$WHLM
Wilhelmina International Inc

2016 Q3 Form 10-Q Financial Statement

#000117184316013180 Filed on November 14, 2016

View on sec.gov

Income Statement

Concept 2016 Q3 2015 Q3
Revenue $20.91M $21.83M
YoY Change -4.23% 9.42%
Cost Of Revenue $14.89M $15.40M
YoY Change -3.34% 8.58%
Gross Profit $6.020M $6.430M
YoY Change -6.38% 11.48%
Gross Profit Margin 28.79% 29.45%
Selling, General & Admin $5.280M $5.040M
YoY Change 4.76% 4.35%
% of Gross Profit 87.71% 78.38%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $90.00K $110.0K
YoY Change -18.18% 0.0%
% of Gross Profit 1.5% 1.71%
Operating Expenses $5.370M $5.152M
YoY Change 4.23% 4.23%
Operating Profit $650.0K $1.278M
YoY Change -49.14% 54.91%
Interest Expense $21.00K
YoY Change
% of Operating Profit 3.23%
Other Income/Expense, Net -$45.00K -$24.00K
YoY Change 87.5% -38.46%
Pretax Income $605.0K $1.254M
YoY Change -51.75% 59.54%
Income Tax $378.0K $587.0K
% Of Pretax Income 62.48% 46.81%
Net Earnings $227.0K $667.0K
YoY Change -65.97% 98.51%
Net Earnings / Revenue 1.09% 3.06%
Basic Earnings Per Share $0.04 $0.11
Diluted Earnings Per Share $0.04 $0.11
COMMON SHARES
Basic Shares Outstanding 5.586K 5.843M
Diluted Shares Outstanding 5.637K 5.946M

Balance Sheet

Concept 2016 Q3 2015 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $3.700M $2.100M
YoY Change 76.19% -44.74%
Cash & Equivalents $3.678M $2.102M
Short-Term Investments
Other Short-Term Assets $1.900M $2.100M
YoY Change -9.52% 61.54%
Inventory
Prepaid Expenses
Receivables $17.98M $17.40M
Other Receivables $0.00 $0.00
Total Short-Term Assets $23.57M $21.55M
YoY Change 9.39% 17.09%
LONG-TERM ASSETS
Property, Plant & Equipment $3.006M $1.862M
YoY Change 61.44% 86.2%
Goodwill $13.19M $13.19M
YoY Change 0.0%
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $297.0K $362.0K
YoY Change -17.96% -9.5%
Total Long-Term Assets $25.20M $24.22M
YoY Change 4.04% 6.68%
TOTAL ASSETS
Total Short-Term Assets $23.57M $21.55M
Total Long-Term Assets $25.20M $24.22M
Total Assets $48.76M $45.76M
YoY Change 6.56% 11.34%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $4.800M $3.800M
YoY Change 26.32% -5.0%
Accrued Expenses
YoY Change
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due $500.0K
YoY Change
Total Short-Term Liabilities $17.72M $14.95M
YoY Change 18.49% 11.57%
LONG-TERM LIABILITIES
Long-Term Debt $2.230M $0.00
YoY Change
Other Long-Term Liabilities $0.00 $200.0K
YoY Change -100.0%
Total Long-Term Liabilities $5.159M $3.122M
YoY Change 65.25%
TOTAL LIABILITIES
Total Short-Term Liabilities $17.72M $14.95M
Total Long-Term Liabilities $5.159M $3.122M
Total Liabilities $22.88M $18.07M
YoY Change 26.57% 22.95%
SHAREHOLDERS EQUITY
Retained Earnings -$56.46M -$57.24M
YoY Change -1.35%
Common Stock $87.31M $87.02M
YoY Change 0.33%
Preferred Stock
YoY Change
Treasury Stock (at cost) $4.893M $2.090M
YoY Change 134.11%
Treasury Stock Shares $1.090M $679.2K
Shareholders Equity $25.89M $27.69M
YoY Change
Total Liabilities & Shareholders Equity $48.76M $45.76M
YoY Change 6.56% 11.34%

Cashflow Statement

Concept 2016 Q3 2015 Q3
OPERATING ACTIVITIES
Net Income $227.0K $667.0K
YoY Change -65.97% 98.51%
Depreciation, Depletion And Amortization $90.00K $110.0K
YoY Change -18.18% 0.0%
Cash From Operating Activities $590.0K -$370.0K
YoY Change -259.46% -135.58%
INVESTING ACTIVITIES
Capital Expenditures -$370.0K -$220.0K
YoY Change 68.18% 57.14%
Acquisitions
YoY Change
Other Investing Activities $0.00 $0.00
YoY Change
Cash From Investing Activities -$370.0K -$220.0K
YoY Change 68.18% 57.14%
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 -350.0K
YoY Change -100.0%
NET CHANGE
Cash From Operating Activities 590.0K -370.0K
Cash From Investing Activities -370.0K -220.0K
Cash From Financing Activities 0.000 -350.0K
Net Change In Cash 220.0K -940.0K
YoY Change -123.4% -204.44%
FREE CASH FLOW
Cash From Operating Activities $590.0K -$370.0K
Capital Expenditures -$370.0K -$220.0K
Free Cash Flow $960.0K -$150.0K
YoY Change -740.0% -112.71%

Facts In Submission

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<div style="display: inline; font-family: times new roman; font-size: 10pt"><div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><div style="display: inline; font-weight: bold;">Note 1.&nbsp;&nbsp;Basis of Presentation</div></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">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: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><div style="display: inline; font-weight: bold;">Note 2.&nbsp;&nbsp;Business </div></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">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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447000
us-gaap Payments To Acquire Businesses Net Of Cash Acquired
PaymentsToAcquireBusinessesNetOfCashAcquired
us-gaap Payments To Acquire Businesses Net Of Cash Acquired
PaymentsToAcquireBusinessesNetOfCashAcquired
282000
us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
1118000
us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
696000
CY2016Q3 us-gaap Preferred Stock Par Or Stated Value Per Share
PreferredStockParOrStatedValuePerShare
0.01
CY2015Q4 us-gaap Preferred Stock Par Or Stated Value Per Share
PreferredStockParOrStatedValuePerShare
0.01
CY2016Q3 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
10000000
CY2015Q4 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
10000000
CY2016Q3 us-gaap Preferred Stock Shares Issued
PreferredStockSharesIssued
0
CY2015Q4 us-gaap Preferred Stock Shares Issued
PreferredStockSharesIssued
0
CY2016Q3 us-gaap Preferred Stock Value
PreferredStockValue
0
CY2015Q4 us-gaap Preferred Stock Value
PreferredStockValue
0
CY2016Q3 us-gaap Prepaid Expense And Other Assets Current
PrepaidExpenseAndOtherAssetsCurrent
390000
CY2015Q4 us-gaap Prepaid Expense And Other Assets Current
PrepaidExpenseAndOtherAssetsCurrent
191000
us-gaap Proceeds From Issuance Of Long Term Debt
ProceedsFromIssuanceOfLongTermDebt
2730000
us-gaap Proceeds From Issuance Of Long Term Debt
ProceedsFromIssuanceOfLongTermDebt
CY2016Q3 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
3006000
CY2015Q4 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
2111000
us-gaap Provision For Doubtful Accounts
ProvisionForDoubtfulAccounts
40000
us-gaap Provision For Doubtful Accounts
ProvisionForDoubtfulAccounts
CY2016Q3 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
-56463000
CY2015Q4 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
-57143000
CY2016Q3 us-gaap Revenues
Revenues
20908000
CY2015Q3 us-gaap Revenues
Revenues
21832000
us-gaap Revenues
Revenues
64594000
us-gaap Revenues
Revenues
64550000
CY2016Q3 us-gaap Sales Revenue Services Net
SalesRevenueServicesNet
20880000
CY2015Q3 us-gaap Sales Revenue Services Net
SalesRevenueServicesNet
21616000
us-gaap Sales Revenue Services Net
SalesRevenueServicesNet
64512000
us-gaap Sales Revenue Services Net
SalesRevenueServicesNet
64105000
us-gaap Share Based Compensation
ShareBasedCompensation
253000
us-gaap Share Based Compensation
ShareBasedCompensation
176000
CY2012Q4 us-gaap Stock Repurchase Program Number Of Shares Authorized To Be Repurchased
StockRepurchaseProgramNumberOfSharesAuthorizedToBeRepurchased
500000
CY2013Q4 us-gaap Stock Repurchase Program Number Of Shares Authorized To Be Repurchased
StockRepurchaseProgramNumberOfSharesAuthorizedToBeRepurchased
1000000
CY2016Q3 us-gaap Stock Repurchase Program Number Of Shares Authorized To Be Repurchased
StockRepurchaseProgramNumberOfSharesAuthorizedToBeRepurchased
1500000
CY2016Q3 us-gaap Stock Repurchase Program Remaining Number Of Shares Authorized To Be Repurchased
StockRepurchaseProgramRemainingNumberOfSharesAuthorizedToBeRepurchased
409630
CY2016Q3 us-gaap Stockholders Equity
StockholdersEquity
25887000
CY2015Q4 us-gaap Stockholders Equity
StockholdersEquity
27779000
us-gaap Treasury Stock Acquired Average Cost Per Share
TreasuryStockAcquiredAverageCostPerShare
4.49
CY2016Q3 us-gaap Treasury Stock Shares
TreasuryStockShares
1090370
CY2015Q4 us-gaap Treasury Stock Shares
TreasuryStockShares
683654
us-gaap Treasury Stock Shares Acquired
TreasuryStockSharesAcquired
1090370
CY2016Q3 us-gaap Treasury Stock Value
TreasuryStockValue
4893000
CY2015Q4 us-gaap Treasury Stock Value
TreasuryStockValue
2118000
us-gaap Treasury Stock Value Acquired Cost Method
TreasuryStockValueAcquiredCostMethod
4893000
CY2016Q3 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
5637000
CY2015Q3 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
5946000
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
5768000
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
5958000
CY2016Q3 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
5586000
CY2015Q3 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
5843000
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
5716000
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
5856000
CY2016Q3 whlm Gain Loss On Revaluation Of Contingent Consideration Payable
GainLossOnRevaluationOfContingentConsiderationPayable
-30000
CY2015Q3 whlm Gain Loss On Revaluation Of Contingent Consideration Payable
GainLossOnRevaluationOfContingentConsiderationPayable
whlm Gain Loss On Revaluation Of Contingent Consideration Payable
GainLossOnRevaluationOfContingentConsiderationPayable
-30000
whlm Gain Loss On Revaluation Of Contingent Consideration Payable
GainLossOnRevaluationOfContingentConsiderationPayable
CY2016Q3 whlm Stock Repurchase Program Additional Shares Authorized
StockRepurchaseProgramAdditionalSharesAuthorized
500000

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