Where Food Comes From, Inc. 8-K

Exhibit 99.1

 

FOR IMMEDIATE RELEASE NEWS

February 17, 2015

 

Where Food Comes From, Inc. Reports Revenue and Earnings Growth for 2014 Fourth Quarter and Full Year

 

Full Year revenue up 51% to $8.8 million from $5.8 million last year

Fourth quarter revenue up 41% to $2.6 million from $1.9 million last year

Net income of $64,000 in fourth quarter and $229,000 for full year

Net cash generated from operations up 172% to $590,000 from $217,000

 

CASTLE ROCK, Colo. – Where Food Comes From, Inc. (d.b.a. IMI Global, Inc.) (OTCQB: WFCF), the most trusted resource for third-party verification of food production practices, today announced results for its fourth quarter and full year ended December 31, 2014.

 

“In 2014, Where Food Comes From achieved strong year-over-year revenue and earnings growth and extended its leadership position in an industry that is still in its infancy,” said John Saunders. “Solid growth in our core services and hardware businesses was driven by diverse factors ranging from an increase in the number of consumer-driven verification standards to continued execution of our M&A strategy to initial phase-in of the USDA’s mandatory Animal Disease Traceability (ADT) program.

 

“Over the past several years we have positioned Where Food Comes From as the go-to company for more than 30 verification standards for food industry players ranging from farmers, ranchers and packers to distributors and retailers – all of which are working hard to meet consumer and regulatory demand for increased transparency in the entire food chain continuum. We look forward to continued growth in 2015 as demand for our core solutions continues to grow and new opportunities such as ADT gain momentum.”

 

Fourth Quarter Results

Fourth quarter revenue increased 41% to $2,614,300 from revenue of $1,856,300 in the same quarter last year. Verification services revenue was up 40% to $2,307,500 from $1,643,000. Product revenue (cattle identification tags) increased 67% to $299,700 from $179,200. Other revenue, primarily associated with the Company’s Where Food Comes From® labeling program, decreased 79% to $7,200 from $34,000 year over year. Increased verification and hardware revenue resulted from a combination of organic growth – driven in part by initial compliance with the USDA’s animal disease traceability (ADT) program – and the effects of the Company’s M&A strategy. The reduction in labeling revenue resulted from a change in the beef supplier for the Company’s largest labeling customer – Heinen’s fine foods. Heinen’s is working to replace that supplier with another supplier whose products can be source verified by Where Food Comes From. In the meantime, the Company continues to generate labeling revenue from other products in the Heinen’s meat department.

 

Gross profit in the fourth quarter increased 43% to $1,141,500 from $798,400 year over year. Selling, general and administrative expenses as a percent of revenue improved to 39% in the fourth quarter from 42% in the same quarter last year.

 

Operating income in the fourth quarter increased four-fold to $127,700 from $25,300 in the same quarter last year. Net income attributable to Where Food Comes From, Inc. increased to $64,200, or less than one cent per share, compared with a net loss of $11,300, or less than one cent per share, in the same quarter a year ago.

 


The following information was filed by Where Food Comes From, Inc. (WFCF) on Wednesday, February 18, 2015 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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