(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