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Quarterly Financial Highlights
|Income Before Provision for Taxes||745||613||22%||1,482||1,327||12%|
|EBITDA*||$ 882||$ 716||23%||$ 1,847||$ 1,716||8%|
|*Non-GAAP measures referenced are detailed in the disclosures at the end of this release.|
DALLAS, Aug. 13, 2015 (GLOBE NEWSWIRE) -- Wilhelmina International, Inc. (Nasdaq:WHLM) ("Wilhelmina" or the "Company"), today reported a strong revenue increase for the quarter (see Quarterly Financial Highlights table). Revenues were driven by growth in the core business, including the revenues of Wilhelmina London Limited ("London").
Mark Schwarz, Executive Chairman of Wilhelmina, said, "We are pleased that the quarter reflects continuing growth in the business top line. The quarter ended June 30, 2015 now represents our thirteenth quarter in a row with year-over-year top-line growth with quarterly growth rates on average in excess of 13%. In addition, important work continues related to our significant investments in accounting and systems projects which will provide capabilities to better analyze and manage our business in the future."
Alex Vaickus, Chief Executive Officer of Wilhelmina, said, "The core business overall generally met our growth expectations for the quarter, and was slightly above our expectations for the six months ended June 30, 2015. We continue to believe we are outperforming the industry as a whole." Continued Vaickus, "In terms of brand building, we signed a product license deal for costume jewelry during the quarter, and we broke through the half million social media followers level."
Some recent highlights from our models' activities:
The net income applicable to common stockholders was $373,000 or $0.06 per fully diluted share and $746,000 or $0.13 per fully diluted share for the three and six months ended June 30, 2015, compared to a net income of $391,000 or $0.07 per fully diluted share and $723,000 or $0.12 per fully diluted share for the three and six months ended June 30, 2014.
Pre-Corporate EBITDA was $1,144,000 and $2,389,000 for the three and six months ended June 30, 2015, compared to $1,090,000 and $2,369,000 for the three and six months ended June 30, 2014.
The following table reconciles income before provision for income taxes under GAAP (as reported in the Company's SEC filings) to EBITDA and Pre-Corporate EBITDA for the three and six months ended June 30, 2015 and 2014.
Three months ended
Six months ended
|Operating Income||$ 757||$ 606||$ 1,595||$ 1,346|
|Add: Amortization and depreciation||125||110||252||370|
|Add: Corporate overhead||262||374||542||653|
|Pre-Corporate EBITDA||$ 1,144||$ 1,090||$ 2,389||$ 2,369|
Changes in operating income and Pre-Corporate EBITDA for the three and six months ended June 30, 2015 when compared to the three and six months ended June 30, 2014 were the result of the following:
WILHELMINA INTERNATIONAL, INC. AND SUBSIDIARIES
(In thousands, except share data)
|Cash and cash equivalents||$ 3,057||$ 5,869|
|Accounts receivable, net of allowance for doubtful accounts of $667 and $679||16,090||12,482|
|Deferred tax asset||1,877||1,986|
|Prepaid expenses and other current assets||448||252|
|Total current assets||21,472||20,589|
|Property and equipment, net of accumulated depreciation of $879 and $762, respectively||1,707||1,333|
|Trademarks and trade names with indefinite lives||8,467||8,467|
|Other intangibles with finite lives, net of accumulated amortization of $8,352 and $8,222||380||115|
|Total assets||$ 45,408||$ 43,203|
|LIABILITIES AND SHAREHOLDERS' EQUITY|
|Accounts payable and accrued liabilities||$ 4,321||$ 4,310|
|Due to models||10,915||10,011|
|Total current liabilities||15,236||14,321|
|Long term liabilities|
|Contingent consideration to seller (Note 3)||171||--|
|Deferred income tax liability||2,685||2,332|
|Total long-term liabilities||2,856||2,332|
|Preferred stock, $0.01 par value, 10,000,000 shares authorized; none outstanding||--||--|
|Common stock, $0.01 par value, 12,500,000 shares authorized; 5,852,322 and 5,869,220 share issued and outstanding at June 30, 2015 and December 31, 2014||65||65|
|Treasury stock, 619,716 and 602,818 shares, respectively, at cost||(1,740)||(1,643)|
|Additional paid-in capital||86,884||86,778|
|Accumulated other comprehensive income||11||--|
|Total shareholders' equity||27,316||26,550|
|Total liabilities and shareholders' equity||$ 45,408||$ 43,203|
WILHELMINA INTERNATIONAL, INC. AND SUBSIDIARIES
Unaudited Consolidated Statements of Operations
(In thousands, except per share amounts)
|Three Months Ended||Six Months Ended|
|Revenues||$ 21,538||$ 19,528||$ 42,489||$ 37,664|
|License fees and other income||132||100||229||200|
|Revenues net of model costs||6,027||5,422||12,173||10,901|
|Salaries and service costs||3,758||3,249||7,485||6,354|
|Office and general expenses||1,125||1,083||2,299||2,178|
|Amortization and depreciation||125||110||252||370|
|Total operating expenses||5,270||4,816||10,578||9,555|
|Other income (expense):|
|Foreign exchange loss||(21)||--||(98)||--|
|Gain (loss) from an unconsolidated affiliate||9||5||(15)||(15)|
|Income before provision for income taxes||745||613||1,482||1,327|
|Provision for income taxes:|
|Net income||$ 373||$ 391||$ 746||$ 723|
|Other comprehensive income|
|Foreign currency translation income||9||--||11||--|
|Total comprehensive income||382||391||757||723|
|Basic net income per common share||$ 0.06||$ 0.07||$ 0.13||$ 0.12|
|Diluted net income per common share||$ 0.06||$ 0.07||$ 0.13||$ 0.12|
|Weighted average common shares outstanding-basic||5,852||5,870||5,852||5,870|
|Weighted average common shares outstanding-diluted||5,955||5,968||5,955||5,942|
Non GAAP financial measures
The Company calculates Earnings before Interest, Income Taxes, Depreciation and Amortization ("EBITDA") as operating income before depreciation, and amortization expense. The Company calculates Pre-Corporate EBITDA as EBITDA before corporate overhead at the holding company level.
Although EBITDA and Pre-Corporate EBITDA represent non-GAAP financial measures, the Company considers these non-GAAP measures important because they:
However, the Company's calculation of these non-GAAP measures may not be consistent with calculations of these measures by other companies in the Company's industry.
Non-GAAP financial measure are defined as numerical measures of financial performance that excludes or includes amounts so as to be different than the most directly comparable measure calculated and presented in accordance with United States generally accepted accounting principles ("GAAP") in a company's statements of operations, balance sheets or statements of cash flows. Pursuant to the requirements of Regulation G, the Company provides a reconciliation of these non-GAAP financial measures to the most directly comparable GAAP financial measures. Non-GAAP measures are not measurements of financial performance under GAAP and should not be considered as alternatives to operating income as an indicator of the Company's operating performance or cash flows from operating activities, as a measure of liquidity or any other measure of performance derived in accordance with GAAP.
Form 10-Q Filing
Additional information concerning the Company's results of operations and financial position is included in the Company's Form 10-Q for the quarter ended June 30, 2015, which is expected to be filed August 13, 2015, with the Securities and Exchange Commission.
This report contains certain "forward-looking" statements as such term is defined in the Private Securities Litigation Reform Act of 1995 and information relating to the Company and its subsidiaries that are based on the beliefs of the Company's management as well as assumptions made by and information currently available to the Company's management. When used in this report, the words "anticipate", "believe", "estimate", "expect" and "intend" and words or phrases of similar import, as they relate to the Company or its subsidiaries or Company management, are intended to identify forward-looking statements. Such statements reflect the current risks, uncertainties and assumptions related to certain factors including, without limitation, competitive factors, general economic conditions, the interest rate environment, governmental regulation and supervision, seasonality, changes in industry practices, one-time events and other factors described herein and in other filings made by the Company with the SEC. Based upon changing conditions, should any one or more of these risks or uncertainties materialize, or should any underlying assumptions prove incorrect, actual results may vary materially from those described herein as anticipated, believed, estimated, expected or intended. The Company does not intend to update these forward-looking statements.
About Wilhelmina International, Inc. (www.wilhelmina.com):
Through Wilhelmina Models and its other subsidiaries, including, Wilhelmina Artist Management, Wilhelmina International, Inc. provides traditional, full-service fashion model and talent management services, specializing in the representation and management of leading models, entertainers, artists, athletes and other talent to various customers and clients, including, retailers, designers, advertising agencies and catalog companies. Wilhelmina Models was founded in 1967 by Wilhelmina Cooper, a renowned fashion model, and is one of the oldest and largest fashion model management companies in the world. Wilhelmina Models is headquartered in New York and, since its founding, has grown to include operations located in Los Angeles, Miami and London, as well as a growing network of licensees comprising leading modeling agencies in various local markets across the U.S. as well as in Thailand, Dubai, Vancouver and Tokyo.
CONTACT: Investor Relations Wilhelmina International, Inc. 214-661-7488 email@example.comNEXT ARTICLE
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