Where Food Comes From, Inc. Q4 FY2020 Earnings Call

· Earnings call transcript and AI-powered summary

Where Food Comes From - Q4 and Full Year 2020 Earnings Summary

  • Revenue: FY 2020 revenue totaled $20.1 million, a 3% decrease compared to $20.8 million in FY 2019. The slight decline was due to COVID-19 disruptions, especially in verification services for pork, poultry, dairy, and eggs.
  • Verification Revenue: Dropped by $1.3 million year-over-year.
  • Tag Sales: Increased by $559,000 or 17%, driven by growth in the beef segment.
  • Software Segments: Provided modest year-over-year growth.
  • Net Income: Record-high net income of $1.4 million, up from a lower but unspecified amount in FY 2019. Earnings per share was $0.22.
  • Operational Costs: Reduced costs in marketing, travel, trade shows, and audits. Some of these reductions are expected to be sustainable long-term.
  • Cash from Operations: $2.5 million, down from $2.9 million the previous year.
  • Working Capital: Improved to $4.4 million from $3.1 million year-over-year.
  • Share Buyback: Repurchased 132,000 shares using $1 million in internal cash.

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Operator: Greetings and welcome to Where Food Comes From 2020 Fourth Quarter and Year-End Conference Call. At this time all participants are in a listen only mode. A question-and-answer session will follow the formal presentation. [Operator Instructions] Please note, this conference is being recorded. I would now like to turn the conference over to your host, Mr. Jay Pfeiffer, Investor Relations. Thank you. You may begin. Jay Pfeiffer: Good morning and welcome to the Where Food Comes From 2020 fourth quarter and year-end 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-

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