Where Food es From(US:WFCF)2024-11-14 16:21Revenue Performance - Verification and certification revenue increased by 9% to $15.2 million from $13.9 million[1] - Product sales decreased by 8% to $2.9 million from $3.1 million[1] - Total revenue rose by 4% to $19.1 million from $18.4 million[1] Net Income and Earnings - Net income fell by 16% to $1.2 million from $1.4 million, with diluted EPS of $0.21 compared to $0.24[1] - Net income for the three months ended September 30, 2024, was $492,000, a decrease of 31.9% compared to $723,000 for the same period in 2023[14] EBITDA - Adjusted EBITDA decreased by 15% to $2.1 million from $2.5 million[8] - Adjusted EBITDA for the nine months ended September 30, 2024, was $2,106,000, down 15.2% from $2,485,000 for the same period in 2023[14] Cash Flow and Operations - Cash generated from operations increased by 6% to $2.8 million from $2.6 million[8] - Cash and cash equivalents increased to $2,757,000 as of September 30, 2024, compared to $2,641,000 at December 31, 2023, showing a growth of 4.4%[18] Shareholder Actions - The company repurchased a total of 216,039 shares in 2024[9] Expenses - Selling, general and administrative expenses rose by 10% to $6.3 million from $5.7 million[7] - The company reported a depreciation and amortization expense of $156,000 for the three months ended September 30, 2024, compared to $153,000 for the same period in 2023[14] Assets and Liabilities - Total current assets increased to $7,389,000 as of September 30, 2024, compared to $6,213,000 at December 31, 2023, reflecting a growth of 18.9%[18] - Total liabilities rose to $7,492,000 as of September 30, 2024, up 37.0% from $5,467,000 at December 31, 2023[18] - Accounts payable increased significantly to $873,000 as of September 30, 2024, compared to $567,000 at December 31, 2023, an increase of 54.0%[18] Equity and Retained Earnings - Retained earnings increased to $10,900,000 as of September 30, 2024, compared to $9,741,000 at December 31, 2023, reflecting a growth of 11.9%[18] - Total equity decreased to $9,454,000 as of September 30, 2024, down from $10,819,000 at December 31, 2023, a decline of 12.6%[18] Future Outlook - The company anticipates growth in cattle enrollment due to new USDA electronic tag requirements[3] Deferred Revenue - Deferred revenue increased to $2,146,000 as of September 30, 2024, compared to $1,485,000 at December 31, 2023, an increase of 44.4%[18]