Call

· Earnings call transcript and AI-powered summary

  • Date Covered: Q2 2023 (ended June 30, 2023)
  • CEO: John Saunders
  • President: Leann Saunders
  • CFO: Dannette Henning

Financial Highlights

  • Revenue: Increased 15% year-over-year to $6.1 million (Q2 2022: $5.3 million)
    • Verification & Certification Revenue: +21%
    • Product Sales: +7%
    • Consulting Revenue: -16%
  • Net Income: $532,000 or $0.09/share vs $222,000 or $0.04/share in Q2 2022 (+140%)
  • Adjusted EBITDA: $917,000 (+61% YoY from $570,000)
  • 6-Month Revenue: $11.4 million, nearly flat compared to $11.5 million in 2022 which benefited from an $850,000 one-time consulting fee
  • 6-Month Net Income: $653,000 vs $719,000 in first half 2022
  • Cash from Operations (YTD): $1.3 million
  • Cash and Equivalents: $3.4 million (down from $4.4 million at FY 2022 due to stock repurchases)
  • Stock Buybacks: $836,000 in Q2, totaling over $2 million YTD and $7.5 million over the past 10 quarters

Business Developments

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Operator: Greetings and welcome to Where Food Comes From Second Quarter Earnings Conference Call. [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. Thank you. You may begin. Jay Pfeiffer: Good morning, and welcome to Where Food Comes From 2023 second quarter earnings call. Joining me on the call today are CEO, John Saunders; President, Leann Saunders; and Chief Financial Officer, Dannette Henning. 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 Saunders. John Saunders: Good morning, and thanks for joining the call today. This morning, we anno

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