Wilhelmina International, Inc. (Nasdaq: WHLM) ("Wilhelmina" or the
"Company") today reported revenues of $12.0 million and net income
of $0.4 million for the three months ended December 31, 2020,
compared to revenues of $18.3 million and net loss of $5.0 million
for the three months ended December 31, 2019. For the fiscal year
ended December 31, 2020, Wilhelmina reported revenues of $41.6
million and net loss of $4.9 million compared to revenue of $75.5
million and net loss of $4.8 million for the fiscal year ended
December 31, 2019. During the three and twelve months ended
December 31, 2020, the novel coronavirus (COVID-19) pandemic had a
material impact on revenues. The decrease in revenues when compared
to the same periods of the prior year was primarily due to
postponement and cancellation of bookings by many of Wilhelmina’s
customers while non-essential business activities were barred, or
limited, in the cities where the Company operates, as well as the
closure of the Wilhelmina Studios division in the fourth quarter of
2019 and the hair and makeup artist division in the second half of
2020. The increase in net income for the fourth quarter of 2020 was
due to a reduction in operating expenses from the Company’s cost
savings initiatives and absence of goodwill impairment expense,
partially offset by lower revenue net of model costs. The increase
in loss for the fiscal year ended December 31, 2020 was primarily
due to the decrease in revenues net of model costs, partially
offset by decreases in goodwill impairment expense and operating
expenses. In the first quarter of 2020 and the fourth quarter of
2019, Wilhelmina recorded non-cash goodwill impairments charges of
$0.8 million and $4.8 million, respectively, triggered by a
sustained decline in share price of the Company’s common
stock.
COVID-19 Pandemic
On March 11, 2020, the World Health Organization
declared the outbreak of novel coronavirus (COVID-19) as a
pandemic, which spread rapidly throughout the United States and the
world. As the global impact of COVID-19 continues, Wilhelmina’s
first priority has been to protect the health and safety of its
employees and talent. To help mitigate the spread of the virus and
in response to health advisories and governmental actions and
regulations, the Company has modified its business practices and
has implemented health and safety measures that are designed to
protect employees and represented talent.
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 may not 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 March 2020, the Company saw a significant
reduction in customer bookings, resulting in a negative impact to
revenue and earnings. During the second half of 2020, bookings
increased from the preceding months, but remained significantly
below pre-pandemic levels.
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, some of which have had to close stores in
the United States and internationally due to the spread of
COVID-19. Some of these customers have filed for bankruptcy in 2020
and others may be unable to pay amounts already owed to the
Company, resulting in increased future bad debt expense. These
customers also may not emerge from the pandemic with the financial
ability, or need, to purchase Wilhelmina’s services to the extent
that they did in previous years. Some 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, as economic activities
resumes and clients increase booking requests, may make it
difficult for talent to be available when and where they are
needed. The B.1.1.7 variant of the COVID-19 virus, which is
believed to spread easily and quickly, has particularly impacted
the United Kingdom in recent months, resulting in renewed strict
lockdowns that have impacted Wilhelmina’s London operations and are
continuing into 2021. While these disruptions are currently
expected to be temporary, there continues to be uncertainty around
the duration.
Postponed and cancelled bookings related to the
pandemic contributed significantly to reduced revenues and
increased operating losses during 2020. Although some clients
increased activity and bookings during the second half of 2020,
rising COVID-19 infection rates in cities where Wilhelmina operates
could lead to a slower economic recovery in those markets, and
possible additional business closings or local mandates that could
slow the recovery in operations there. Since Wilhelmina extends
customary payment terms to its clients, even as bookings resume,
there is likely to be a lag before significant cash collections
return. In the meantime, the Company continues to have significant
employee, office rent, and other expenses.
Reduced outstanding accounts receivable
available as collateral under the Company’s credit agreement with
Amegy Bank has limited its 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 its market capitalization and could require additional
goodwill or intangible asset impairment writedowns.
The Company has taken the following actions to
address the impact of COVID-19 and the current recessionary
environment, in order to efficiently manage the business and
maintain adequate liquidity and maximum flexibility:
|
- |
In April 2020, obtained approximately $2.0 million in loans under
the Paycheck Protection Program (the “PPP”) of the Coronavirus Aid,
Relief, and Economic Security Act (the “CARES Act”) administered by
the U.S. Small Business Administration (“SBA”). |
|
- |
Eliminated discretionary travel and entertainment expenses. |
|
- |
Suspended share repurchases. |
|
- |
Did not renew the leases on three New York City model apartments
when the terms ended in June and August, 2020. |
|
- |
Did not renew the lease on the Company’s New York City office, and
required all New York based staff to work remotely. |
|
- |
Suspended efforts to fill two highly compensated executive roles
following the resignation of the Company’s Chief Executive Officer
and Vice President in early 2020.Negotiated discounts with various
vendors and service providers. |
|
- |
Effective July 1, 2020, implemented layoffs of approximately 36% of
its staff, including employees at each of the Company’s five
offices, and effected temporary salary reductions for the remaining
staff. |
If the quarantines and limitations on
non-essential work are re-implemented, or persist for an extended
period, the Company may need to implement additional cost savings
measures.
Financial Results
Net income for the three months ended December
31, 2020 was $0.4 million, or $0.08 per fully diluted share,
compared to net loss of $5.0 million, or $0.96 per fully diluted
share, for the three months ended December 31, 2019. Net loss for
the fiscal year ended December 31, 2020 was $4.9 million, or $0.96
per fully diluted share, compared to net loss of $4.8 million, or
$0.92 per fully diluted share, for the fiscal year ended December
31, 2019.
Pre-Corporate EBITDA was $1.3 million and ($1.0)
million for the three months and fiscal year ended December 31,
2020, compared to $0.7 million and $3.1 million for the three
months and fiscal year ended December 31, 2019.
The following table reconciles reported net
income under generally accepted accounting principles to EBITDA,
Adjusted EBITDA and Pre-Corporate EBITDA for the fourth quarter and
year ended December 31, 2020 and 2019.
|
|
|
|
|
(in thousands) |
|
Three months endedDecember
31, |
|
Year endedDecember 31, |
|
|
|
2020 |
|
2019 |
|
2020 |
|
|
2019 |
|
Net income (loss) |
$ |
397 |
$ |
(4,962 |
) |
(4,941 |
) |
$ |
(4,786 |
) |
Interest expense |
|
15 |
|
28 |
|
86 |
|
|
117 |
|
Income tax expense |
|
235 |
|
177 |
|
902 |
|
|
400 |
|
Amortization and depreciation |
|
363 |
|
307 |
|
1,249 |
|
|
1,192 |
|
EBITDA** |
$ |
1,010 |
$ |
(4,450 |
) |
(2,704 |
) |
$ |
(3,077 |
) |
Foreign exchange loss |
|
49 |
|
97 |
|
(16 |
) |
|
97 |
|
Non-recurring items |
|
- |
|
4,845 |
|
800 |
|
|
4,845 |
|
Share-based payment expense |
|
3 |
|
51 |
|
16 |
|
|
216 |
|
Adjusted EBITDA** |
$ |
1,062 |
$ |
543 |
|
(1,904 |
) |
$ |
2,081 |
|
Corporate overhead |
|
196 |
|
204 |
|
888 |
|
|
1,038 |
|
Pre-Corporate EBITDA** |
$ |
1,258 |
$ |
747 |
|
(1,016 |
) |
$ |
3,119 |
|
**Non-GAAP measures referenced are detailed in the disclosures at
the end of this release. |
|
Changes in net income (loss), EBITDA, Adjusted EBITDA and
Pre-Corporate EBITDA for the three months and fiscal year ended
December 31, 2020, when compared to the three months and fiscal
year ended December 31, 2019, were primarily the result of the
following:
-
Revenues net of model costs for the three months and fiscal year
ended December 31, 2020 decreased by 34.4% and 44.9% primarily due
to postponed and cancelled bookings resulting from COVID-19, as
well as the closure of the Wilhelmina Studios division in the
fourth quarter of 2019 and the closure of the hair and makeup
artist division in the second half of 2020;
-
Salaries and service costs for the three months and fiscal year
ended December 31, 2020 decreased by 53.3% and 34.4% primarily due
to employee layoffs in July 2020, temporary reductions in staff
salaries, the closure of the Wilhelmina Studios division during the
fourth quarter of 2019 and closure of the hair and makeup division
in the second half of 2020, open positions for two executives that
resigned in January 2020, and a reduction in share-based payment
expense;
-
Office and general expenses for the three months and fiscal year
ended December 31, 2020 decreased by 26.9% and 18.1%, primarily due
to reduced rent expense, legal fees, computer expense, utilities,
and other office expenses, partially offset by an increase in bad
debt expense;
-
Goodwill impairment of $0.8 million and $4.8 million, for the years
ended December 31, 2020 and December 31, 2019, respectively, was
recorded during the first quarter of 2020 and the fourth quarter of
2019, respectively; and
-
Corporate overhead expenses for the three months and fiscal year
ended December 31, 2020 decreased by 3.9% and 14.5%, primarily due
to lower corporate travel costs and temporary reductions in fees to
the Company’s Board of Directors.
In October 2020, the Company paid the final
scheduled $0.6 million payment of principal and interest on one of
its two Amegy Bank term loans.
WILHELMINA INTERNATIONAL, INC. AND
SUBSIDIARIESCONSOLIDATED BALANCE
SHEETS(In thousands, except share
data)
|
|
2020 |
|
|
|
2019 |
|
ASSETS |
|
|
|
Current assets: |
|
|
|
Cash and cash equivalents |
|
$ |
5,556 |
|
|
$ |
6,993 |
|
Accounts receivable, net of allowance for doubtful accounts of
$1,635 and $1,423, respectively |
|
|
7,146 |
|
|
|
9,441 |
|
Prepaid expenses and other current assets |
|
|
105 |
|
|
|
243 |
|
Total current assets |
|
|
12,807 |
|
|
|
16,677 |
|
|
|
|
|
|
|
|
Property and equipment, net of accumulated depreciation of $5,451
and $4,300, respectively |
|
|
928 |
|
|
|
1,925 |
|
Right of use assets-operating |
|
|
585 |
|
|
|
1,261 |
|
Right of use assets-finance |
|
|
218 |
|
|
|
316 |
|
Trademarks and trade names with indefinite lives |
|
|
8,467 |
|
|
|
8,467 |
|
Goodwill |
|
|
7,547 |
|
|
|
8,347 |
|
Other assets |
|
|
93 |
|
|
|
115 |
|
|
|
|
|
|
|
|
TOTAL ASSETS |
|
$ |
30,645 |
|
|
$ |
37,108 |
|
|
|
|
|
|
|
|
LIABILITIES AND SHAREHOLDERS’ EQUITY |
|
|
|
|
|
|
Current liabilities: |
|
|
|
|
|
|
Accounts payable and accrued liabilities |
|
$ |
2,867 |
|
|
$ |
3,815 |
|
Due to models |
|
|
6,265 |
|
|
|
7,495 |
|
Lease liabilities – operating, current |
|
|
435 |
|
|
|
1,055 |
|
Lease liabilities – finance, current |
|
|
77 |
|
|
|
94 |
|
Term loan – current |
|
|
414 |
|
|
|
1,257 |
|
Total current liabilities |
|
|
10,058 |
|
|
|
13,716 |
|
|
|
|
|
|
|
|
Long term liabilities: |
|
|
|
|
|
|
Net deferred income tax liability |
|
|
1,449 |
|
|
|
725 |
|
Lease liabilities – operating, non-current |
|
|
180 |
|
|
|
328 |
|
Lease liabilities – finance, non-current |
|
|
149 |
|
|
|
225 |
|
Term loan – non-current |
|
|
2,303 |
|
|
|
743 |
|
Total long term liabilities |
|
|
4,081 |
|
|
|
2,021 |
|
|
|
|
|
|
|
|
Total liabilities |
|
|
14,139 |
|
|
|
15,737 |
|
|
|
|
|
|
|
|
Shareholders’ equity: |
|
|
|
|
|
|
Common stock, $0.01 par value, 9,000,000 shares authorized;
6,472,038 shares |
|
|
|
|
|
|
issued at December 31, 2020 and December 31, 2019 |
|
|
65 |
|
|
|
65 |
|
Treasury stock, 1,314,694 and 1,309,861 shares at December 31, 2020
and December 31, 2019, at cost |
|
|
(6,371 |
) |
|
|
(6,352 |
) |
Additional paid-in capital |
|
|
88,487 |
|
|
|
88,471 |
|
Accumulated deficit |
|
|
(65,756 |
) |
|
|
(60,815 |
) |
Accumulated other comprehensive income |
|
|
81 |
|
|
|
2 |
|
Total shareholders’ equity |
|
|
16,506 |
|
|
|
21,371 |
|
|
|
|
|
|
|
|
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY |
|
$ |
30,645 |
|
|
$ |
37,108 |
|
|
|
|
|
|
|
|
|
|
WILHELMINA INTERNATIONAL, INC. AND
SUBSIDIARIESCONSOLIDATED STATEMENTS OF INCOME
(LOSS) AND COMPREHENSIVE INCOME (LOSS)For the
Years Ended December 31, 2020 and 2019 (In
thousands, except per share data)
|
|
Three Months Ended |
|
Year Ended |
|
|
December 31, |
|
December 31, |
|
|
2020 |
|
|
2019 |
|
|
2020 |
|
|
2019 |
|
Revenues: |
|
|
|
|
|
|
|
|
Service revenues |
|
$ |
11,973 |
|
|
$ |
18,253 |
|
|
$ |
41,577 |
|
|
$ |
75,452 |
|
License fees and other income |
|
|
5 |
|
|
|
6 |
|
|
|
26 |
|
|
|
52 |
|
Total revenues |
|
|
11,978 |
|
|
|
18,259 |
|
|
|
41,603 |
|
|
|
75,504 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Model costs |
|
|
8,338 |
|
|
|
13,083 |
|
|
|
29,885 |
|
|
|
54,249 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenues, net of model costs |
|
|
3,640 |
|
|
|
5,176 |
|
|
|
11,718 |
|
|
|
21,255 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating expenses: |
|
|
|
|
|
|
|
|
|
|
|
|
Salaries and service costs |
|
|
1,576 |
|
|
|
3,373 |
|
|
|
9,142 |
|
|
|
13,944 |
|
Office and general expenses |
|
|
809 |
|
|
|
1,107 |
|
|
|
3,608 |
|
|
|
4,408 |
|
Amortization and depreciation |
|
|
363 |
|
|
|
307 |
|
|
|
1,249 |
|
|
|
1,192 |
|
Goodwill impairment |
|
|
- |
|
|
|
4,845 |
|
|
|
800 |
|
|
|
4,845 |
|
Corporate overhead |
|
|
196 |
|
|
|
204 |
|
|
|
888 |
|
|
|
1,038 |
|
Total operating expenses |
|
|
2,944 |
|
|
|
9,836 |
|
|
|
15,687 |
|
|
|
25,427 |
|
Operating income (loss) |
|
|
696 |
|
|
|
(4,660 |
) |
|
|
(3,969 |
) |
|
|
(4,172 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Other expense (income): |
|
|
|
|
|
|
|
|
|
|
|
|
Foreign exchange (gain) loss |
|
|
49 |
|
|
|
97 |
|
|
|
(16 |
) |
|
|
97 |
|
Interest expense, net |
|
|
15 |
|
|
|
28 |
|
|
|
86 |
|
|
|
117 |
|
Total other expense, net |
|
|
64 |
|
|
|
125 |
|
|
|
70 |
|
|
|
214 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income (loss) before provision
for income taxes |
|
|
632 |
|
|
|
(4,785 |
) |
|
|
(4,039 |
) |
|
|
(4,386 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Provision for income
taxes: |
|
|
|
|
|
|
|
|
|
|
|
|
Current |
|
|
(138 |
) |
|
|
(106 |
) |
|
|
(178 |
) |
|
|
(306 |
) |
Deferred |
|
|
(97 |
) |
|
|
(71 |
) |
|
|
(724 |
) |
|
|
(94 |
) |
Provision income taxes,
net |
|
|
(235 |
) |
|
|
(177 |
) |
|
|
(902 |
) |
|
|
(400 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income (loss) |
|
$ |
397 |
|
|
$ |
(4,962 |
) |
|
$ |
(4,941 |
) |
|
$ |
(4,786 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Other comprehensive
income: |
|
|
|
|
|
|
|
|
|
|
|
|
Foreign currency translation |
|
|
198 |
|
|
|
202 |
|
|
|
79 |
|
|
|
95 |
|
Total comprehensive income
(loss) |
|
|
595 |
|
|
|
(4,760 |
) |
|
|
(4,862 |
) |
|
|
(4,691 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic net income (loss) per
common share |
|
$ |
0.08 |
|
|
$ |
(0.96 |
) |
|
$ |
(0.96 |
) |
|
$ |
(0.92 |
) |
Diluted net income (loss) per
common share |
|
$ |
0.08 |
|
|
$ |
(0.96 |
) |
|
$ |
(0.96 |
) |
|
$ |
(0.92 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average common shares
outstanding-basic |
|
|
5,157 |
|
|
|
5,169 |
|
|
|
5,158 |
|
|
|
5,184 |
|
Weighted average common shares
outstanding-diluted |
|
|
5,157 |
|
|
|
5,169 |
|
|
|
5,158 |
|
|
|
5,184 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
WILHELMINA INTERNATIONAL, INC. AND
SUBSIDIARIES`CONSOLIDATED STATEMENTS OF
SHAREHOLDERS’ EQUITY For the Years Ended December
31, 2020 and 2019 (In thousands)
|
|
CommonShares |
|
StockAmount |
|
TreasuryShares |
|
StockAmount |
|
AdditionalPaid-inCapital |
|
AccumulatedDeficit |
|
|
AccumulatedOtherComprehensiveLoss |
|
Total |
Balances at December 31, 2018 |
|
6,472 |
|
$ |
65 |
|
(1,264 |
) |
|
$ |
(6,093 |
) |
|
$ |
88,255 |
|
$ |
(56,029 |
) |
|
$ |
(93 |
) |
|
$ |
26,105 |
|
Share based payment expense |
|
- |
|
|
- |
|
- |
|
|
|
- |
|
|
|
216 |
|
|
- |
|
|
|
- |
|
|
|
216 |
|
Net loss to common shareholders |
|
- |
|
|
- |
|
- |
|
|
|
- |
|
|
|
- |
|
|
(4,786 |
) |
|
|
- |
|
|
|
(4,786 |
) |
Purchases of treasury stock |
|
- |
|
|
- |
|
(46 |
) |
|
|
(259 |
) |
|
|
- |
|
|
- |
|
|
|
- |
|
|
|
(259 |
) |
Foreign currency translation |
|
- |
|
|
- |
|
- |
|
|
|
- |
|
|
|
- |
|
|
- |
|
|
|
95 |
|
|
|
95 |
|
Balances at December 31,
2019 |
|
6,472 |
|
$ |
65 |
|
(1,310 |
) |
|
$ |
(6,352 |
) |
|
$ |
88,471 |
|
$ |
(60,815 |
) |
|
$ |
2 |
|
|
$ |
21,371 |
|
Share-based payment expense |
|
- |
|
|
- |
|
- |
|
|
|
- |
|
|
|
16 |
|
|
- |
|
|
|
- |
|
|
|
16 |
|
Net loss to common shareholders |
|
- |
|
|
- |
|
- |
|
|
|
- |
|
|
|
- |
|
|
(4,941 |
) |
|
|
- |
|
|
|
(4,941 |
) |
Purchases of treasury stock |
|
- |
|
|
- |
|
(5 |
) |
|
|
(19 |
) |
|
|
- |
|
|
- |
|
|
|
- |
|
|
|
(19 |
) |
Foreign currency translation |
|
- |
|
|
- |
|
- |
|
|
|
- |
|
|
|
- |
|
|
- |
|
|
|
79 |
|
|
|
79 |
|
Balances at December 31,
2020 |
|
6,472 |
|
$ |
65 |
|
(1,315 |
) |
|
$ |
(6,371 |
) |
|
$ |
88,487 |
|
$ |
(65,756 |
) |
|
$ |
81 |
|
|
$ |
16,506 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
The accompanying notes are an integral part of
these consolidated financial statements.
WILHELMINA INTERNATIONAL, INC. AND
SUBSIDIARIESCONSOLIDATED STATEMENTS OF CASH
FLOWFor the Years Ended December 31, 2020 and
2019 (In thousands)
|
|
Year Ended |
|
|
2020 |
|
|
2019 |
|
Cash flows from operating
activities: |
|
|
|
|
Net loss: |
|
$ |
(4,941 |
) |
|
$ |
(4,786 |
) |
Adjustments to reconcile net
loss to net cash (used in) provided by operating activities: |
|
|
|
|
|
|
Amortization and depreciation |
|
|
1,249 |
|
|
|
1,192 |
|
Goodwill impairment |
|
|
800 |
|
|
|
4,845 |
|
Share-based payment expense |
|
|
16 |
|
|
|
216 |
|
Deferred income taxes |
|
|
724 |
|
|
|
94 |
|
Bad debt expense |
|
|
173 |
|
|
|
11 |
|
Changes in operating assets
and liabilities: |
|
|
|
|
|
|
Accounts receivable |
|
|
2,122 |
|
|
|
2,449 |
|
Prepaid expenses and other current assets |
|
|
138 |
|
|
|
(46 |
) |
Right of use assets-operating |
|
|
676 |
|
|
|
1,143 |
|
Other assets |
|
|
22 |
|
|
|
(1 |
) |
Due to models |
|
|
(1,230 |
) |
|
|
(1,314 |
) |
Lease liabilities-operating |
|
|
(768 |
) |
|
|
(1,219 |
) |
Accounts payable and accrued liabilities |
|
|
(948 |
) |
|
|
(1,047 |
) |
Net cash (used in) provided by
operating activities |
|
|
(1,967 |
) |
|
|
1,537 |
|
|
|
|
|
|
|
|
Cash flows used in investing
activities: |
|
|
|
|
|
|
Purchases of property and equipment |
|
|
(154 |
) |
|
|
(394 |
) |
Net cash used in investing
activities |
|
|
(154 |
) |
|
|
(394 |
) |
|
|
|
|
|
|
|
Cash flows used in financing
activities: |
|
|
|
|
|
|
Purchases of treasury stock |
|
|
(19 |
) |
|
|
(259 |
) |
Payments on finance leases |
|
|
(93 |
) |
|
|
(111 |
) |
Proceeds from term loans |
|
|
1,975 |
|
|
|
- |
|
Payment on term loans |
|
|
(1,258 |
) |
|
|
(623 |
) |
Net cash provided by (used in)
financing activities |
|
|
605 |
|
|
|
(993 |
) |
|
|
|
|
|
|
|
Foreign currency effect on
cash flows: |
|
|
79 |
|
|
|
95 |
|
|
|
|
|
|
|
|
Net change in cash and cash
equivalents: |
|
|
(1,437 |
) |
|
|
245 |
|
Cash and cash equivalents, beginning of year |
|
|
6,993 |
|
|
|
6,748 |
|
Cash and cash equivalents, end of year |
|
$ |
5,556 |
|
|
$ |
6,993 |
|
|
|
|
|
|
|
|
Supplemental disclosures of
cash flow information: |
|
|
|
|
|
|
Cash paid for interest |
|
$ |
77 |
|
|
$ |
114 |
|
Cash paid for income taxes |
|
$ |
233 |
|
|
$ |
5 |
|
Non-GAAP Financial Measures
EBITDA, Adjusted EBITDA and Pre-Corporate EBITDA
represent measures of financial performance that are not calculated
and presented in accordance with U.S. generally accepted accounting
principles (“non-GAAP financial measures”). The Company considers
EBITDA, Adjusted EBITDA and Pre-Corporate EBITDA to be important
measures of performance because they:
-
are key operating metrics of the Company's business;
-
are used by management in its planning and budgeting processes and
to monitor and evaluate its financial and operating results;
and
-
provide stockholders and potential investors with a means to
evaluate the Company's financial and operating results against
other companies within the Company's industry.
The Company's calculation of non-GAAP financial
measures may not be consistent with similar calculations by other
companies in the Company's industry. The Company calculates EBITDA
as net income plus interest expense, income tax expense, and
depreciation and amortization expense. The Company calculates
“Adjusted EBITDA” as EBITDA plus foreign exchange gain/loss,
share-based payment expense and certain significant non-recurring
items that the Company may include from time to time. For 2020,
these non-recurring items represented goodwill impairments. The
Company calculates “Pre-Corporate EBITDA” as Adjusted EBITDA plus
corporate overhead expense, which includes director compensation,
securities laws compliance costs, audit and professional fees, and
other public company costs.
Non-GAAP financial measures should not be
considered as alternatives to net and 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 generally accepted
accounting principles.
Form 10-K Filing
Additional information concerning the Company's
results of operations and financial position is included in the
Company's Form 10-K for the fiscal year ended December 31, 2020
filed with the Securities and Exchange Commission on March 16,
2021.
Forward-Looking Statements
This press release contains certain
“forward-looking” statements as such term is defined in the Private
Securities Litigation Reform Act of 1995. Such forward-looking
statements relating to the Company are based on the beliefs of the
Company’s management as well as 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 Company management, are intended to identify forward-looking
statements. Such forward-looking statements include, in
particular, projections about the Company’s future results,
statements about its plans, strategies, business prospects, changes
and trends in its business and the markets in which it operates.
Additionally, statements concerning future matters such as gross
billing levels, revenue levels, expense levels, and other
statements regarding matters that are not historical are
forward-looking statements. Management cautions that these
forward-looking statements relate to future events or the Company’s
future financial performance and are subject to business, economic,
and other risks and uncertainties, both known and unknown, that may
cause actual results, levels of activity, performance, or
achievements of its business or its industry to be materially
different from those expressed or implied by any forward-looking
statements. 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 undertake any obligation to publicly update these
forward-looking statements. As a result, no person should
place undue reliance on these forward-looking statements.
About Wilhelmina International,
Inc. (www.wilhelmina.com):
Wilhelmina, together with its subsidiaries, is
an international full-service fashion model and talent management
service, specializing in the representation and management of
leading models, celebrities, artists, photographers, athletes, and
content creators. Established in 1967 by fashion model Wilhelmina
Cooper, Wilhelmina is one of the oldest and largest fashion model
management companies in the world. Wilhelmina is publicly traded on
Nasdaq under the symbol WHLM. Wilhelmina is headquartered in
New York and, since its founding, has grown to include operations
in Los Angeles, Miami, London and Chicago. Wilhelmina also owns
Aperture, a talent and commercial agency located in New York and
Los Angeles. For more information, please visit www.wilhelmina.com
and follow @WilhelminaModels.
|
|
CONTACT: |
Investor Relations |
|
Wilhelmina International,
Inc. |
|
214-661-7488 |
|
ir@wilhelmina.com |
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