$WHLM
Wilhelmina International Inc

2017 Q2 Form 10-Q Financial Statement

#000117184317004947 Filed on August 10, 2017

View on sec.gov

Income Statement

Concept 2017 Q2 2016 Q2
Revenue $18.29M $22.27M
YoY Change -17.89% 2.76%
Cost Of Revenue $12.95M $15.96M
YoY Change -18.86% 1.99%
Gross Profit $5.339M $6.314M
YoY Change -15.44% 4.76%
Gross Profit Margin 29.2% 28.35%
Selling, General & Admin $5.040M $5.240M
YoY Change -3.82% 1.75%
% of Gross Profit 94.4% 82.99%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $220.0K $110.0K
YoY Change 100.0% -12.0%
% of Gross Profit 4.12% 1.74%
Operating Expenses $5.266M $5.344M
YoY Change -1.46% 1.4%
Operating Profit $73.00K $970.0K
YoY Change -92.47% 28.14%
Interest Expense $9.000K
YoY Change
% of Operating Profit 12.33%
Other Income/Expense, Net -$51.00K $46.00K
YoY Change -210.87% -483.33%
Pretax Income $22.00K $1.016M
YoY Change -97.83% 36.38%
Income Tax $74.00K $439.0K
% Of Pretax Income 336.36% 43.21%
Net Earnings -$52.00K $577.0K
YoY Change -109.01% 54.69%
Net Earnings / Revenue -0.28% 2.59%
Basic Earnings Per Share -$0.01 $0.10
Diluted Earnings Per Share -$0.01 $0.10
COMMON SHARES
Basic Shares Outstanding 5.382K 5.845K
Diluted Shares Outstanding 5.404K 5.857K

Balance Sheet

Concept 2017 Q2 2016 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $3.300M $3.500M
YoY Change -5.71% 12.9%
Cash & Equivalents $3.319M $3.476M
Short-Term Investments
Other Short-Term Assets $300.0K $1.800M
YoY Change -83.33% -21.74%
Inventory
Prepaid Expenses
Receivables $17.75M $17.34M
Other Receivables $0.00 $0.00
Total Short-Term Assets $21.38M $22.56M
YoY Change -5.21% 5.05%
LONG-TERM ASSETS
Property, Plant & Equipment $3.286M $2.704M
YoY Change 21.52% 58.41%
Goodwill $13.19M $13.19M
YoY Change 0.0% 0.0%
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $115.0K $307.0K
YoY Change -62.54% 61.58%
Total Long-Term Assets $25.23M $24.93M
YoY Change 1.21% 4.14%
TOTAL ASSETS
Total Short-Term Assets $21.38M $22.56M
Total Long-Term Assets $25.23M $24.93M
Total Assets $46.61M $47.48M
YoY Change -1.84% 4.57%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $4.300M $4.600M
YoY Change -6.52% 6.98%
Accrued Expenses
YoY Change
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due $513.0K
YoY Change
Total Short-Term Liabilities $17.49M $16.50M
YoY Change 6.04% 8.28%
LONG-TERM LIABILITIES
Long-Term Debt $1.888M $0.00
YoY Change
Other Long-Term Liabilities $0.00
YoY Change -100.0%
Total Long-Term Liabilities $3.416M $2.679M
YoY Change 27.51% -6.2%
TOTAL LIABILITIES
Total Short-Term Liabilities $17.49M $16.50M
Total Long-Term Liabilities $3.416M $2.679M
Total Liabilities $20.91M $19.18M
YoY Change 9.04% 5.99%
SHAREHOLDERS EQUITY
Retained Earnings -$57.09M -$56.69M
YoY Change 0.71% -2.1%
Common Stock $87.67M $87.21M
YoY Change 0.52% 0.3%
Preferred Stock
YoY Change
Treasury Stock (at cost) $4.893M $2.163M
YoY Change 126.21% 24.31%
Treasury Stock Shares $1.090M $690.4K
Shareholders Equity $25.70M $28.31M
YoY Change
Total Liabilities & Shareholders Equity $46.61M $47.48M
YoY Change -1.84% 4.57%

Cashflow Statement

Concept 2017 Q2 2016 Q2
OPERATING ACTIVITIES
Net Income -$52.00K $577.0K
YoY Change -109.01% 54.69%
Depreciation, Depletion And Amortization $220.0K $110.0K
YoY Change 100.0% -12.0%
Cash From Operating Activities -$250.0K $1.000M
YoY Change -125.0% -412.5%
INVESTING ACTIVITIES
Capital Expenditures -$230.0K -$390.0K
YoY Change -41.03% 21.88%
Acquisitions
YoY Change
Other Investing Activities $0.00
YoY Change
Cash From Investing Activities -$230.0K -$390.0K
YoY Change -41.03% 21.88%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -130.0K 0.000
YoY Change -100.0%
NET CHANGE
Cash From Operating Activities -250.0K 1.000M
Cash From Investing Activities -230.0K -390.0K
Cash From Financing Activities -130.0K 0.000
Net Change In Cash -610.0K 610.0K
YoY Change -200.0% -191.04%
FREE CASH FLOW
Cash From Operating Activities -$250.0K $1.000M
Capital Expenditures -$230.0K -$390.0K
Free Cash Flow -$20.00K $1.390M
YoY Change -101.44% -1194000908288000000.0%

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 <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">1.</div>&nbsp;&nbsp;Basis of Presentation</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 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;&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 <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">not</div> 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;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 <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">10</div>-K for the fiscal year ended <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> December 31, 2016.&nbsp;</div>Results of operations for the interim periods are <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">not</div> necessarily indicative of results that <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> may </div>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 <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2.</div>&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 <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>
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20000
CY2016Q2 us-gaap Other Comprehensive Income Loss Foreign Currency Transaction And Translation Adjustment Net Of Tax
OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax
-23000
us-gaap Other Comprehensive Income Loss Foreign Currency Transaction And Translation Adjustment Net Of Tax
OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax
65000
us-gaap Other Comprehensive Income Loss Foreign Currency Transaction And Translation Adjustment Net Of Tax
OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax
-38000
CY2017Q2 us-gaap Other Cost And Expense Operating
OtherCostAndExpenseOperating
235000
CY2016Q2 us-gaap Other Cost And Expense Operating
OtherCostAndExpenseOperating
283000
us-gaap Other Cost And Expense Operating
OtherCostAndExpenseOperating
581000
us-gaap Other Cost And Expense Operating
OtherCostAndExpenseOperating
576000
us-gaap Payments For Repurchase Of Common Stock
PaymentsForRepurchaseOfCommonStock
us-gaap Payments For Repurchase Of Common Stock
PaymentsForRepurchaseOfCommonStock
45000
us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
478000
us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
751000
CY2017Q2 us-gaap Preferred Stock Par Or Stated Value Per Share
PreferredStockParOrStatedValuePerShare
0.01
CY2016Q4 us-gaap Preferred Stock Par Or Stated Value Per Share
PreferredStockParOrStatedValuePerShare
0.01
CY2017Q2 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
10000000
CY2016Q4 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
10000000
CY2017Q2 us-gaap Preferred Stock Shares Issued
PreferredStockSharesIssued
0
CY2016Q4 us-gaap Preferred Stock Shares Issued
PreferredStockSharesIssued
0
CY2017Q2 us-gaap Preferred Stock Value
PreferredStockValue
CY2016Q4 us-gaap Preferred Stock Value
PreferredStockValue
CY2017Q2 us-gaap Prepaid Expense And Other Assets Current
PrepaidExpenseAndOtherAssetsCurrent
315000
CY2016Q4 us-gaap Prepaid Expense And Other Assets Current
PrepaidExpenseAndOtherAssetsCurrent
847000
CY2017Q2 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
3286000
CY2016Q4 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
3206000
us-gaap Provision For Doubtful Accounts
ProvisionForDoubtfulAccounts
79000
us-gaap Provision For Doubtful Accounts
ProvisionForDoubtfulAccounts
20000
us-gaap Repayments Of Long Term Debt
RepaymentsOfLongTermDebt
248000
us-gaap Repayments Of Long Term Debt
RepaymentsOfLongTermDebt
CY2017Q2 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
-57091000
CY2016Q4 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
-57048000
CY2017Q2 us-gaap Revenues
Revenues
18285000
CY2016Q2 us-gaap Revenues
Revenues
22269000
us-gaap Revenues
Revenues
37436000
us-gaap Revenues
Revenues
43686000
CY2017Q2 us-gaap Sales Revenue Services Net
SalesRevenueServicesNet
18285000
CY2016Q2 us-gaap Sales Revenue Services Net
SalesRevenueServicesNet
22242000
us-gaap Sales Revenue Services Net
SalesRevenueServicesNet
37408000
us-gaap Sales Revenue Services Net
SalesRevenueServicesNet
43632000
us-gaap Share Based Compensation
ShareBasedCompensation
267000
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
CY2017Q2 us-gaap Stockholders Equity
StockholdersEquity
25699000
CY2016Q4 us-gaap Stockholders Equity
StockholdersEquity
25410000
us-gaap Treasury Stock Acquired Average Cost Per Share
TreasuryStockAcquiredAverageCostPerShare
4.49
CY2017Q2 us-gaap Treasury Stock Shares
TreasuryStockShares
1090370
CY2016Q4 us-gaap Treasury Stock Shares
TreasuryStockShares
1090370
us-gaap Treasury Stock Shares Acquired
TreasuryStockSharesAcquired
1090370
us-gaap Treasury Stock Shares Acquired
TreasuryStockSharesAcquired
0
CY2017Q2 us-gaap Treasury Stock Value
TreasuryStockValue
4893000
CY2016Q4 us-gaap Treasury Stock Value
TreasuryStockValue
4893000
us-gaap Treasury Stock Value Acquired Cost Method
TreasuryStockValueAcquiredCostMethod
4900000
CY2017Q2 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
5404
CY2016Q2 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
5857
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
5404
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
5857
CY2017Q2 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
5382
CY2016Q2 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
5845
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
5382
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
5844
CY2016Q3 whlm Stock Repurchase Program Additional Shares Authorized
StockRepurchaseProgramAdditionalSharesAuthorized
500000

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whlm-20170630.xsd Edgar Link pending
whlm-20170630_cal.xml Edgar Link unprocessable
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whlm-20170630_pre.xml Edgar Link unprocessable