Where Food Comes From, Inc. (NASDAQ:WFCF) Q4 2024 Results Conference Call February 20, 2025 12:00 PM ET
Company Participants
Jay Pfeiffer – Investor Relations
John Saunders – Chief Executive Officer
Leann Saunders – President
Dannette Henning – Chief Financial Officer
Operator
Welcome to Where Food Comes From 2024 Year-End Earnings Call. [Operator Instructions] As a reminder, this conference is being recorded. It is now my pleasure to introduce Jay Pfeiffer, Investor Relations Director. Please go ahead, sir.
Jay Pfeiffer
Good morning, and welcome to the Where Food Comes From 2024 Year-End Earnings Call.
Joining me on the call today are CEO, John Saunders; President, Leann Saunders; and Chief Financial Officer, Dannette Henning.
During this call, we’ll make forward-looking statements based on current expectations, estimates and projections that are subject to risk. Statements about current and future financial performance, growth strategy, customers, business opportunities, market acceptance of our products and services and potential acquisitions are forward-looking statements. Listeners should not place undue reliance on these statements as there are many factors that could cause actual results to differ materially from our forward-looking statements. We encourage you to review our publicly filed documents as well as our news releases and website for more information. I’ll now turn the call over to John Saunders.
John Saunders
Good morning, and thanks for joining the call today. Total revenue in the fourth quarter was basically flat at $6.7 million year-over-year. Verification and certification services revenue was down slightly at $5.4 million versus $5.5 million. Product revenue increased 6% to $922,000 from $871,000, and professional services revenue was $360,000 versus $391,000.
Gross profit in the fourth quarter declined 7% to $2.8 million from $3 million. SG&A expense decreased slightly to $2 million from $2.1 million. Net income increased to $961,000 or $0.18 per diluted share from $776,000 or $0.14 per diluted share. In addition to an $80,000 or 47% increase
