WFCF reports FY2022 revenue up 13% to $24.8M; net income $2.0M vs $3.0M (incl $1M PPP forgiveness)

Where Food Comes From, Inc.

2022-FY EPS reported $0.33 revenue$24,845,000

Full year revenue $24.8M (+13% YoY); net income $2.0M ($0.33 diluted EPS) vs $3.0M ($0.48) in prior year which included $1.0M PPP loan forgiveness.
Adjusted EBITDA $3.8M vs $3.7M; cash from operations $2.7M vs $3.0M.
Software & consulting revenue up 40% to $2.9M driven by large Japanese government project.
Company repurchased $3.5M of stock in 2022 (307,884 shares at avg $11.23); Q4 repurchases $1.2M.
Q4 revenue $6.1M (+5% YoY); net income $490K vs $742K; adjusted EBITDA $1.0M vs $1.3M; gross profit down 6% on higher labor costs.

item 2.02 item 9.01

Key facts

Extracted from this filing and checked against the source text.

Earnings Releases SEC 8-K Item 2.02 confidence 0.9

Where Food Comes From, Inc. reported the fourth quarter ended December 31, 2022 results: revenue $6.1 million, net income $490,000, EPS $0.08 per diluted share.

Period: the fourth quarter ended December 31, 2022
Revenue: $6.1 million
Net income: $490,000
EPS: $0.08 per diluted share
Result: reported results

Exact text from the filing

Fourth Quarter Highlights – 2022 vs. 2021 ● Revenue increased to $6.1 million from $5.8 million ● Net income declined to $490,000 from $742,000 ● Diluted EPS of $0.08 vs. $0.12

View on SEC.gov

Earnings Releases SEC 8-K Item 2.02 confidence 0.9

Where Food Comes From, Inc. reported full year ended December 31, 2022 results: revenue $24.8 million, net income $2.0 million, EPS $0.33 per diluted share.

Period: full year ended December 31, 2022
Revenue: $24.8 million
Net income: $2.0 million
EPS: $0.33 per diluted share
Result: reported results

Exact text from the filing

Full Year Highlights – 2022 vs. 2021 ● Revenue increased 13% to $24.8 million from $21.9 million ● Net income of $2.0 million vs. $3.0 million last year when Company booked $1.0 million in PPP loan forgiveness ● Diluted EPS of $0.33 vs. $0.48

View on SEC.gov

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Source: SEC EDGAR

accession 0001493152-23-006080

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