Where Food Comes From, Inc., together with its subsidiaries, operates as a third-party food verification company in North America. The company conducts on-site and desk audits to verify claims about livestock, food, other specialty crops, and agricultural and aquaculture products; offers various value-added services, including verification, certification, consulting, and other professional services; and sells hardware and technology solutions. It serves farmers, ranchers, vineyards, wineries, processors, retailers, distributors, trade associations, consumer brands, chefs, and restaurants, as well as beef and pork packers, organic producers and processors, and specialty retail chains. The company was formerly known as Integrated Management Information, Inc. and changed its name to Where Food Comes From, Inc. in December 2012. Where Food Comes From, Inc. was founded in 1996 and is based in Castle Rock, Colorado.
Where Food Comes From, Inc. Reports Second Quarter Financial Results
Where Food Comes From, Inc. reported Q2 revenue of $6.61 million, up slightly from $6.56 million a year ago, while operating income increased 21% to $665,000 driven by improved gross margins.
Net income declined to $413,000, or $0.08 per share, compared to $562,000, or $0.11 per share, in the prior year, primarily due to a non-cash $240,000 loss on digital assets.
The company repurchased 65,012 shares during the quarter, returning $809,000 to stockholders, and has returned $17.2 million in total value over the past seven years.