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Where Food Comes From, Inc. has submitted its 10-Q filing for the quarterly period ended September 30, 2024.
The filing includes financial statements for the quarter, showing an increase in verification and certification service revenue to $5,486,000 from $5,359,000 in the same quarter the previous year. The increase is attributed to new customer growth and bundling opportunities.
Product sales for the quarter were $1,329,000, up from $1,221,000 in the previous year. However, product sales for the nine months ended September 30, 2024 decreased due to smaller beef cow herd size.
Professional services revenue for the quarter was $292,000, down from $431,000 in the previous year, reflecting a realignment of employee tasks.
Total revenues for the quarter were $7,107,000, compared to $7,011,000 in the previous year.
Costs of revenues for the quarter increased to $4,333,000 from $4,145,000 in the previous year, driven by higher cost of product sales.
Gross profit for the quarter was $2,774,000, compared to $2,866,000 in the previous year.
Selling, general, and administrative expenses increased to $2,166,000 from $1,920,000, primarily due to expanded marketing efforts and audit fees.
Net income for the quarter was $492,000, down from $723,000 in the previous year, with basic earnings per share of $0.09.
Cash provided by operating activities was $2,780,000 for the nine months ended September 30, 2024, compared to $2,613,000 in the previous year.
Where Food Comes From had a working capital of $2,178,000 as of September 30, 2024. The company continues to focus on expanding its verification services and managing costs effectively.
The filing also details the company's revolving line of credit agreement, which matures on April 12, 2025, with no amounts outstanding as of September 30, 2024.
Where Food Comes From does not anticipate significant changes to its liquidity position and continues to explore growth opportunities through diversification and potential acquisitions.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Where Food Comes From Inc. quarterly 10-Q report dated November 12, 2024. To report an error, please email earnings@qz.com.