$WHLM
Wilhelmina International Inc

2015 Q3 Form 10-Q Financial Statement

#000117184315006350 Filed on November 16, 2015

View on sec.gov

Income Statement

Concept 2015 Q3 2014 Q3
Revenue $21.83M $19.95M
YoY Change 9.42% 10.24%
Cost Of Revenue $15.40M $14.19M
YoY Change 8.58% 12.31%
Gross Profit $6.430M $5.768M
YoY Change 11.48% 5.45%
Gross Profit Margin 29.45% 28.91%
Selling, General & Admin $5.040M $4.830M
YoY Change 4.35% 18.97%
% of Gross Profit 78.38% 83.74%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $110.0K $110.0K
YoY Change 0.0% -72.5%
% of Gross Profit 1.71% 1.91%
Operating Expenses $5.152M $4.943M
YoY Change 4.23% 11.08%
Operating Profit $1.278M $825.0K
YoY Change 54.91% -19.12%
Interest Expense
YoY Change
% of Operating Profit
Other Income/Expense, Net -$24.00K -$39.00K
YoY Change -38.46%
Pretax Income $1.254M $786.0K
YoY Change 59.54% -23.69%
Income Tax $587.0K $450.0K
% Of Pretax Income 46.81% 57.25%
Net Earnings $667.0K $336.0K
YoY Change 98.51% -35.38%
Net Earnings / Revenue 3.06% 1.68%
Basic Earnings Per Share $0.11 $0.06
Diluted Earnings Per Share $0.11 $0.06
COMMON SHARES
Basic Shares Outstanding 5.843M 5.870M
Diluted Shares Outstanding 5.946M 5.968M

Balance Sheet

Concept 2015 Q3 2014 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $2.100M $3.800M
YoY Change -44.74% 123.53%
Cash & Equivalents $2.102M $3.798M
Short-Term Investments
Other Short-Term Assets $2.100M $1.300M
YoY Change 61.54% 160.0%
Inventory
Prepaid Expenses
Receivables $17.40M $13.30M
Other Receivables $0.00 $0.00
Total Short-Term Assets $21.55M $18.40M
YoY Change 17.09% 26.9%
LONG-TERM ASSETS
Property, Plant & Equipment $1.862M $1.000M
YoY Change 86.2% 25.0%
Goodwill $13.19M
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $362.0K $400.0K
YoY Change -9.5% -33.33%
Total Long-Term Assets $24.22M $22.70M
YoY Change 6.68% -2.16%
TOTAL ASSETS
Total Short-Term Assets $21.55M $18.40M
Total Long-Term Assets $24.22M $22.70M
Total Assets $45.76M $41.10M
YoY Change 11.34% 9.02%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $3.800M $4.000M
YoY Change -5.0% 11.11%
Accrued Expenses
YoY Change
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $14.95M $13.40M
YoY Change 11.57% 11.67%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00
YoY Change -100.0%
Other Long-Term Liabilities $200.0K
YoY Change
Total Long-Term Liabilities $3.122M $0.00
YoY Change -100.0%
TOTAL LIABILITIES
Total Short-Term Liabilities $14.95M $13.40M
Total Long-Term Liabilities $3.122M $0.00
Total Liabilities $18.07M $14.70M
YoY Change 22.95% -2.65%
SHAREHOLDERS EQUITY
Retained Earnings -$57.24M
YoY Change
Common Stock $87.02M
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost) $2.090M
YoY Change
Treasury Stock Shares $679.2K
Shareholders Equity $27.69M $26.40M
YoY Change
Total Liabilities & Shareholders Equity $45.76M $41.10M
YoY Change 11.34% 9.02%

Cashflow Statement

Concept 2015 Q3 2014 Q3
OPERATING ACTIVITIES
Net Income $667.0K $336.0K
YoY Change 98.51% -35.38%
Depreciation, Depletion And Amortization $110.0K $110.0K
YoY Change 0.0% -72.5%
Cash From Operating Activities -$370.0K $1.040M
YoY Change -135.58% 67.74%
INVESTING ACTIVITIES
Capital Expenditures -$220.0K -$140.0K
YoY Change 57.14% -51.72%
Acquisitions
YoY Change
Other Investing Activities $0.00
YoY Change
Cash From Investing Activities -$220.0K -$140.0K
YoY Change 57.14% -51.72%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -350.0K 0.000
YoY Change -100.0%
NET CHANGE
Cash From Operating Activities -370.0K 1.040M
Cash From Investing Activities -220.0K -140.0K
Cash From Financing Activities -350.0K 0.000
Net Change In Cash -940.0K 900.0K
YoY Change -204.44% 4400.0%
FREE CASH FLOW
Cash From Operating Activities -$370.0K $1.040M
Capital Expenditures -$220.0K -$140.0K
Free Cash Flow -$150.0K $1.180M
YoY Change -112.71% 29.67%

Facts In Submission

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<div style="display: inline; font-family: times new roman; font-size: 10pt"><div style=" font-size: 10pt; margin: 0pt 0"><div style="display: inline; font-weight: bold;">Note 1.&nbsp;&nbsp;Basis of Presentation</div></div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0; text-indent: 0.5in">&nbsp;</div> <div style=" font-size: 10pt; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: left; text-indent: 0.5in">The interim consolidated financial statements included herein have been prepared by Wilhelmina International, Inc. (&#x201c;Wilhelmina&#x201d; or the &#x201c;Company&#x201d;) and subsidiaries without audit, pursuant to the rules and regulations of the Securities and Exchange Commission (&#x201c;SEC&#x201d;).&nbsp;&nbsp;Although certain information and footnote disclosures normally included in the consolidated financial statements prepared in accordance with accounting principles generally accepted in the United States of America have been condensed or omitted pursuant to those rules and regulations, all adjustments considered necessary in order to make the consolidated financial statements not misleading have been included.&nbsp;&nbsp;In the opinion of the Company&#x2019;s management, the accompanying interim unaudited consolidated financial statements reflect all adjustments, of a normal recurring nature, that are necessary for a fair presentation of the Company&#x2019;s consolidated financial position, results of operations and cash flows for such periods.&nbsp;&nbsp;It is recommended that these interim unaudited consolidated financial statements be read in conjunction with the consolidated financial statements and the notes thereto included in the Company&#x2019;s Annual Report on Form 10-K for the fiscal year ended December 31, 2014, as amended.&nbsp;&nbsp;Results of operations for the interim periods are not necessarily indicative of results that may be expected for any other interim periods or the full fiscal year.</div></div>
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<div style="display: inline; font-family: times new roman; font-size: 10pt"><div style=" font-size: 10pt; margin: 0pt 0"><div style="display: inline; font-weight: bold;">Note 2.&nbsp;&nbsp;Business Activity</div></div> <div style=" font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0">&nbsp;</div> <div style=" font-size: 10pt; margin: 0pt 0"><div style="display: inline; font-style: italic;">Overview</div></div> <div style=" font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0">&nbsp;</div> <div style=" font-size: 10pt; text-indent: 0.5in; margin: 0pt 0">The primary business of Wilhelmina is fashion model management, which is headquartered in New York City.&nbsp;&nbsp;The Company&#x2019;s predecessor was founded in 1967 by Wilhelmina Cooper, a renowned fashion model, and is one of the oldest, best known&nbsp;and largest fashion model management companies in the world.&nbsp;&nbsp;Since its founding, Wilhelmina has grown to include operations located in Los Angeles, Miami and London, as well as a growing network of licensees comprising leading modeling agencies in various local markets across the U.S. as well as in Thailand, Dubai, Vancouver and Tokyo.&nbsp;&nbsp;Wilhelmina provides traditional, full-service fashion model and talent management services, specializing in the representation and management of models, entertainers, artists, athletes and other talents to various customers and clients, including retailers, designers, advertising agencies, print and catalog companies.</div></div>
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CY2014Q4 us-gaap Preferred Stock Par Or Stated Value Per Share
PreferredStockParOrStatedValuePerShare
0.01
CY2015Q3 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
10000000
CY2014Q4 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
10000000
CY2015Q3 us-gaap Preferred Stock Shares Outstanding
PreferredStockSharesOutstanding
0
CY2014Q4 us-gaap Preferred Stock Shares Outstanding
PreferredStockSharesOutstanding
0
CY2015Q3 us-gaap Preferred Stock Value
PreferredStockValue
CY2014Q4 us-gaap Preferred Stock Value
PreferredStockValue
CY2015Q3 us-gaap Prepaid Expense And Other Assets Current
PrepaidExpenseAndOtherAssetsCurrent
351000
CY2014Q4 us-gaap Prepaid Expense And Other Assets Current
PrepaidExpenseAndOtherAssetsCurrent
252000
us-gaap Profit Loss
ProfitLoss
1413000
us-gaap Profit Loss
ProfitLoss
1059000
CY2015Q3 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
1862000
CY2014Q4 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
1333000
us-gaap Repayments Of Lines Of Credit
RepaymentsOfLinesOfCredit
us-gaap Repayments Of Lines Of Credit
RepaymentsOfLinesOfCredit
800000
CY2015Q3 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
-57237000
CY2014Q4 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
-58650000
CY2015Q3 us-gaap Revenues
Revenues
21832000
CY2014Q3 us-gaap Revenues
Revenues
19953000
us-gaap Revenues
Revenues
64550000
us-gaap Revenues
Revenues
57817000
CY2015Q3 us-gaap Sales Revenue Services Net
SalesRevenueServicesNet
21616000
CY2014Q3 us-gaap Sales Revenue Services Net
SalesRevenueServicesNet
19853000
us-gaap Sales Revenue Services Net
SalesRevenueServicesNet
64105000
us-gaap Sales Revenue Services Net
SalesRevenueServicesNet
57517000
us-gaap Share Based Compensation
ShareBasedCompensation
176000
us-gaap Share Based Compensation
ShareBasedCompensation
155000
CY2012Q4 us-gaap Stock Repurchase Program Number Of Shares Authorized To Be Repurchased
StockRepurchaseProgramNumberOfSharesAuthorizedToBeRepurchased
500000
us-gaap Stock Repurchased During Period Shares
StockRepurchasedDuringPeriodShares
679271
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
5856000
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
5870000
CY2013Q3 whlm Stock Repurchase Program Additional Shares Authorized
StockRepurchaseProgramAdditionalSharesAuthorized
500000
us-gaap Stock Repurchased During Period Shares
StockRepurchasedDuringPeriodShares
76353
us-gaap Stock Repurchased During Period Value
StockRepurchasedDuringPeriodValue
2090000
CY2015Q3 us-gaap Stockholders Equity
StockholdersEquity
27688000
CY2014Q4 us-gaap Stockholders Equity
StockholdersEquity
26550000
us-gaap Treasury Stock Acquired Average Cost Per Share
TreasuryStockAcquiredAverageCostPerShare
3.08
us-gaap Treasury Stock Acquired Average Cost Per Share
TreasuryStockAcquiredAverageCostPerShare
5.83
CY2015Q3 us-gaap Treasury Stock Shares
TreasuryStockShares
679171
CY2014Q4 us-gaap Treasury Stock Shares
TreasuryStockShares
602818
CY2015Q3 us-gaap Treasury Stock Value
TreasuryStockValue
2090000
CY2014Q4 us-gaap Treasury Stock Value
TreasuryStockValue
1643000
CY2015Q3 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
5946000
CY2014Q3 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
5968000
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
5958000
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
5968000
CY2015Q3 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
5843000
CY2014Q3 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
5870000

Files In Submission

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0001171843-15-006350.txt Edgar Link pending
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exh_1032.htm Edgar Link pending
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whlm-20150930.xml Edgar Link completed
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whlm-20150930_cal.xml Edgar Link unprocessable
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