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|Where Food Comes From, Inc. - 8-K|
|FOR IMMEDIATE RELEASE||NEWS|
|February 23, 2017||OTCQB: WFCF|
Where Food Comes From, Inc. Reports 2016 Financial Results
Revenue up 12% year over year to $11.6 million from $10.4 million
Net income of $433,200 vs. $533,900 in prior year; profitability impacted by $305,500 in M&A costs in fourth quarter of 2016
Adjusted EBITDA increased 13% to $1.4 million from $1.2 million
Cash generated from operations increased 14% to $1.0 million from $0.9 million
$3.2 million in cash, cash equivalents and short-term investments; 3.6:1 current ratio; no long-term debt
Q4 acquisition of SureHarvest adds approximately $1.7 million in annualized revenue, expands and diversifies commodity reach with high value specialty crops, positions Company for continued growth
CASTLE ROCK, Colo. – February 23, 2017 – Where Food Comes From, Inc. (d.b.a. IMI Global, Inc.) (OTCQB: WFCF), the most trusted resource for independent, third-party verification of food production practices in North America, today announced its 2016 financial results.
“Where Food Comes From achieved another solid year of profitable growth, highlighted by double-digit increases in revenue, adjusted EBITDA and cash generation – all of which reached record highs in 2016,” said John Saunders, chairman and CEO. “We closed the year with a clean, strong balance sheet that included $3.2 million in cash, cash equivalents and short-term investments and had no long-term debt, and we are well positioned to continue capitalizing on organic and acquisitive expansion opportunities and extend our leadership position in this high growth industry.
“Our late fourth quarter acquisition of SureHarvest was a transformative event for Where Food Comes From,” Saunders added. “In addition to adding top-tier talent, a range of high value specialty crop coverage, complementary solutions and services, and more than 2,200 new customers from across the food chain, SureHarvest brings a valuable patent portfolio that we believe we can monetize with hundreds of food companies who are currently using traceability methodologies that are covered by those patents. We are moving forward with the integration of this transaction and are already seeing results of cross-selling activities between WFCF and SureHarvest.”
Full Year Results
Revenue for the full year increased 12% to $11.6 million from $10.4 million in 2015. Verification services revenue increased 14% to $10.3 million from $9.1 million year over year. Product revenue (cattle identification tags) remained relatively flat at $1.2 million year over year due to the effects of a strong US dollar and a decline in beef-related verifications as a result of lower cattle prices. Other revenue increased 13% to $125,400 from $111,300 last year.
Gross profit in 2016 increased 11% to $5.4 million from $4.9 million a year ago. Gross margin was 47%, unchanged from the same period a year ago. Selling, general and administrative expense as a percent of revenue for 2016 was 41% compared to 39% in 2015.
The following information was filed by Where Food Comes From, Inc. (WFCF) on Monday, February 27, 2017 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-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.
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