$WHLM
Wilhelmina International Inc

2018 Q2 Form 10-Q Financial Statement

#000117184318005979 Filed on August 10, 2018

View on sec.gov

Income Statement

Concept 2018 Q2 2017 Q2
Revenue $20.60M $18.29M
YoY Change 12.64% -17.89%
Cost Of Revenue $14.91M $12.95M
YoY Change 15.13% -18.86%
Gross Profit $5.691M $5.339M
YoY Change 6.59% -15.44%
Gross Profit Margin 27.63% 29.2%
Selling, General & Admin $4.930M $5.040M
YoY Change -2.18% -3.82%
% of Gross Profit 86.63% 94.4%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $240.0K $220.0K
YoY Change 9.09% 100.0%
% of Gross Profit 4.22% 4.12%
Operating Expenses $5.169M $5.266M
YoY Change -1.84% -1.46%
Operating Profit $522.0K $73.00K
YoY Change 615.07% -92.47%
Interest Expense $9.000K
YoY Change
% of Operating Profit 12.33%
Other Income/Expense, Net -$49.00K -$51.00K
YoY Change -3.92% -210.87%
Pretax Income $473.0K $22.00K
YoY Change 2050.0% -97.83%
Income Tax $109.0K $74.00K
% Of Pretax Income 23.04% 336.36%
Net Earnings $364.0K -$52.00K
YoY Change -800.0% -109.01%
Net Earnings / Revenue 1.77% -0.28%
Basic Earnings Per Share $0.07 -$0.01
Diluted Earnings Per Share $0.07 -$0.01
COMMON SHARES
Basic Shares Outstanding 5.375M 5.382K
Diluted Shares Outstanding 5.375M 5.404K

Balance Sheet

Concept 2018 Q2 2017 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $4.600M $3.300M
YoY Change 39.39% -5.71%
Cash & Equivalents $4.617M $3.319M
Short-Term Investments
Other Short-Term Assets $300.0K $300.0K
YoY Change 0.0% -83.33%
Inventory
Prepaid Expenses
Receivables $15.10M $17.75M
Other Receivables $0.00 $0.00
Total Short-Term Assets $20.03M $21.38M
YoY Change -6.31% -5.21%
LONG-TERM ASSETS
Property, Plant & Equipment $2.806M $3.286M
YoY Change -14.61% 21.52%
Goodwill $13.19M $13.19M
YoY Change 0.0% 0.0%
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $127.0K $115.0K
YoY Change 10.43% -62.54%
Total Long-Term Assets $24.68M $25.23M
YoY Change -2.16% 1.21%
TOTAL ASSETS
Total Short-Term Assets $20.03M $21.38M
Total Long-Term Assets $24.68M $25.23M
Total Assets $44.71M $46.61M
YoY Change -4.07% -1.84%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $4.800M $4.300M
YoY Change 11.63% -6.52%
Accrued Expenses
YoY Change
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due $537.0K $513.0K
YoY Change 4.68%
Total Short-Term Liabilities $15.92M $17.49M
YoY Change -8.97% 6.04%
LONG-TERM LIABILITIES
Long-Term Debt $1.351M $1.888M
YoY Change -28.44%
Other Long-Term Liabilities
YoY Change
Total Long-Term Liabilities $1.935M $3.416M
YoY Change -43.35% 27.51%
TOTAL LIABILITIES
Total Short-Term Liabilities $15.92M $17.49M
Total Long-Term Liabilities $1.935M $3.416M
Total Liabilities $17.86M $20.91M
YoY Change -14.59% 9.04%
SHAREHOLDERS EQUITY
Retained Earnings -$56.30M -$57.09M
YoY Change -1.39% 0.71%
Common Stock $88.15M $87.67M
YoY Change 0.55% 0.52%
Preferred Stock
YoY Change
Treasury Stock (at cost) $4.975M $4.893M
YoY Change 1.68% 126.21%
Treasury Stock Shares $1.103M $1.090M
Shareholders Equity $26.85M $25.70M
YoY Change
Total Liabilities & Shareholders Equity $44.71M $46.61M
YoY Change -4.07% -1.84%

Cashflow Statement

Concept 2018 Q2 2017 Q2
OPERATING ACTIVITIES
Net Income $364.0K -$52.00K
YoY Change -800.0% -109.01%
Depreciation, Depletion And Amortization $240.0K $220.0K
YoY Change 9.09% 100.0%
Cash From Operating Activities $1.350M -$250.0K
YoY Change -640.0% -125.0%
INVESTING ACTIVITIES
Capital Expenditures -$40.00K -$230.0K
YoY Change -82.61% -41.03%
Acquisitions
YoY Change
Other Investing Activities
YoY Change
Cash From Investing Activities -$40.00K -$230.0K
YoY Change -82.61% -41.03%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -170.0K -130.0K
YoY Change 30.77%
NET CHANGE
Cash From Operating Activities 1.350M -250.0K
Cash From Investing Activities -40.00K -230.0K
Cash From Financing Activities -170.0K -130.0K
Net Change In Cash 1.140M -610.0K
YoY Change -286.89% -200.0%
FREE CASH FLOW
Cash From Operating Activities $1.350M -$250.0K
Capital Expenditures -$40.00K -$230.0K
Free Cash Flow $1.390M -$20.00K
YoY Change -7050.0% -101.44%

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 "Wilhelmina" or the "Company") 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, 2017.&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 internationally. 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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235000
us-gaap Other Cost And Expense Operating
OtherCostAndExpenseOperating
597000
us-gaap Other Cost And Expense Operating
OtherCostAndExpenseOperating
581000
us-gaap Payments For Repurchase Of Common Stock
PaymentsForRepurchaseOfCommonStock
82000
us-gaap Payments For Repurchase Of Common Stock
PaymentsForRepurchaseOfCommonStock
us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
204000
us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
478000
CY2018Q2 us-gaap Prepaid Expense And Other Assets Current
PrepaidExpenseAndOtherAssetsCurrent
319000
CY2017Q4 us-gaap Prepaid Expense And Other Assets Current
PrepaidExpenseAndOtherAssetsCurrent
180000
CY2018Q2 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
2806000
CY2017Q4 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
3039000
us-gaap Provision For Doubtful Accounts
ProvisionForDoubtfulAccounts
75000
us-gaap Provision For Doubtful Accounts
ProvisionForDoubtfulAccounts
79000
us-gaap Repayments Of Long Term Debt
RepaymentsOfLongTermDebt
259000
us-gaap Repayments Of Long Term Debt
RepaymentsOfLongTermDebt
248000
CY2018Q2 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
-56296000
CY2017Q4 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
-56885000
CY2018Q2 us-gaap Revenue From Contract With Customer Including Assessed Tax
RevenueFromContractWithCustomerIncludingAssessedTax
20596000
CY2017Q2 us-gaap Revenue From Contract With Customer Including Assessed Tax
RevenueFromContractWithCustomerIncludingAssessedTax
18285000
us-gaap Revenue From Contract With Customer Including Assessed Tax
RevenueFromContractWithCustomerIncludingAssessedTax
40312000
us-gaap Revenue From Contract With Customer Including Assessed Tax
RevenueFromContractWithCustomerIncludingAssessedTax
37436000
us-gaap Share Based Compensation
ShareBasedCompensation
196000
us-gaap Share Based Compensation
ShareBasedCompensation
267000
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
CY2018Q2 us-gaap Stockholders Equity
StockholdersEquity
26854000
CY2017Q4 us-gaap Stockholders Equity
StockholdersEquity
26183000
us-gaap Treasury Stock Acquired Average Cost Per Share
TreasuryStockAcquiredAverageCostPerShare
4.51
CY2018Q2 us-gaap Treasury Stock Shares
TreasuryStockShares
1102508
CY2017Q4 us-gaap Treasury Stock Shares
TreasuryStockShares
1090370
us-gaap Treasury Stock Shares Acquired
TreasuryStockSharesAcquired
12138
CY2018Q2 us-gaap Treasury Stock Value
TreasuryStockValue
4975000
CY2017Q4 us-gaap Treasury Stock Value
TreasuryStockValue
4893000
us-gaap Treasury Stock Value Acquired Cost Method
TreasuryStockValueAcquiredCostMethod
5000000
CY2018Q2 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
5375
CY2017Q2 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
5404
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
5378
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
5404
CY2018Q2 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
5375
CY2017Q2 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
5382
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
5378
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
5382
CY2016Q3 whlm Stock Repurchase Program Additional Shares Authorized
StockRepurchaseProgramAdditionalSharesAuthorized
500000

Files In Submission

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0001171843-18-005979-index-headers.html Edgar Link pending
0001171843-18-005979-index.html Edgar Link pending
0001171843-18-005979.txt Edgar Link pending
0001171843-18-005979-xbrl.zip Edgar Link pending
exh_311.htm Edgar Link pending
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f10q_081018p.htm Edgar Link pending
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Financial_Report.xlsx Edgar Link pending
R1.htm Edgar Link pending
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whlm-20180630.xml Edgar Link completed
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whlm-20180630_def.xml Edgar Link unprocessable
whlm-20180630_lab.xml Edgar Link unprocessable
whlm-20180630_pre.xml Edgar Link unprocessable