Where Food Comes From reports Q4 EPS 18c vs. 14c last year

Reports Q4 revenue $6.7M vs. $6.7M last year. “In spite of cyclical herd contraction that significantly impacted our beef business throughout the year, we grew revenue by 2% to $25.7 million in 2024 and delivered solid net income of $2.1 million, or $0.40 per share,” said John Saunders, chairman and CEO. “Lower volumes for beef source and age verifications and related hardware sales were more than offset by growth of our CARE Certified and Upcycled programs and growing demand for other verification services in the areas of poultry, organic, dairy, and CPG. Our gross margins remained stable year over year, but profitability was impacted by a $530,000 increase in SG&A to support stepped-up marketing initiatives, retain key personnel and add technical talent to continue enhancing our technology platform, and expand our verification portfolio. Net income also benefitted from a $345,000 gain in fair market value of our $178,000 investment in bitcoin. Our average purchase price was $25,400 per unit compared to the December 31, 2024, closing price of $93,400. In 2024 we continued to return value to shareholders, taking another 273,057 shares out of the float through buybacks and private purchases at a cost of $3.3 million,” Saunders added. “Since we began our stock buyback program in the fourth quarter of 2019, we have returned $13.9 million in value to shareholders through a combination of buybacks, private purchases and a special dividend. During that time, we reduced the float by approximately 1.2 million shares, with 73% of that total coming over the last three years. We expect to continue taking advantage of solid cash flows to further reduce our float, while at the same time invest in new programs and services designed to strengthen our beef business and accelerate the growth of other service offerings.”