$WHLM
Wilhelmina International, Inc.

2020 Q2 Form 10-Q Financial Statement

#000117184320005843 Filed on August 12, 2020

View on sec.gov

Income Statement

Concept 2020 Q2 2019 Q2
Revenue $4.528M $19.95M
YoY Change -77.3% -3.16%
Cost Of Revenue $3.397M $14.16M
YoY Change -76.0% -5.03%
Gross Profit $1.131M $5.789M
YoY Change -80.46% 1.72%
Gross Profit Margin 24.98% 29.02%
Selling, General & Admin $3.970M $4.870M
YoY Change -18.48% -1.22%
% of Gross Profit 351.02% 84.13%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $300.0K $300.0K
YoY Change 0.0% 25.0%
% of Gross Profit 26.53% 5.18%
Operating Expenses $4.271M $5.169M
YoY Change -17.37% 0.0%
Operating Profit -$3.140M $620.0K
YoY Change -606.45% 18.77%
Interest Expense $23.00K $30.00K
YoY Change -23.33%
% of Operating Profit 4.84%
Other Income/Expense, Net -$37.00K -$18.00K
YoY Change 105.56% -63.27%
Pretax Income -$3.177M $602.0K
YoY Change -627.74% 27.27%
Income Tax -$477.0K $151.0K
% Of Pretax Income 25.08%
Net Earnings -$2.700M $451.0K
YoY Change -698.67% 23.9%
Net Earnings / Revenue -59.63% 2.26%
Basic Earnings Per Share -$0.52 $0.09
Diluted Earnings Per Share -$0.52 $0.09
COMMON SHARES
Basic Shares Outstanding 5.157K 5.187K
Diluted Shares Outstanding 5.157K 5.187K

Balance Sheet

Concept 2020 Q2 2019 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $5.600M $6.000M
YoY Change -6.67% 30.43%
Cash & Equivalents $5.601M $6.003M
Short-Term Investments
Other Short-Term Assets $200.0K $300.0K
YoY Change -33.33% 0.0%
Inventory
Prepaid Expenses
Receivables $4.899M $12.84M
Other Receivables $0.00 $0.00
Total Short-Term Assets $10.71M $19.15M
YoY Change -44.05% -4.41%
LONG-TERM ASSETS
Property, Plant & Equipment $1.470M $2.266M
YoY Change -35.13% -19.24%
Goodwill $7.547M $13.19M
YoY Change -42.79% 0.0%
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $96.00K $114.0K
YoY Change -15.79% -10.24%
Total Long-Term Assets $18.59M $26.09M
YoY Change -28.74% 5.71%
TOTAL ASSETS
Total Short-Term Assets $10.71M $19.15M
Total Long-Term Assets $18.59M $26.09M
Total Assets $29.31M $45.24M
YoY Change -35.22% 1.17%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $3.000M $4.400M
YoY Change -31.82% -8.33%
Accrued Expenses $800.0K $1.100M
YoY Change -27.27%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due $1.852M $726.0K
YoY Change 155.1% 35.2%
Total Short-Term Liabilities $10.27M $15.61M
YoY Change -34.23% -1.95%
LONG-TERM LIABILITIES
Long-Term Debt $1.749M $1.625M
YoY Change 7.63% 20.28%
Other Long-Term Liabilities $0.00 $900.0K
YoY Change -100.0%
Total Long-Term Liabilities $3.274M $3.266M
YoY Change 0.24% 68.79%
TOTAL LIABILITIES
Total Short-Term Liabilities $10.27M $15.61M
Total Long-Term Liabilities $3.274M $3.266M
Total Liabilities $13.54M $18.88M
YoY Change -28.27% 5.71%
SHAREHOLDERS EQUITY
Retained Earnings -$66.18M -$55.69M
YoY Change 18.83% -1.08%
Common Stock $88.55M $88.44M
YoY Change 0.12% 0.32%
Preferred Stock
YoY Change
Treasury Stock (at cost) $6.371M $6.266M
YoY Change 1.68% 25.95%
Treasury Stock Shares $1.315M $1.293M
Shareholders Equity $15.76M $26.36M
YoY Change
Total Liabilities & Shareholders Equity $29.31M $45.24M
YoY Change -35.22% 1.17%

Cashflow Statement

Concept 2020 Q2 2019 Q2
OPERATING ACTIVITIES
Net Income -$2.700M $451.0K
YoY Change -698.67% 23.9%
Depreciation, Depletion And Amortization $300.0K $300.0K
YoY Change 0.0% 25.0%
Cash From Operating Activities -$1.430M $220.0K
YoY Change -750.0% -83.7%
INVESTING ACTIVITIES
Capital Expenditures -$30.00K -$110.0K
YoY Change -72.73% 175.0%
Acquisitions
YoY Change
Other Investing Activities
YoY Change
Cash From Investing Activities -$30.00K -$110.0K
YoY Change -72.73% 175.0%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 1.770M -310.0K
YoY Change -670.97% 82.35%
NET CHANGE
Cash From Operating Activities -1.430M 220.0K
Cash From Investing Activities -30.00K -110.0K
Cash From Financing Activities 1.770M -310.0K
Net Change In Cash 310.0K -200.0K
YoY Change -255.0% -117.54%
FREE CASH FLOW
Cash From Operating Activities -$1.430M $220.0K
Capital Expenditures -$30.00K -$110.0K
Free Cash Flow -$1.400M $330.0K
YoY Change -524.24% -76.26%

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: inherit;">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's predecessor was founded in <div style="display: inline; font-style: italic; font: inherit;">1967</div> by Wilhelmina Cooper, a renowned fashion model, and became <div style="display: inline; font-style: italic; font: inherit;">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 style=" font-size: 10pt; text-align: justify; margin: 0pt 0">&nbsp;</div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0; background-color: white"><div style="display: inline; font-weight: bold;">COVID-<div style="display: inline; font-style: italic; font: inherit;">19</div> Pandemic</div></div> <div style=" font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0; background-color: white">&nbsp;</div> <div style=" font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0; background-color: white"></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white">On <div style="display: inline; font-style: italic; font: inherit;"> March 11, 2020, </div>the World Health Organization declared the outbreak of novel coronavirus (COVID-<div style="display: inline; font-style: italic; font: inherit;">19</div>) as a pandemic, which has spread rapidly throughout the United States and the world. The Company's revenues are heavily dependent on the level of economic activity in the United States and the United Kingdom, particularly in the fashion, advertising and publishing industries, all of which have been negatively impacted by the pandemic and <div style="display: inline; font-style: italic; font: inherit;"> may </div><div style="display: inline; font-style: italic; font: inherit;">not</div> recover as quickly as other sectors of the economy. There have been mandates from federal, state, and local authorities requiring forced closures of non-essential businesses. As a result, beginning in <div style="display: inline; font-style: italic; font: inherit;"> March 2020, </div>the Company has seen a significant reduction in customer bookings, resulting in a negative impact to revenue and earnings. In <div style="display: inline; font-style: italic; font: inherit;"> June 2020, </div>bookings increased from the preceding <div style="display: inline; font-style: italic; font: inherit;">two</div> months, but remained significantly below pre-pandemic levels.</div> <div style=" font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0; background-color: white">&nbsp;</div> <div style=" font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0; background-color: white">In addition to reduced revenue, business operations have been adversely affected by reductions in productivity, limitations on the ability of customers to make timely payments, disruptions in talents' ability to travel to needed locations, and supply chain disruptions impeding clothing or footwear wardrobe from reaching destinations for photoshoots and other bookings. Many of the Company's customers are large retail and fashion companies, which have had to close stores in the United States and internationally due to orders from local authorities to help slow the spread of COVID-<div style="display: inline; font-style: italic; font: inherit;">19.</div> Some of these customers <div style="display: inline; font-style: italic; font: inherit;"> may </div>be unable to pay amounts already owed to the Company, resulting in increased future bad debt expense. These customers also <div style="display: inline; font-style: italic; font: inherit;"> may </div><div style="display: inline; font-style: italic; font: inherit;">not</div> emerge from the pandemic with the financial capability, or need, to purchase Wilhelmina's services to the extent that they did in previous years. Some of our model talent have been quarantined with family far from the major cities where Wilhelmina's offices are located, and also away from where most modeling jobs take place. Many U.S. and international airlines have decreased their flight schedules which, once economic activities resume and clients increase booking requests, <div style="display: inline; font-style: italic; font: inherit;"> may </div>make it difficult for our talent to be available when and where they are needed. While these disruptions are currently expected to be temporary, there continues to be uncertainty around the duration.</div> <div style=" font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0; background-color: white">&nbsp;</div> <div style=" font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0; background-color: white">Postponed and cancelled bookings related to the pandemic contributed significantly to reduced revenues and increased operating losses during the <div style="display: inline; font-style: italic; font: inherit;">first</div> <div style="display: inline; font-style: italic; font: inherit;">six</div> months of <div style="display: inline; font-style: italic; font: inherit;">2020.</div> Although some clients increased activity and bookings toward the end of the <div style="display: inline; font-style: italic; font: inherit;">second</div> quarter of <div style="display: inline; font-style: italic; font: inherit;">2020,</div> rising COVID-<div style="display: inline; font-style: italic; font: inherit;">19</div> infection rates in <div style="display: inline; font-style: italic; font: inherit;">two</div> of Wilhelmina's biggest cities, Los Angeles and Miami, could lead to a slower economic recovery in those markets, and possible additional business closings or local mandates that could slow the recovery in our operations there. Since Wilhelmina extends customary payment terms to its clients, even when bookings resume there is likely to be a lag before significant cash collections return. In the meantime, the Company has continued to have significant employee, office rent, and other expenses.</div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0; background-color: white">&nbsp;</div> <div style=" margin: 0pt 0; font-size: 10pt; text-align: justify; background-color: white"></div> <!-- Field: Page; Sequence: 7 --> <!-- Field: /Page --> <div style=" margin: 0pt 0; font-size: 10pt; text-align: justify; background-color: white"></div> <div style=" font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0; background-color: white">Reduced outstanding accounts receivable available as collateral under the Company's credit agreement with Amegy Bank has limited access to additional financing. Net losses in recent periods have also impacted compliance with the financial covenants under the Amegy Bank credit agreement, further impeding the Company's ability to obtain additional financing.. Since the pandemic began, many stock markets, including Nasdaq Capital Market where Wilhelmina's common stock is listed, have been volatile. A further decline in the Company's stock price would reduce our market capitalization and could require additional goodwill or intangible asset impairment writedowns.</div> <div style=" font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0; background-color: white">&nbsp;</div> <div style=" font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0; background-color: white">The Company has taken the following actions to address the impact of COVID-<div style="display: inline; font-style: italic; font: inherit;">19</div> and the current recessionary environment, in order to efficiently manage the business and maintain adequate liquidity and maximum flexibility:</div> <div style=" font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0; background-color: white">&nbsp;</div> <table cellspacing="0" cellpadding="0" style="; background-color: white; font-size: 10pt; min-width: 700px;"> <tr style="vertical-align: top"> <td style="width: 48px">&nbsp;</td> <td style="width: 24px"><div style="display: inline; font-size: 10pt">-</div></td> <td style="text-align: justify"><div style="display: inline; font-size: 10pt">In <div style="display: inline; font-style: italic; font: inherit;"> April 2020, </div>obtained approximately <div style="display: inline; font-style: italic; font: inherit;">$2.0</div> million in loans under the Paycheck Protection Program (the &#x201c;PPP&#x201d;) of the Coronavirus Aid, Relief, and Economic Security Act (the &#x201c;CARES Act&#x201d;) administered by the U.S. Small Business Administration (&#x201c;SBA&#x201d;).</div></td> </tr> </table> <div style=" font-size: 10pt; margin: 0pt 0">&nbsp;</div> <div style=" font-size: 10pt; margin: 0pt 0"></div> <table cellspacing="0" cellpadding="0" style="; background-color: white; font-size: 10pt; min-width: 700px;"> <tr style="vertical-align: top"> <td style="width: 48px">&nbsp;</td> <td style="width: 24px"><div style="display: inline; font-size: 10pt">-</div></td> <td style="text-align: justify"><div style="display: inline; font-size: 10pt">Eliminated all discretionary travel and entertainment expenses.</div></td> </tr> </table> <div style=" font-size: 10pt; margin: 0pt 0">&nbsp;</div> <table cellspacing="0" cellpadding="0" style="; background-color: white; font-size: 10pt; min-width: 700px;"> <tr style="vertical-align: top"> <td style="width: 48px">&nbsp;</td> <td style="width: 24px"><div style="display: inline; font-size: 10pt">-</div></td> <td style="text-align: justify"><div style="display: inline; font-size: 10pt">Suspended share repurchases.</div></td> </tr> </table> <div style=" font-size: 10pt; margin: 0pt 0">&nbsp;</div> <table cellspacing="0" cellpadding="0" style="; background-color: white; font-size: 10pt; min-width: 700px;"> <tr style="vertical-align: top"> <td style="width: 48px">&nbsp;</td> <td style="width: 24px"><div style="display: inline; font-size: 10pt">-</div></td> <td style="text-align: justify"><div style="display: inline; font-size: 10pt">Did <div style="display: inline; font-style: italic; font: inherit;">not</div> renew the leases on <div style="display: inline; font-style: italic; font: inherit;">two</div> New York City model apartments when the terms ended in <div style="display: inline; font-style: italic; font: inherit;"> June, 2020.</div></div></td> </tr> </table> <div style=" font-size: 10pt; margin: 0pt 0">&nbsp;</div> <table cellspacing="0" cellpadding="0" style="; background-color: white; font-size: 10pt; min-width: 700px;"> <tr style="vertical-align: top"> <td style="width: 48px">&nbsp;</td> <td style="width: 24px"><div style="display: inline; font-size: 10pt">-</div></td> <td style="text-align: justify"><div style=" font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt">Suspended efforts to fill <div style="display: inline; font-style: italic; font: inherit;">two</div> highly compensated executive roles following the resignation of the Company's Chief Executive Officer and Vice President in early <div style="display: inline; font-style: italic; font: inherit;">2020.</div></div> <div style="display: inline; font-size: 10pt"></div></td> </tr> </table> <div style=" margin: 0pt 0 0pt 0.5in; font-size: 10pt; text-align: justify; background-color: white">&nbsp;</div> <table cellspacing="0" cellpadding="0" style="; background-color: white; font-size: 10pt; min-width: 700px;"> <tr style="vertical-align: top"> <td style="width: 48px">&nbsp;</td> <td style="width: 24px"><div style="display: inline; font-size: 10pt">-</div></td> <td style="text-align: justify">Obtained from the landlord of the Company's New York City office a deferral of <div style="display: inline; font-style: italic; font: inherit;">$41</div> thousand in <div style="display: inline; font-style: italic; font: inherit;"> July 2020 </div>rent until <div style="display: inline; font-style: italic; font: inherit;"> January 2021.</div><div style="display: inline; font-size: 10pt"></div></td> </tr> </table> <div style=" margin: 0pt 0 0pt 0.5in; font-size: 10pt; text-align: justify; background-color: white">&nbsp;</div> <table cellspacing="0" cellpadding="0" style="; background-color: white; font-size: 10pt; min-width: 700px;"> <tr style="vertical-align: top"> <td style="width: 48px">&nbsp;</td> <td style="width: 24px"><div style="display: inline; font-size: 10pt">-</div></td> <td style="text-align: justify"><div style="display: inline; font-size: 10pt">Negotiated discounts with various vendors and service providers, in effect through the remainder of <div style="display: inline; font-style: italic; font: inherit;">2020.</div></div></td> </tr> </table> <div style=" margin: 0pt 0 0pt 0.5in; font-size: 10pt; text-align: justify; background-color: white">&nbsp;</div> <table cellspacing="0" cellpadding="0" style="; background-color: white; font-size: 10pt; min-width: 700px;"> <tr style="vertical-align: top"> <td style="width: 48px">&nbsp;</td> <td style="width: 24px"><div style="display: inline; font-size: 10pt">-</div></td> <td style="text-align: justify">Effective <div style="display: inline; font-style: italic; font: inherit;"> July 1, 2020, </div>implemented layoffs of approximately <div style="display: inline; font-style: italic; font: inherit;">36%</div> of its staff, including employees at each of the Company's <div style="display: inline; font-style: italic; font: inherit;">five</div> offices, and effected temporary salary reductions for the remaining staff. The salary reductions are expected to return to full salaries when business conditions improve.<div style="display: inline; font-size: 10pt"></div></td> </tr> </table> <div style=" margin: 0pt 0 0pt 0.5in; font-size: 10pt; text-align: justify; background-color: white">&nbsp;</div> <div style=" margin: 0pt 0 0pt 0.5in; font-size: 10pt; text-align: justify; background-color: white"></div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0; background-color: white"></div> <div style=" font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0; background-color: white">If the quarantines and limitations on non-essential work are re-implemented, or persist for an extended period, the Company <div style="display: inline; font-style: italic; font: inherit;"> may </div>need to implement additional cost savings measures.</div></div>
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CY2020Q2 us-gaap Operating Lease Right Of Use Asset
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CY2019Q2 us-gaap Other Cost And Expense Operating
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us-gaap Share Based Compensation
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us-gaap Share Based Compensation
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CY2012Q4 us-gaap Stock Repurchase Program Number Of Shares Authorized To Be Repurchased
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CY2013Q4 us-gaap Stock Repurchase Program Number Of Shares Authorized To Be Repurchased
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CY2016Q4 us-gaap Stock Repurchase Program Number Of Shares Authorized To Be Repurchased
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us-gaap Treasury Stock Acquired Average Cost Per Share
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CY2020Q2 us-gaap Treasury Stock Shares
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us-gaap Treasury Stock Shares Acquired
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CY2019Q1 us-gaap Treasury Stock Value Acquired Cost Method
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CY2019Q2 us-gaap Treasury Stock Value Acquired Cost Method
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us-gaap Valuation Allowance Deferred Tax Asset Change In Amount
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us-gaap Weighted Average Number Of Diluted Shares Outstanding
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CY2020Q2 us-gaap Weighted Average Number Of Shares Outstanding Basic
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us-gaap Weighted Average Number Of Shares Outstanding Basic
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CY2020Q2 whlm Due To Models Current
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whlm Increase Decrease In Operating Lease Liabilities
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whlm Increase Decrease In Operating Lease Liabilities
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whlm Increase Decrease In Operating Right Of Use Assets
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CY2020Q2 whlm Longterm Debt Monthly Payment
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CY2020Q2 whlm Proceeds From Parent Paycheck Protection Program Under Cares Act
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500000

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