$WHLM
Wilhelmina International Inc

2017 Q3 Form 10-Q Financial Statement

#000117184317006841 Filed on November 09, 2017

View on sec.gov

Income Statement

Concept 2017 Q3 2016 Q3
Revenue $18.72M $20.91M
YoY Change -10.47% -4.23%
Cost Of Revenue $13.27M $14.89M
YoY Change -10.9% -3.34%
Gross Profit $5.453M $6.020M
YoY Change -9.42% -6.38%
Gross Profit Margin 29.13% 28.79%
Selling, General & Admin $5.080M $5.280M
YoY Change -3.79% 4.76%
% of Gross Profit 93.16% 87.71%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $230.0K $90.00K
YoY Change 155.56% -18.18%
% of Gross Profit 4.22% 1.5%
Operating Expenses $5.315M $5.370M
YoY Change -1.02% 4.23%
Operating Profit $138.0K $650.0K
YoY Change -78.77% -49.14%
Interest Expense $2.000K $21.00K
YoY Change -90.48%
% of Operating Profit 1.45% 3.23%
Other Income/Expense, Net -$51.00K -$45.00K
YoY Change 13.33% 87.5%
Pretax Income $87.00K $605.0K
YoY Change -85.62% -51.75%
Income Tax $61.00K $378.0K
% Of Pretax Income 70.11% 62.48%
Net Earnings $26.00K $227.0K
YoY Change -88.55% -65.97%
Net Earnings / Revenue 0.14% 1.09%
Basic Earnings Per Share $0.00 $0.04
Diluted Earnings Per Share $0.00 $0.04
COMMON SHARES
Basic Shares Outstanding 5.382M 5.586K
Diluted Shares Outstanding 5.382M 5.637K

Balance Sheet

Concept 2017 Q3 2016 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $2.600M $3.700M
YoY Change -29.73% 76.19%
Cash & Equivalents $2.640M $3.678M
Short-Term Investments
Other Short-Term Assets $300.0K $1.900M
YoY Change -84.21% -9.52%
Inventory
Prepaid Expenses
Receivables $16.54M $17.98M
Other Receivables $0.00 $0.00
Total Short-Term Assets $19.47M $23.57M
YoY Change -17.38% 9.39%
LONG-TERM ASSETS
Property, Plant & Equipment $3.197M $3.006M
YoY Change 6.35% 61.44%
Goodwill $13.19M $13.19M
YoY Change 0.0% 0.0%
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $115.0K $297.0K
YoY Change -61.28% -17.96%
Total Long-Term Assets $25.12M $25.20M
YoY Change -0.31% 4.04%
TOTAL ASSETS
Total Short-Term Assets $19.47M $23.57M
Total Long-Term Assets $25.12M $25.20M
Total Assets $44.59M $48.76M
YoY Change -8.56% 6.56%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $3.900M $4.800M
YoY Change -18.75% 26.32%
Accrued Expenses
YoY Change
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due $519.0K $500.0K
YoY Change 3.8%
Total Short-Term Liabilities $15.41M $17.72M
YoY Change -13.02% 18.49%
LONG-TERM LIABILITIES
Long-Term Debt $1.756M $2.230M
YoY Change -21.26%
Other Long-Term Liabilities $0.00
YoY Change -100.0%
Total Long-Term Liabilities $3.288M $5.159M
YoY Change -36.27% 65.25%
TOTAL LIABILITIES
Total Short-Term Liabilities $15.41M $17.72M
Total Long-Term Liabilities $3.288M $5.159M
Total Liabilities $18.70M $22.88M
YoY Change -18.26% 26.57%
SHAREHOLDERS EQUITY
Retained Earnings -$57.07M -$56.46M
YoY Change 1.07% -1.35%
Common Stock $87.81M $87.31M
YoY Change 0.58% 0.33%
Preferred Stock
YoY Change
Treasury Stock (at cost) $4.893M $4.893M
YoY Change 0.0% 134.11%
Treasury Stock Shares $1.090M $1.090M
Shareholders Equity $25.89M $25.89M
YoY Change
Total Liabilities & Shareholders Equity $44.59M $48.76M
YoY Change -8.56% 6.56%

Cashflow Statement

Concept 2017 Q3 2016 Q3
OPERATING ACTIVITIES
Net Income $26.00K $227.0K
YoY Change -88.55% -65.97%
Depreciation, Depletion And Amortization $230.0K $90.00K
YoY Change 155.56% -18.18%
Cash From Operating Activities -$450.0K $590.0K
YoY Change -176.27% -259.46%
INVESTING ACTIVITIES
Capital Expenditures -$120.0K -$370.0K
YoY Change -67.57% 68.18%
Acquisitions
YoY Change
Other Investing Activities $0.00
YoY Change
Cash From Investing Activities -$120.0K -$370.0K
YoY Change -67.57% 68.18%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -120.0K 0.000
YoY Change -100.0%
NET CHANGE
Cash From Operating Activities -450.0K 590.0K
Cash From Investing Activities -120.0K -370.0K
Cash From Financing Activities -120.0K 0.000
Net Change In Cash -690.0K 220.0K
YoY Change -413.64% -123.4%
FREE CASH FLOW
Cash From Operating Activities -$450.0K $590.0K
Capital Expenditures -$120.0K -$370.0K
Free Cash Flow -$330.0K $960.0K
YoY Change -134.38% -740.0%

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 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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us-gaap Other Comprehensive Income Loss Foreign Currency Transaction And Translation Adjustment Net Of Tax
OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax
-50000
CY2017Q3 us-gaap Other Cost And Expense Operating
OtherCostAndExpenseOperating
236000
CY2016Q3 us-gaap Other Cost And Expense Operating
OtherCostAndExpenseOperating
192000
us-gaap Other Cost And Expense Operating
OtherCostAndExpenseOperating
817000
us-gaap Other Cost And Expense Operating
OtherCostAndExpenseOperating
768000
us-gaap Payments For Repurchase Of Common Stock
PaymentsForRepurchaseOfCommonStock
us-gaap Payments For Repurchase Of Common Stock
PaymentsForRepurchaseOfCommonStock
2775000
us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
600000
us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
1118000
CY2017Q3 us-gaap Prepaid Expense And Other Assets Current
PrepaidExpenseAndOtherAssetsCurrent
287000
CY2016Q4 us-gaap Prepaid Expense And Other Assets Current
PrepaidExpenseAndOtherAssetsCurrent
847000
us-gaap Proceeds From Issuance Of Long Term Debt
ProceedsFromIssuanceOfLongTermDebt
us-gaap Proceeds From Issuance Of Long Term Debt
ProceedsFromIssuanceOfLongTermDebt
2730000
CY2017Q3 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
3197000
CY2016Q4 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
3206000
us-gaap Provision For Doubtful Accounts
ProvisionForDoubtfulAccounts
128000
us-gaap Provision For Doubtful Accounts
ProvisionForDoubtfulAccounts
40000
us-gaap Repayments Of Long Term Debt
RepaymentsOfLongTermDebt
374000
us-gaap Repayments Of Long Term Debt
RepaymentsOfLongTermDebt
CY2017Q3 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
-57065000
CY2016Q4 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
-57048000
CY2017Q3 us-gaap Revenues
Revenues
18718000
CY2016Q3 us-gaap Revenues
Revenues
20908000
us-gaap Revenues
Revenues
56154000
us-gaap Revenues
Revenues
64594000
CY2017Q3 us-gaap Sales Revenue Services Net
SalesRevenueServicesNet
18712000
CY2016Q3 us-gaap Sales Revenue Services Net
SalesRevenueServicesNet
20880000
us-gaap Sales Revenue Services Net
SalesRevenueServicesNet
56120000
us-gaap Sales Revenue Services Net
SalesRevenueServicesNet
64512000
us-gaap Share Based Compensation
ShareBasedCompensation
412000
us-gaap Share Based Compensation
ShareBasedCompensation
253000
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
CY2017Q3 us-gaap Stockholders Equity
StockholdersEquity
25890000
CY2016Q4 us-gaap Stockholders Equity
StockholdersEquity
25410000
us-gaap Treasury Stock Acquired Average Cost Per Share
TreasuryStockAcquiredAverageCostPerShare
4.49
CY2017Q3 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
CY2017Q3 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
CY2017Q3 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
5382
CY2016Q3 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
5637
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
5382
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
5768
CY2017Q3 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
5382
CY2016Q3 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
5586
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
5382
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
5716
CY2017Q3 whlm Gain Loss On Revaluation Of Contingent Consideration Payable
GainLossOnRevaluationOfContingentConsiderationPayable
CY2016Q3 whlm Gain Loss On Revaluation Of Contingent Consideration Payable
GainLossOnRevaluationOfContingentConsiderationPayable
-30000
whlm Gain Loss On Revaluation Of Contingent Consideration Payable
GainLossOnRevaluationOfContingentConsiderationPayable
whlm Gain Loss On Revaluation Of Contingent Consideration Payable
GainLossOnRevaluationOfContingentConsiderationPayable
-30000
CY2016Q3 whlm Stock Repurchase Program Additional Shares Authorized
StockRepurchaseProgramAdditionalSharesAuthorized
500000

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