Where Food Comes From, Inc. Q4 FY2021 Earnings Call

· Earnings call transcript and AI-powered summary

Key Financial Highlights

  • Q4 2021 Revenue: $5.8 million, up 5% year-over-year (YoY).
  • FY 2021 Revenue: $21.9 million, up 9% from $20.1 million in FY 2020.
  • Q4 Net Income: $742,000 or $0.12 per diluted share, up 36% YoY.
  • FY 2021 Net Income: $3 million or $0.48 per diluted share, more than double from $1.4 million or $0.22 per diluted share in FY 2020.
  • Operating Income FY 2021: $2.3 million, up 37% YoY.
  • SG&A Expenses: Increased modestly by 3% for the full year.
  • PPP Loan Forgiveness: $1 million included in FY 2021 results.
  • Progressive Beef Dividends: Continued strong performance with $570,000 in total dividends over 13 quarters.

Segment and Operational Highlights

  • Core Verification & Certification Services:
    • Q4 growth of 9% YoY, driven by beef and recovering pork, poultry, dairy, and egg certifications as producers resumed third-party access.
    • FY growth of 13% YoY.
  • Tag Sales: Declined in Q4 due to chip and labor shortages. Company took early steps to mitigate with new suppliers and inventory accumulation.

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Operator: Greetings. Welcome to the Where Food Comes From 2021 Fourth Quarter and Year End Earnings Call. At this time, all participants are in a listen-only mode. A question-and-answer session will follow the formal presentation. Please note this conference is being recorded. I will now turn the conference over to your host, Jay Pfeiffer, Investor Relations. Thank you. You may begin. Jay Pfeiffer: Good morning. And welcome to the Where Food Comes From 2021 fourth quarter and full year earnings call. Joining me on the call today are CEO, John 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 news release for important disclosures regarding non-GAAP measures. I’ll now turn the call over to

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