Regardless of the ups and downs of equity markets, people always have to eat. The better food companies are recognized for showing consistent quality of their product.
Castle Rock, Colorado-based Where Food Comes From, Inc. (OTC:WFCF), the resource for independent, third-party verification of food production practices in North America, got heads turning on small-cap markets Thursday with its 2019 fourth-quarter and full year financial results.
The company pointed with pride to Q4 revenue of $5.7 million, up 23% to from $4.6 million. Net income climbed 178% to $586,000 from $211,000. Earnings per Share doubled to two cents. On the year, revenue was up 17% to $20.8 million. Net income improved 68% to $1.3 million. EPS increased to five cents from three cents.
According to CEO John Saunders, "We closed the year with a strong balance sheet that included cash, cash equivalents and investments of $2.9 million, up 46% year over year, despite having paid $1.0 million in cash to purchase the remaining 40% interest in SureHarvest in the fourth quarter. Working capital at year-end was $3.1 million, up from $2.7 million year over year. We have no long-term debt."
The stock was rewarded early Thursday afternoon with a gain of 25 cents, or nearly 13%, to $2.18, on volume of just over 18,000
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