$WHLM
Wilhelmina International, Inc.

2021 Q2 Form 10-Q Financial Statement

#000117184321005806 Filed on August 11, 2021

View on sec.gov

Income Statement

Concept 2021 Q2 2020 Q2
Revenue $14.51M $4.528M
YoY Change 220.45% -77.3%
Cost Of Revenue $10.41M $3.397M
YoY Change 206.51% -76.0%
Gross Profit $4.098M $1.131M
YoY Change 262.33% -80.46%
Gross Profit Margin 28.24% 24.98%
Selling, General & Admin $2.964M $3.970M
YoY Change -25.34% -18.48%
% of Gross Profit 72.33% 351.02%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $239.0K $300.0K
YoY Change -20.33% 0.0%
% of Gross Profit 5.83% 26.53%
Operating Expenses $3.207M $4.271M
YoY Change -24.91% -17.37%
Operating Profit $891.0K -$3.140M
YoY Change -128.38% -606.45%
Interest Expense $13.00K $23.00K
YoY Change -43.48% -23.33%
% of Operating Profit 1.46%
Other Income/Expense, Net $532.0K -$37.00K
YoY Change -1537.84% 105.56%
Pretax Income $1.423M -$3.177M
YoY Change -144.79% -627.74%
Income Tax $302.0K -$477.0K
% Of Pretax Income 21.22%
Net Earnings $1.121M -$2.700M
YoY Change -141.52% -698.67%
Net Earnings / Revenue 7.73% -59.63%
Basic Earnings Per Share $0.22 -$0.52
Diluted Earnings Per Share $0.22 -$0.52
COMMON SHARES
Basic Shares Outstanding 5.157K 5.157K
Diluted Shares Outstanding 5.157K 5.157K

Balance Sheet

Concept 2021 Q2 2020 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $6.979M $5.600M
YoY Change 24.63% -6.67%
Cash & Equivalents $6.979M $5.601M
Short-Term Investments
Other Short-Term Assets $142.0K $200.0K
YoY Change -29.0% -33.33%
Inventory
Prepaid Expenses
Receivables $9.036M $4.899M
Other Receivables $0.00 $0.00
Total Short-Term Assets $16.16M $10.71M
YoY Change 50.83% -44.05%
LONG-TERM ASSETS
Property, Plant & Equipment $477.0K $1.470M
YoY Change -67.55% -35.13%
Goodwill $7.547M $7.547M
YoY Change 0.0% -42.79%
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $109.0K $96.00K
YoY Change 13.54% -15.79%
Total Long-Term Assets $17.22M $18.59M
YoY Change -7.41% -28.74%
TOTAL ASSETS
Total Short-Term Assets $16.16M $10.71M
Total Long-Term Assets $17.22M $18.59M
Total Assets $33.37M $29.31M
YoY Change 13.88% -35.22%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $3.258M $3.000M
YoY Change 8.6% -31.82%
Accrued Expenses $243.0K $800.0K
YoY Change -69.63% -27.27%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due $199.0K $1.852M
YoY Change -89.25% 155.1%
Total Short-Term Liabilities $11.00M $10.27M
YoY Change 7.16% -34.23%
LONG-TERM LIABILITIES
Long-Term Debt $448.0K $1.749M
YoY Change -74.39% 7.63%
Other Long-Term Liabilities $206.0K $0.00
YoY Change -100.0%
Total Long-Term Liabilities $2.489M $3.274M
YoY Change -23.98% 0.24%
TOTAL LIABILITIES
Total Short-Term Liabilities $11.00M $10.27M
Total Long-Term Liabilities $2.489M $3.274M
Total Liabilities $13.49M $13.54M
YoY Change -0.37% -28.27%
SHAREHOLDERS EQUITY
Retained Earnings -$62.41M -$66.18M
YoY Change -5.68% 18.83%
Common Stock $88.59M $88.55M
YoY Change 0.05% 0.12%
Preferred Stock
YoY Change
Treasury Stock (at cost) $6.371M $6.371M
YoY Change 0.0% 1.68%
Treasury Stock Shares $1.315M $1.315M
Shareholders Equity $19.88M $15.76M
YoY Change
Total Liabilities & Shareholders Equity $33.37M $29.31M
YoY Change 13.88% -35.22%

Cashflow Statement

Concept 2021 Q2 2020 Q2
OPERATING ACTIVITIES
Net Income $1.121M -$2.700M
YoY Change -141.52% -698.67%
Depreciation, Depletion And Amortization $239.0K $300.0K
YoY Change -20.33% 0.0%
Cash From Operating Activities $1.276M -$1.430M
YoY Change -189.23% -750.0%
INVESTING ACTIVITIES
Capital Expenditures -$10.00K -$30.00K
YoY Change -66.67% -72.73%
Acquisitions
YoY Change
Other Investing Activities
YoY Change
Cash From Investing Activities -$10.00K -$30.00K
YoY Change -66.67% -72.73%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -40.00K 1.770M
YoY Change -102.26% -670.97%
NET CHANGE
Cash From Operating Activities 1.276M -1.430M
Cash From Investing Activities -10.00K -30.00K
Cash From Financing Activities -40.00K 1.770M
Net Change In Cash 1.226M 310.0K
YoY Change 295.48% -255.0%
FREE CASH FLOW
Cash From Operating Activities $1.276M -$1.430M
Capital Expenditures -$10.00K -$30.00K
Free Cash Flow $1.286M -$1.400M
YoY Change -191.86% -524.24%

Facts In Submission

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PaymentsToAcquirePropertyPlantAndEquipment
88000 USD
us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
-10000 USD
us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
-88000 USD
us-gaap Increase Decrease In Other Accounts Payable
IncreaseDecreaseInOtherAccountsPayable
982000 USD
CY2020Q2 us-gaap Adjustments To Additional Paid In Capital Sharebased Compensation Requisite Service Period Recognition Value
AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue
4000 USD
CY2020Q2 us-gaap Net Income Loss
NetIncomeLoss
-2700000 USD
CY2020Q2 us-gaap Treasury Stock Value Acquired Cost Method
TreasuryStockValueAcquiredCostMethod
-0 USD
CY2020Q2 us-gaap Other Comprehensive Income Loss Foreign Currency Transaction And Translation Adjustment Net Of Tax
OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax
-5000 USD
CY2020Q2 us-gaap Stockholders Equity
StockholdersEquity
15763000 USD
CY2020Q4 us-gaap Stockholders Equity
StockholdersEquity
16506000 USD
CY2021Q1 us-gaap Adjustments To Additional Paid In Capital Sharebased Compensation Requisite Service Period Recognition Value
AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue
3000 USD
CY2021Q1 us-gaap Net Income Loss
NetIncomeLoss
2221000 USD
CY2021Q1 us-gaap Other Comprehensive Income Loss Foreign Currency Transaction And Translation Adjustment Net Of Tax
OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax
-19000 USD
CY2021Q1 us-gaap Stockholders Equity
StockholdersEquity
18711000 USD
CY2021Q2 us-gaap Adjustments To Additional Paid In Capital Sharebased Compensation Requisite Service Period Recognition Value
AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue
1000 USD
CY2021Q2 us-gaap Net Income Loss
NetIncomeLoss
1121000 USD
CY2021Q2 whlm Adjustments To Additional Paid In Capital Short Swing Profit Disgorgement
AdjustmentsToAdditionalPaidInCapitalShortSwingProfitDisgorgement
32000 USD
CY2021Q2 us-gaap Other Comprehensive Income Loss Foreign Currency Transaction And Translation Adjustment Net Of Tax
OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax
16000 USD
CY2021Q2 us-gaap Stockholders Equity
StockholdersEquity
19881000 USD
us-gaap Net Income Loss
NetIncomeLoss
3342000 USD
us-gaap Net Income Loss
NetIncomeLoss
-5360000 USD
us-gaap Depreciation Depletion And Amortization
DepreciationDepletionAndAmortization
509000 USD
us-gaap Depreciation Depletion And Amortization
DepreciationDepletionAndAmortization
592000 USD
us-gaap Goodwill Impairment Loss
GoodwillImpairmentLoss
0 USD
us-gaap Goodwill Impairment Loss
GoodwillImpairmentLoss
800000 USD
us-gaap Share Based Compensation
ShareBasedCompensation
4000 USD
us-gaap Share Based Compensation
ShareBasedCompensation
10000 USD
us-gaap Gains Losses On Extinguishment Of Debt
GainsLossesOnExtinguishmentOfDebt
1994000 USD
us-gaap Gains Losses On Extinguishment Of Debt
GainsLossesOnExtinguishmentOfDebt
-0 USD
whlm Gain Loss On Employee Retention Credit
GainLossOnEmployeeRetentionCredit
35000 USD
whlm Gain Loss On Employee Retention Credit
GainLossOnEmployeeRetentionCredit
-0 USD
us-gaap Deferred Income Taxes And Tax Credits
DeferredIncomeTaxesAndTaxCredits
265000 USD
us-gaap Deferred Income Taxes And Tax Credits
DeferredIncomeTaxesAndTaxCredits
598000 USD
us-gaap Provision For Doubtful Accounts
ProvisionForDoubtfulAccounts
78000 USD
us-gaap Provision For Doubtful Accounts
ProvisionForDoubtfulAccounts
93000 USD
us-gaap Increase Decrease In Accounts Receivable
IncreaseDecreaseInAccountsReceivable
1968000 USD
us-gaap Increase Decrease In Accounts Receivable
IncreaseDecreaseInAccountsReceivable
-4449000 USD
us-gaap Increase Decrease In Prepaid Deferred Expense And Other Assets
IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets
2000 USD
us-gaap Increase Decrease In Prepaid Deferred Expense And Other Assets
IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets
-31000 USD
whlm Increase Decrease In Operating Right Of Use Assets
IncreaseDecreaseInOperatingRightOfUseAssets
-139000 USD
whlm Increase Decrease In Operating Right Of Use Assets
IncreaseDecreaseInOperatingRightOfUseAssets
-515000 USD
us-gaap Increase Decrease In Other Operating Assets
IncreaseDecreaseInOtherOperatingAssets
16000 USD
us-gaap Increase Decrease In Other Operating Assets
IncreaseDecreaseInOtherOperatingAssets
-19000 USD
us-gaap Effect Of Exchange Rate On Cash And Cash Equivalents
EffectOfExchangeRateOnCashAndCashEquivalents
-239000 USD
us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
1423000 USD
us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
-1392000 USD
us-gaap Effect Of Exchange Rate On Cash And Cash Equivalents
EffectOfExchangeRateOnCashAndCashEquivalents
-3000 USD
us-gaap Proceeds From Issuance Of Long Term Debt
ProceedsFromIssuanceOfLongTermDebt
1975000 USD
us-gaap Finance Lease Principal Payments
FinanceLeasePrincipalPayments
49000 USD
us-gaap Finance Lease Principal Payments
FinanceLeasePrincipalPayments
47000 USD
us-gaap Repayments Of Long Term Debt
RepaymentsOfLongTermDebt
93000 USD
us-gaap Repayments Of Long Term Debt
RepaymentsOfLongTermDebt
374000 USD
us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
-110000 USD
us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
1535000 USD
CY2020Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
5556000 USD
CY2019Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
6993000 USD
CY2021Q2 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
6979000 USD
CY2020Q2 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
5601000 USD
us-gaap Interest Paid Net
InterestPaidNet
18000 USD
us-gaap Interest Paid Net
InterestPaidNet
45000 USD
us-gaap Income Taxes Paid Net
IncomeTaxesPaidNet
5000 USD
us-gaap Income Taxes Paid Net
IncomeTaxesPaidNet
0 USD
us-gaap Gains Losses On Extinguishment Of Debt
GainsLossesOnExtinguishmentOfDebt
1994000 USD
us-gaap Gains Losses On Extinguishment Of Debt
GainsLossesOnExtinguishmentOfDebt
0 USD
us-gaap Basis Of Accounting
BasisOfAccounting
<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;"><b>Note <em style="font: inherit;">2.</em></b>  <b>Business Activity</b></p> <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"> </p> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:justify;margin:0pt;text-indent:36pt;">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 <em style="font: inherit;">1967</em> by Wilhelmina Cooper, a renowned fashion model, and became <em style="font: inherit;">one</em> 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, 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, athletes and other talent, to various clients, including retailers, designers, advertising agencies, print and electronic media and catalog companies.</p>
CY2018Q3 us-gaap Treasury Stock Shares Acquired
TreasuryStockSharesAcquired
100000
CY2018Q4 us-gaap Treasury Stock Shares Acquired
TreasuryStockSharesAcquired
50000
CY2020Q2 whlm Proceeds From Parent Paycheck Protection Program Under Cares Act
ProceedsFromParentPaycheckProtectionProgramUnderCaresAct
128000 USD
us-gaap Valuation Allowance Deferred Tax Asset Change In Amount
ValuationAllowanceDeferredTaxAssetChangeInAmount
1400000 USD
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
CY2016 whlm Stock Repurchase Program Additional Shares Authorized
StockRepurchaseProgramAdditionalSharesAuthorized
500000
CY2016Q4 us-gaap Stock Repurchase Program Number Of Shares Authorized To Be Repurchased
StockRepurchaseProgramNumberOfSharesAuthorizedToBeRepurchased
1500000
us-gaap Treasury Stock Shares Acquired
TreasuryStockSharesAcquired
1314694
us-gaap Treasury Stock Acquired Average Cost Per Share
TreasuryStockAcquiredAverageCostPerShare
4.85
us-gaap Treasury Stock Value Acquired Cost Method
TreasuryStockValueAcquiredCostMethod
6400000 USD
us-gaap Treasury Stock Shares Acquired
TreasuryStockSharesAcquired
0
CY2021Q2 whlm Adjustments To Additional Paid In Capital Short Swing Profit Disgorgement
AdjustmentsToAdditionalPaidInCapitalShortSwingProfitDisgorgement
32000 USD
CY2021Q2 whlm Proceeds From Shareholder Short Swing Profit Disgorgement
ProceedsFromShareholderShortSwingProfitDisgorgement
32000 USD
CY2020Q1 us-gaap Goodwill Impairment Loss
GoodwillImpairmentLoss
800000 USD
us-gaap Goodwill Impairment Loss
GoodwillImpairmentLoss
0 USD

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