$WHLM
Wilhelmina International Inc

2016 Form 10-K Financial Statement

#000117184317001727 Filed on March 23, 2017

View on sec.gov

Income Statement

Concept 2016 2015 Q4 2015
Revenue $82.23M $19.25M $83.80M
YoY Change -1.88% 1.37% 9.1%
Cost Of Revenue $58.68M $13.95M $59.90M
YoY Change -2.03% 2.35% 9.34%
Gross Profit $23.55M $5.300M $23.90M
YoY Change -1.5% -1.12% 8.51%
Gross Profit Margin 28.64% 27.53% 28.53%
Selling, General & Admin $21.90M $5.670M $21.00M
YoY Change 4.29% 16.19% 11.11%
% of Gross Profit 93.01% 106.98% 87.85%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $594.0K $110.0K $474.0K
YoY Change 25.32% -8.33% -21.39%
% of Gross Profit 2.52% 2.08% 1.98%
Operating Expenses $22.53M $5.770M $21.51M
YoY Change 4.74% 15.4% 10.33%
Operating Profit $1.017M -$470.0K $2.395M
YoY Change -57.54% -230.56% -5.52%
Interest Expense $81.00K -$20.00K
YoY Change -33.33%
% of Operating Profit 7.96%
Other Income/Expense, Net -$107.0K -$54.00K
YoY Change 98.15% -37.21%
Pretax Income $910.0K -$400.0K $2.341M
YoY Change -61.13% -217.65% -4.41%
Income Tax $815.0K -$490.0K $834.0K
% Of Pretax Income 89.56% 35.63%
Net Earnings $95.00K $90.00K $1.507M
YoY Change -93.7% -35.71% 25.48%
Net Earnings / Revenue 0.12% 0.47% 1.8%
Basic Earnings Per Share $0.02 $0.26
Diluted Earnings Per Share $0.02 $15.13K $0.25
COMMON SHARES
Basic Shares Outstanding 5.632K 5.852K
Diluted Shares Outstanding 5.686K 5.955K

Balance Sheet

Concept 2016 2015 Q4 2015
SHORT-TERM ASSETS
Cash & Short-Term Investments $5.700M $4.600M $4.600M
YoY Change 23.91% -22.03% -22.03%
Cash & Equivalents $5.700M $4.556M $4.600M
Short-Term Investments
Other Short-Term Assets $800.0K $1.600M $1.600M
YoY Change -50.0% -30.43% -30.43%
Inventory
Prepaid Expenses
Receivables $16.90M $13.18M $13.20M
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $23.50M $19.29M $19.30M
YoY Change 21.76% -6.31% -6.31%
LONG-TERM ASSETS
Property, Plant & Equipment $3.200M $2.111M $2.100M
YoY Change 52.38% 58.36% 61.54%
Goodwill $13.19M
YoY Change 5.01%
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $200.0K $405.0K $400.0K
YoY Change -50.0% 197.79% 300.0%
Total Long-Term Assets $25.20M $24.48M $24.50M
YoY Change 2.86% 8.26% 8.41%
TOTAL ASSETS
Total Short-Term Assets $23.50M $19.29M $19.30M
Total Long-Term Assets $25.20M $24.48M $24.50M
Total Assets $48.70M $43.77M $43.80M
YoY Change 11.19% 1.31% 1.39%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $4.800M $3.800M $3.800M
YoY Change 26.32% -11.63% -11.63%
Accrued Expenses
YoY Change
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due $500.0K
YoY Change
Total Short-Term Liabilities $19.60M $13.52M $13.50M
YoY Change 45.19% -5.61% -5.59%
LONG-TERM LIABILITIES
Long-Term Debt $2.100M $0.00
YoY Change
Other Long-Term Liabilities $100.0K $100.0K
YoY Change
Total Long-Term Liabilities $2.100M $2.474M $100.0K
YoY Change 2000.0% 6.09%
TOTAL LIABILITIES
Total Short-Term Liabilities $19.60M $13.52M $13.50M
Total Long-Term Liabilities $2.100M $2.474M $100.0K
Total Liabilities $23.30M $15.99M $16.00M
YoY Change 45.63% -3.98% -4.19%
SHAREHOLDERS EQUITY
Retained Earnings -$57.14M
YoY Change -2.57%
Common Stock $87.05M
YoY Change 0.24%
Preferred Stock
YoY Change
Treasury Stock (at cost) $2.118M
YoY Change 28.91%
Treasury Stock Shares $683.7K
Shareholders Equity $25.40M $27.78M $27.80M
YoY Change
Total Liabilities & Shareholders Equity $48.70M $43.77M $43.80M
YoY Change 11.19% 1.31% 1.39%

Cashflow Statement

Concept 2016 2015 Q4 2015
OPERATING ACTIVITIES
Net Income $95.00K $90.00K $1.507M
YoY Change -93.7% -35.71% 25.48%
Depreciation, Depletion And Amortization $594.0K $110.0K $474.0K
YoY Change 25.32% -8.33% -21.39%
Cash From Operating Activities $2.890M $2.820M $480.0K
YoY Change 502.08% 25.89% -89.21%
INVESTING ACTIVITIES
Capital Expenditures $1.594M -$330.0K $1.028M
YoY Change 55.06% -13.16% 33.33%
Acquisitions $282.0K
YoY Change
Other Investing Activities $0.00 $0.00 -$280.0K
YoY Change -100.0% -100.0% -227.27%
Cash From Investing Activities -$1.594M -$330.0K -$1.310M
YoY Change 21.68% 106.25% 138.18%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $2.775M $475.0K
YoY Change 484.21% 7816.67%
Debt Paid & Issued, Net $81.00K
YoY Change
Cash From Financing Activities -126.0K -30.00K -480.0K
YoY Change -73.75% 200.0% -40.74%
NET CHANGE
Cash From Operating Activities 2.890M 2.820M 480.0K
Cash From Investing Activities -1.594M -330.0K -1.310M
Cash From Financing Activities -126.0K -30.00K -480.0K
Net Change In Cash 1.170M 2.460M -1.310M
YoY Change -189.31% 18.84% -142.39%
FREE CASH FLOW
Cash From Operating Activities $2.890M $2.820M $480.0K
Capital Expenditures $1.594M -$330.0K $1.028M
Free Cash Flow $1.296M $3.150M -$548.0K
YoY Change -336.5% 20.23% -114.9%

Facts In Submission

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<div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><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-style: italic;">Concentrations of Credit Risk</div></div> <div style=" font-size: 10pt; margin: 0pt 0">&nbsp;</div> <div style=" font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0">The balance sheet items that potentially subject the Company to concentrations of credit risk are primarily cash and cash equivalents and accounts receivable.&nbsp;&nbsp;The Company maintains its cash balances in several different financial institutions in New York, Los Angeles, Miami, London and the Republic of Chile. Balances in accounts other than &#x201c;noninterest-bearing transaction accounts&#x201d; are insured up to Federal Deposit Insurance Corporation (&#x201c;FDIC&#x201d;) limits of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$250</div> thousand per institution.&nbsp;At <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> December</div> <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">31,</div> <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2016,</div> the Company had cash balances in excess of FDIC insurance coverage of approximately <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$3.0</div> million. Balances in London accounts are covered by Financial Services Compensation Scheme (&#x201c;FSCS&#x201d;) limits of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">&pound;75</div> thousand or approximately <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$0.1</div> million per institution. At <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> December</div> <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">31,</div> <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2016,</div> the Company had cash balances in excess of FSCS coverage of approximately <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$0.4</div> million. Concentrations of credit risk with accounts receivable are mitigated by the Company&#x2019;s large number of clients and their dispersion across different industries and geographical areas.&nbsp;The Company performs ongoing credit evaluations of its clients and maintains an allowance for doubtful accounts based upon the expected collectability of all accounts receivable.</div></div></div></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 <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">1.</div>&nbsp;&nbsp;Business Activity</div></div> <div style=" font-size: 10pt; text-align: justify; 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; 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 <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">1967</div> by Wilhelmina Cooper, a renowned fashion model, and became <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">one</div> 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, Chicago, and London, 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 style=" font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0">&nbsp;</div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0"><div style="display: inline; font-style: italic;">Business Acquisition</div></div> <div style=" font-size: 10pt; margin: 0pt 0"><div style="display: inline; font-style: italic;">&nbsp;</div></div> <div style=" font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0">On <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> January</div> <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">5,</div> <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2015,</div> the Company purchased <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">100%</div> of the outstanding shares of Union Models Management Ltd. in London and renamed it Wilhelmina London Limited (&#x201c;London&#x201d;). The strategic acquisition of London establishes a footprint for the Company in Western Europe. It also serves as a base of operations to service the Company&#x2019;s European clients and as a new talent development office for European models and artists.</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 purchase price of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$1.3</div> million included <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$0.2</div> million of discounted value of contingent consideration assuming London achieved certain performance benchmarks. The purchase price net of cash acquired was <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$0.5</div> million of which <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$0.3</div> million was paid at the time of the closing. In <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> December</div> <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2015,</div> the Company reduced the contingent consideration by <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$104</div> thousand because London did not achieve the initial benchmark at <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> December</div> <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">31,</div> <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2015.</div> As of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> September</div> <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">30,</div> <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2016,</div> the Company increased the contingent consideration by <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$30</div> thousand based on London&#x2019;s expectation of meeting its benchmark for <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2016.</div> The remaining <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$0.1</div> million of contingent consideration was paid in <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> January</div> <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2017.</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">Under the purchase method of accounting, the purchase price was allocated to the net tangible and intangible assets acquired and liabilities assumed, based on the fair value of the assets and liabilities of London in accordance with ASC <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">805,</div> &#x201c;Business Combinations.&#x201d; The intangible assets acquired included intangible assets with finite lives, such as customer relationships and talent relationships, which are being amortized on a straight line basis over their estimated useful lives ranging from <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">two</div> to <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">eight</div> years. The remaining acquired intangible assets were allocated to non-amortizable goodwill. The following table summarizes the estimated fair values of the assets acquired and liabilities assumed at the date of completion of the London transaction.</div> <div style=" font-size: 10pt; text-indent: 0.5in; margin: 0pt 0">&nbsp;</div> <div> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse;"> <tr style="vertical-align: bottom"> <td style="font-size: 10pt">(in thousands)</td> <td style="font-size: 10pt">&nbsp;</td> <td colspan="3" style="font-size: 10pt">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; text-align: left; text-indent: 10pt">Fair value of operating assets acquired:</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="width: 87%; font-size: 10pt; text-indent: 20pt">Cash</td> <td style="width: 1%; font-size: 10pt">&nbsp;</td> <td style="width: 1%; font-size: 10pt; text-align: left">$</td> <td style="width: 10%; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">868</div></td> <td style="width: 1%; font-size: 10pt; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; text-indent: 20pt">Accounts receivable</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">355</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; text-align: left; text-indent: 10pt">Other current assets</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">10</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; text-indent: 20pt">Equipment</td> <td style="font-size: 10pt; padding-bottom: 1pt">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">15</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; text-indent: 20pt">Total operating assets acquired</td> <td style="font-size: 10pt; padding-bottom: 1pt">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">1,248</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; text-align: left; text-indent: 10pt">Fair value of intangible assets acquired:</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; text-align: left; text-indent: 20pt">Other intangible assets with finite lives</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">400</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; text-align: left; text-indent: 20pt">Goodwill, not tax deductible</td> <td style="font-size: 10pt; padding-bottom: 1pt">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">629</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; text-align: left; padding-bottom: 1pt; text-indent: 10pt">Total intangible assets acquired</td> <td style="font-size: 10pt; padding-bottom: 1pt">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">1,029</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; text-align: left; text-indent: 20pt">Total assets acquired</td> <td style="font-size: 10pt; padding-bottom: 1pt">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2,277</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; text-indent: 10pt">Fair value of liabilities assumed:</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; text-align: left; text-indent: 20pt">Accounts payable and accrued liabilities</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">360</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; text-align: left; text-indent: 20pt">Due to models</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">511</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; text-align: left; text-indent: 20pt">Indemnification seller basket</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">8</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; text-align: left; text-indent: 20pt">Deferred income tax liability</td> <td style="font-size: 10pt; padding-bottom: 1pt">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">77</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; text-align: left; text-indent: 20pt">Total liabilities assumed</td> <td style="font-size: 10pt; padding-bottom: 1pt">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">956</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; text-align: left; text-indent: 20pt; padding-bottom: 2.5pt">Total net assets acquired</td> <td style="font-size: 10pt; padding-bottom: 2.5pt">&nbsp;</td> <td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: left">$</td> <td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">1,321</div></td> <td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: left">&nbsp;</td> </tr> </table> </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 results of operations for London are included in the Company&#x2019;s consolidated results from the effective date of the acquisition.</div></div>
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NetCashProvidedByUsedInFinancingActivitiesContinuingOperations
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NetCashProvidedByUsedInInvestingActivitiesContinuingOperations
-1594000
CY2015 us-gaap Net Cash Provided By Used In Investing Activities Continuing Operations
NetCashProvidedByUsedInInvestingActivitiesContinuingOperations
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NetCashProvidedByUsedInOperatingActivitiesContinuingOperations
2890000
CY2015 us-gaap Net Cash Provided By Used In Operating Activities Continuing Operations
NetCashProvidedByUsedInOperatingActivitiesContinuingOperations
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-54000
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4
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22529000
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21509000
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CY2015 us-gaap Operating Income Loss
OperatingIncomeLoss
2395000
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1131000
CY2016Q4 us-gaap Operating Leases Future Minimum Payments Due In Two Years
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1200000
CY2016Q4 us-gaap Operating Loss Carryforwards
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1400000
CY2016Q4 us-gaap Other Assets Noncurrent
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164000
CY2015Q4 us-gaap Other Assets Noncurrent
OtherAssetsNoncurrent
405000
CY2016 us-gaap Other Comprehensive Income Loss Foreign Currency Transaction And Translation Adjustment Net Of Tax
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-38000
CY2015 us-gaap Other Comprehensive Income Loss Foreign Currency Transaction And Translation Adjustment Net Of Tax
OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax
-12000
CY2016 us-gaap Other Cost And Expense Operating
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1395000
CY2015 us-gaap Other Cost And Expense Operating
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909000
CY2016 us-gaap Other Significant Noncash Transaction Value Of Consideration Given1
OtherSignificantNoncashTransactionValueOfConsiderationGiven1
CY2015 us-gaap Other Significant Noncash Transaction Value Of Consideration Given1
OtherSignificantNoncashTransactionValueOfConsiderationGiven1
171000
CY2016 us-gaap Payments For Repurchase Of Common Stock
PaymentsForRepurchaseOfCommonStock
2775000
CY2015 us-gaap Payments For Repurchase Of Common Stock
PaymentsForRepurchaseOfCommonStock
475000
CY2016 us-gaap Payments To Acquire Businesses Net Of Cash Acquired
PaymentsToAcquireBusinessesNetOfCashAcquired
CY2015 us-gaap Payments To Acquire Businesses Net Of Cash Acquired
PaymentsToAcquireBusinessesNetOfCashAcquired
282000
CY2016 us-gaap Payments To Acquire Property Plant And Equipment
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1594000
CY2015 us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
1028000
CY2016Q4 us-gaap Preferred Stock Par Or Stated Value Per Share
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0.01
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PreferredStockParOrStatedValuePerShare
0.01
CY2016Q4 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
10000000
CY2015Q4 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
10000000
CY2016Q4 us-gaap Preferred Stock Shares Issued
PreferredStockSharesIssued
0
CY2015Q4 us-gaap Preferred Stock Shares Issued
PreferredStockSharesIssued
0
CY2016Q4 us-gaap Preferred Stock Value
PreferredStockValue
CY2015Q4 us-gaap Preferred Stock Value
PreferredStockValue
CY2016Q4 us-gaap Prepaid Expense And Other Assets Current
PrepaidExpenseAndOtherAssetsCurrent
847000
CY2015Q4 us-gaap Prepaid Expense And Other Assets Current
PrepaidExpenseAndOtherAssetsCurrent
191000
CY2016 us-gaap Proceeds From Issuance Of Long Term Debt
ProceedsFromIssuanceOfLongTermDebt
2649000
CY2015 us-gaap Proceeds From Issuance Of Long Term Debt
ProceedsFromIssuanceOfLongTermDebt
CY2016Q4 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
3206000
CY2015Q4 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
2111000
CY2015 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Forfeitures And Expirations In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresAndExpirationsInPeriod
2500
CY2016 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Forfeitures And Expirations In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresAndExpirationsInPeriod
310000
CY2015 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Forfeitures And Expirations In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresAndExpirationsInPeriodWeightedAverageExercisePrice
5.60
CY2016 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Forfeitures And Expirations In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresAndExpirationsInPeriodWeightedAverageExercisePrice
5.40
CY2016Q4 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
-57048000
CY2015Q4 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
-57143000
CY2016 us-gaap Provision For Doubtful Accounts
ProvisionForDoubtfulAccounts
153000
CY2015 us-gaap Provision For Doubtful Accounts
ProvisionForDoubtfulAccounts
172000
CY2016 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Gross
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross
230000
CY2015 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Gross
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross
10000
CY2014Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
302500
CY2015Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
310000
CY2016 us-gaap Revenues
Revenues
82228000
CY2015 us-gaap Revenues
Revenues
83800000
CY2016 us-gaap Sales Revenue Services Net
SalesRevenueServicesNet
82044000
CY2015 us-gaap Sales Revenue Services Net
SalesRevenueServicesNet
83309000
CY2014Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
3.95
CY2015Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
4.01
CY2016Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
6.70
CY2015 us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Grants In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageExercisePrice
5.64
CY2016Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
230000
CY2016 us-gaap Share Based Compensation
ShareBasedCompensation
349000
CY2015 us-gaap Share Based Compensation
ShareBasedCompensation
209000
CY2016Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableNumber
0
us-gaap Treasury Stock Acquired Average Cost Per Share
TreasuryStockAcquiredAverageCostPerShare
4.49
CY2016 us-gaap Treasury Stock Acquired Average Cost Per Share
TreasuryStockAcquiredAverageCostPerShare
6.82
CY2016Q4 us-gaap Treasury Stock Shares
TreasuryStockShares
1090370
CY2015Q4 us-gaap Treasury Stock Shares
TreasuryStockShares
683654
us-gaap Treasury Stock Shares Acquired
TreasuryStockSharesAcquired
1090370
CY2016 us-gaap Treasury Stock Shares Acquired
TreasuryStockSharesAcquired
406716
CY2016 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Fair Value Assumptions Expected Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardFairValueAssumptionsExpectedTerm1
P10Y
CY2016 us-gaap Stock Issued During Period Shares Stock Options Exercised
StockIssuedDuringPeriodSharesStockOptionsExercised
0
CY2015 us-gaap Stock Issued During Period Shares Stock Options Exercised
StockIssuedDuringPeriodSharesStockOptionsExercised
0
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
CY2016Q4 us-gaap Stock Repurchase Program Remaining Number Of Shares Authorized To Be Repurchased
StockRepurchaseProgramRemainingNumberOfSharesAuthorizedToBeRepurchased
409630
CY2014Q4 us-gaap Stockholders Equity
StockholdersEquity
26550000
CY2015Q4 us-gaap Stockholders Equity
StockholdersEquity
27779000
CY2016Q4 us-gaap Stockholders Equity
StockholdersEquity
25410000
CY2016Q4 us-gaap Treasury Stock Value
TreasuryStockValue
4893000
CY2015Q4 us-gaap Treasury Stock Value
TreasuryStockValue
2118000
us-gaap Treasury Stock Value Acquired Cost Method
TreasuryStockValueAcquiredCostMethod
4900000
CY2015 us-gaap Treasury Stock Value Acquired Cost Method
TreasuryStockValueAcquiredCostMethod
475000
CY2016 us-gaap Treasury Stock Value Acquired Cost Method
TreasuryStockValueAcquiredCostMethod
2775000
CY2016 us-gaap Use Of Estimates
UseOfEstimates
<div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><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-style: italic;">Use of Estimates</div></div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0">&nbsp;</div> <div style=" font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0">The preparation of the consolidated financial statements in conformity with GAAP requires management to make estimates that affect the amounts reported in the consolidated financial statements and the accompanying notes.&nbsp;Accounting estimates and assumptions discussed herein are those that management considers to be the most critical to an understanding of the consolidated financial statements because they inherently involve significant judgments and uncertainties.&nbsp;All of these estimates reflect management&#x2019;s judgment about current economic and market conditions and their effects based on information available as of the date of these consolidated financial statements.&nbsp;If such conditions persist longer or deteriorate further than expected, it is reasonably possible that the judgments and estimates could change, which <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> may</div> result in future impairments of assets among other effects.</div></div></div></div></div>
CY2016 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
5686
CY2015 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
5955
CY2016 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
5632
CY2015 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
5852
CY2016Q4 whlm Cash Fscs Insured Amount
CashFSCSInsuredAmount
75000
CY2016Q4 whlm Cash Fscs Insured Amount
CashFSCSInsuredAmount
100
CY2016Q4 whlm Cash Uninsured Amount Fscs
CashUninsuredAmountFSCS
400000
CY2016Q4 whlm Finitelived Intangible Assets Amortization Expense Year Six
FinitelivedIntangibleAssetsAmortizationExpenseYearSix
200000
CY2016 whlm Gain Loss On Revaluation Of Contingent Consideration Payable
GainLossOnRevaluationOfContingentConsiderationPayable
-30000
CY2015 whlm Gain Loss On Revaluation Of Contingent Consideration Payable
GainLossOnRevaluationOfContingentConsiderationPayable
104000
CY2016 whlm Income Tax Rate Reconciliation Permanent And Other Deductions
IncomeTaxRateReconciliationPermanentAndOtherDeductions
94000
CY2015 whlm Income Tax Rate Reconciliation Permanent And Other Deductions
IncomeTaxRateReconciliationPermanentAndOtherDeductions
4000
CY2016Q3 whlm Stock Repurchase Program Additional Shares Authorized
StockRepurchaseProgramAdditionalSharesAuthorized
500000

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