Apex Trader Funding - News
Wilhelmina International, Inc. Reports Results for First Quarter 2024
(in thousands)
Q1 2024
Q1 2023
YOYChange
Total Revenues
$
4,171
$
4,484
(7.0
%)
Operating Income
73
229
(68.1
%)
Income Before Provision for Taxes
149
210
(29.0
%)
Net Income
91
159
(42.8
%)
Gross Billings*
15,824
17,587
(10.0
%)
EBITDA*
110
262
(58.0
%)
Adjusted EBITDA*
128
304
(57.9
%)
Pre-Corporate EBITDA*
381
548
(30.5
%)
* Non-GAAP measures referenced are detailed in the disclosures at the end of this release.
DALLAS, May 16, 2024 (GLOBE NEWSWIRE) -- Wilhelmina International, Inc. (NASDAQ:WHLM) ("Wilhelmina" or the "Company") today reported revenues of $4.2 million and net income of $0.1 million for the three months ended March 31, 2024, compared to revenues of $4.5 million and net income of $0.2 million for the three months ended March 31, 2023. Decreased revenues in 2024 were primarily due to decreased commissions on bookings in the Company's core modeling and Aperture divisions.
Financial Results
Net income for the three months ended March 31, 2024 was $0.1 million, or $0.02 per fully diluted share, compared to net income of $0.2 million, or $0.03 per fully diluted share, for the three months ended March 31, 2023.
Pre-Corporate EBITDA was $0.4 million for the three months ended March 31, 2024, compared to Pre-Corporate EBITDA of $0.5 million for the three months ended March 31, 2023.
The following table reconciles reported total revenues under generally accepted accounting principles to Gross Billings, for the first quarter ended March 31, 2024 and 2023.
(in thousands)
Three months endedMarch 31,
2024
2023
Total revenues
$
4,171
$
4,484
Model costs
11,653
13,103
Gross billings*
15,824
17,587
*Non-GAAP measures referenced are detailed in the disclosures at the end of this release.
Model costs include amounts owed to talent, including taxes required to be withheld and remitted directly to taxing authorities, commissions owed to other agencies, and related costs such as those paid for photography.
The following table reconciles reported net income under generally accepted accounting principles to EBITDA, Adjusted EBITDA and Pre-Corporate EBITDA for the three months ended March 31, 2024 and 2023.
(in thousands)
Three months endedMarch 31,
2024
2023
Net income
$
91
$
159
Interest income
(86)
-
Interest expense
3
1
Income tax expense
58
51
Amortization and depreciation
44
51
EBITDA*
110
262
Foreign exchange loss
7
18
Share-based payment expense
11
24
Adjusted EBITDA*
128
304
Corporate overhead
253
244
Pre-Corporate EBITDA*
381
548
*Non-GAAP measures referenced are detailed in the disclosures at the end of this release.
Changes in net income, EBITDA, Adjusted EBITDA and Pre-Corporate EBITDA for the three months ended March 31, 2024, when compared to the three months ended March 31, 2023, were primarily the result of the following:
Total revenues for the three months ended March 31, 2024 decreased by 7.0% due to decreased commissions on bookings in the Company's core modeling and Aperture divisions;
Salaries and service costs for the three ended March 31, 2024 increased by 3.0% primarily due to personnel hires and payroll changes to better align Wilhelmina staffing with the needs of each office and geographical region;
Office and general expenses for the three months ended March 31, 2024 decreased by 22.7% primarily due to decreased legal expense, computer expenses, and other office related expenses;
Amortization and depreciation expense for the three months ended March 31, 2024 decreased by 13.7%, primarily due to reduced depreciation of assets that became fully amortized in 2023; and
Corporate overhead expenses for the three months ended March 31, 2024 increased by 3.7%, primarily due to increased legal costs.
WILHELMINA INTERNATIONAL, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATED BALANCE SHEETS(In thousands, except share data)
(Unaudited)
March 31,
December 31,
2024
2023
ASSETS
Current assets:
Cash and cash equivalents
$
4,734
$
6,117
Short term investments
6,670
6,596
Accounts receivable, net of allowance for doubtful accounts of $1,777 and $1,901,
respectively
8,585
8,505
Prepaid expenses and other current assets
228
203
Total current assets
20,217
21,421
Property and equipment, net of accumulated depreciation of $568 and $534, respectively
291
320
Right of use assets-operating
3,285
3,457
Right of use assets-finance
143
152
Trademarks and trade names with indefinite lives
8,467
8,467
Goodwill
7,547
7,547
Other assets
301
301
TOTAL ASSETS
$
40,251
$
41,665
LIABILITIES AND SHAREHOLDERS' EQUITY
Current liabilities:
Accounts payable and accrued liabilities
$
3,722
$
3,941
Due to models
6,528
7,645
Lease liabilities – operating, current
727
712
Lease liabilities – finance, current
33
32
Total current liabilities
11,010
12,330
Long term liabilities:
Deferred income tax, net
1,261
1,215
Lease liabilities – operating, non-current
2,898
3,102
Lease liabilities – finance, non-current
114
122
Total long term liabilities
4,273
4,439
Total liabilities
15,283
16,769
Shareholders' equity:
Common stock, $0.01 par value, 9,000,000 shares authorized; 6,472,038 shares issued
at March 31, 2024 and December 31, 2023
65