$WHLM
Wilhelmina International Inc

2016 Q2 Form 10-Q Financial Statement

#000117184316011729 Filed on August 12, 2016

View on sec.gov

Income Statement

Concept 2016 Q2 2015 Q2
Revenue $22.27M $21.67M
YoY Change 2.76% 10.4%
Cost Of Revenue $15.96M $15.64M
YoY Change 1.99% 10.12%
Gross Profit $6.314M $6.027M
YoY Change 4.76% 11.16%
Gross Profit Margin 28.35% 27.81%
Selling, General & Admin $5.240M $5.150M
YoY Change 1.75% 9.34%
% of Gross Profit 82.99% 85.45%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $110.0K $125.0K
YoY Change -12.0% 13.64%
% of Gross Profit 1.74% 2.07%
Operating Expenses $5.344M $5.270M
YoY Change 1.4% 9.43%
Operating Profit $970.0K $757.0K
YoY Change 28.14% 24.92%
Interest Expense
YoY Change
% of Operating Profit
Other Income/Expense, Net $46.00K -$12.00K
YoY Change -483.33% -271.43%
Pretax Income $1.016M $745.0K
YoY Change 36.38% 21.53%
Income Tax $439.0K $372.0K
% Of Pretax Income 43.21% 49.93%
Net Earnings $577.0K $373.0K
YoY Change 54.69% -4.6%
Net Earnings / Revenue 2.59% 1.72%
Basic Earnings Per Share $0.10 $0.06
Diluted Earnings Per Share $0.10 $0.06
COMMON SHARES
Basic Shares Outstanding 5.845K 5.852K
Diluted Shares Outstanding 5.857K 5.955K

Balance Sheet

Concept 2016 Q2 2015 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $3.500M $3.100M
YoY Change 12.9% 6.9%
Cash & Equivalents $3.476M $3.057M
Short-Term Investments
Other Short-Term Assets $1.800M $2.300M
YoY Change -21.74% 35.29%
Inventory
Prepaid Expenses
Receivables $17.34M $16.09M
Other Receivables $0.00 $0.00
Total Short-Term Assets $22.56M $21.47M
YoY Change 5.05% 14.82%
LONG-TERM ASSETS
Property, Plant & Equipment $2.704M $1.707M
YoY Change 58.41% 70.7%
Goodwill $13.19M $13.19M
YoY Change 0.0%
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $307.0K $190.0K
YoY Change 61.58% -52.5%
Total Long-Term Assets $24.93M $23.94M
YoY Change 4.14% 5.91%
TOTAL ASSETS
Total Short-Term Assets $22.56M $21.47M
Total Long-Term Assets $24.93M $23.94M
Total Assets $47.48M $45.41M
YoY Change 4.57% 9.95%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $4.600M $4.300M
YoY Change 6.98% -2.27%
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 $16.50M $15.24M
YoY Change 8.28% 8.83%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00
YoY Change
Other Long-Term Liabilities $0.00 $200.0K
YoY Change -100.0%
Total Long-Term Liabilities $2.679M $2.856M
YoY Change -6.2%
TOTAL LIABILITIES
Total Short-Term Liabilities $16.50M $15.24M
Total Long-Term Liabilities $2.679M $2.856M
Total Liabilities $19.18M $18.09M
YoY Change 5.99% 18.25%
SHAREHOLDERS EQUITY
Retained Earnings -$56.69M -$57.90M
YoY Change -2.1%
Common Stock $87.21M $86.95M
YoY Change 0.3%
Preferred Stock
YoY Change
Treasury Stock (at cost) $2.163M $1.740M
YoY Change 24.31%
Treasury Stock Shares $690.4K $619.7K
Shareholders Equity $28.31M $27.32M
YoY Change
Total Liabilities & Shareholders Equity $47.48M $45.41M
YoY Change 4.57% 9.95%

Cashflow Statement

Concept 2016 Q2 2015 Q2
OPERATING ACTIVITIES
Net Income $577.0K $373.0K
YoY Change 54.69% -4.6%
Depreciation, Depletion And Amortization $110.0K $125.0K
YoY Change -12.0% 13.64%
Cash From Operating Activities $1.000M -$320.0K
YoY Change -412.5% -115.31%
INVESTING ACTIVITIES
Capital Expenditures -$390.0K -$320.0K
YoY Change 21.88% 60.0%
Acquisitions
YoY Change
Other Investing Activities $0.00 $0.00
YoY Change
Cash From Investing Activities -$390.0K -$320.0K
YoY Change 21.88% 60.0%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 0.000 -30.00K
YoY Change -100.0%
NET CHANGE
Cash From Operating Activities 1.000M -320.0K
Cash From Investing Activities -390.0K -320.0K
Cash From Financing Activities 0.000 -30.00K
Net Change In Cash 610.0K -670.0K
YoY Change -191.04% -135.45%
FREE CASH FLOW
Cash From Operating Activities $1.000M -$320.0K
Capital Expenditures -$390.0K -$320.0K
Free Cash Flow $1.390M $0.00
YoY Change -1194000908288000000.0% -100.0%

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; text-indent: 0.5in; margin: 0pt 0">The interim consolidated financial statements included herein have been prepared by Wilhelmina International, Inc. (together with its subsidiaries, &quot;Wilhelmina&quot; or the &quot;Company&quot;) without audit, pursuant to the rules and regulations of the Securities and Exchange Commission (&#x201c;SEC&#x201d;).&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;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 the periods presented.&nbsp;Except as otherwise noted, all dollar amounts other than per share data are presented in thousands. These interim unaudited consolidated financial statements should be read in conjunction with the audited 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, 2015, as amended.&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 </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-align: justify; text-indent: 0.5in; margin: 0pt 0">The primary business of Wilhelmina is fashion model management. These business operations are headquartered in New York City. The Company&#x2019;s predecessor was founded in 1967 by Wilhelmina Cooper, a renowned fashion model, and became one of the oldest, best known and largest fashion model management companies in the world. Since its founding, Wilhelmina has grown to include operations located in Los Angeles, Miami, London and Chile, as well as a network of licensees in various local markets in the U.S. and several international markets. Wilhelmina provides traditional, full-service fashion model and talent management services, specializing in the representation and management of models, entertainers, artists, athletes and other talent, to various clients, including retailers, designers, advertising agencies, print and electronic media and catalog companies.</div></div>
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CY2015Q4 us-gaap Preferred Stock Shares Issued
PreferredStockSharesIssued
0
CY2016Q2 us-gaap Preferred Stock Value
PreferredStockValue
0
CY2015Q4 us-gaap Preferred Stock Value
PreferredStockValue
0
CY2016Q2 us-gaap Prepaid Expense And Other Assets Current
PrepaidExpenseAndOtherAssetsCurrent
370000
CY2015Q4 us-gaap Prepaid Expense And Other Assets Current
PrepaidExpenseAndOtherAssetsCurrent
191000
CY2016Q2 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
2704000
CY2015Q4 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
2111000
us-gaap Provision For Doubtful Accounts
ProvisionForDoubtfulAccounts
20000
us-gaap Provision For Doubtful Accounts
ProvisionForDoubtfulAccounts
CY2015Q4 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
-57143000
CY2016Q2 us-gaap Revenues
Revenues
22269000
CY2015Q2 us-gaap Revenues
Revenues
21670000
us-gaap Revenues
Revenues
43686000
us-gaap Revenues
Revenues
42718000
CY2016Q2 us-gaap Sales Revenue Services Net
SalesRevenueServicesNet
22242000
CY2015Q2 us-gaap Sales Revenue Services Net
SalesRevenueServicesNet
21538000
us-gaap Sales Revenue Services Net
SalesRevenueServicesNet
43632000
us-gaap Sales Revenue Services Net
SalesRevenueServicesNet
42489000
us-gaap Severance Costs1
SeveranceCosts1
329000
us-gaap Share Based Compensation
ShareBasedCompensation
159000
us-gaap Share Based Compensation
ShareBasedCompensation
106000
CY2012Q4 us-gaap Stock Repurchase Program Number Of Shares Authorized To Be Repurchased
StockRepurchaseProgramNumberOfSharesAuthorizedToBeRepurchased
500000
CY2016Q2 us-gaap Stock Repurchase Program Number Of Shares Authorized To Be Repurchased
StockRepurchaseProgramNumberOfSharesAuthorizedToBeRepurchased
0
us-gaap Stock Repurchased During Period Shares
StockRepurchasedDuringPeriodShares
690370
us-gaap Stock Repurchased During Period Value
StockRepurchasedDuringPeriodValue
2163000
CY2016Q2 us-gaap Stockholders Equity
StockholdersEquity
28308000
CY2015Q4 us-gaap Stockholders Equity
StockholdersEquity
27779000
us-gaap Treasury Stock Acquired Average Cost Per Share
TreasuryStockAcquiredAverageCostPerShare
3.14
CY2016Q2 us-gaap Treasury Stock Shares
TreasuryStockShares
690370
CY2015Q4 us-gaap Treasury Stock Shares
TreasuryStockShares
683654
CY2016Q2 us-gaap Treasury Stock Value
TreasuryStockValue
2163000
CY2015Q4 us-gaap Treasury Stock Value
TreasuryStockValue
2118000
CY2016Q2 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
5857
CY2015Q2 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
5955
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
5857
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
5955
CY2016Q2 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
5845
CY2015Q2 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
5852
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
5844
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
5852
CY2013 whlm Stock Repurchase Program Additional Shares Authorized
StockRepurchaseProgramAdditionalSharesAuthorized
1000000

Files In Submission

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0001171843-16-011729-index-headers.html Edgar Link pending
0001171843-16-011729-index.html Edgar Link pending
0001171843-16-011729.txt Edgar Link pending
0001171843-16-011729-xbrl.zip Edgar Link pending
exh_311.htm Edgar Link pending
exh_312.htm Edgar Link pending
exh_321.htm Edgar Link pending
exh_322.htm Edgar Link pending
f10q_081216p.htm Edgar Link pending
FilingSummary.xml Edgar Link unprocessable
Financial_Report.xlsx Edgar Link pending
R1.htm Edgar Link pending
R10.htm Edgar Link pending
R11.htm Edgar Link pending
R12.htm Edgar Link pending
R13.htm Edgar Link pending
R14.htm Edgar Link pending
R15.htm Edgar Link pending
R16.htm Edgar Link pending
R17.htm Edgar Link pending
R18.htm Edgar Link pending
R19.htm Edgar Link pending
R2.htm Edgar Link pending
R20.htm Edgar Link pending
R21.htm Edgar Link pending
R22.htm Edgar Link pending
R3.htm Edgar Link pending
R4.htm Edgar Link pending
R5.htm Edgar Link pending
R6.htm Edgar Link pending
R7.htm Edgar Link pending
R8.htm Edgar Link pending
R9.htm Edgar Link pending
report.css Edgar Link pending
Show.js Edgar Link pending
whlm-20160630.xml Edgar Link completed
whlm-20160630.xsd Edgar Link pending
whlm-20160630_cal.xml Edgar Link unprocessable
whlm-20160630_def.xml Edgar Link unprocessable
whlm-20160630_lab.xml Edgar Link unprocessable
whlm-20160630_pre.xml Edgar Link unprocessable