{"id":758294,"date":"2023-05-11T20:27:29","date_gmt":"2023-05-12T00:27:29","guid":{"rendered":"https:\/\/www.marketnewsdesk.com\/index.php\/wilhelmina-international-inc-reports-results-for-first-quarter-2023\/"},"modified":"2023-05-11T20:27:29","modified_gmt":"2023-05-12T00:27:29","slug":"wilhelmina-international-inc-reports-results-for-first-quarter-2023","status":"publish","type":"post","link":"https:\/\/www.marketnewsdesk.com\/index.php\/wilhelmina-international-inc-reports-results-for-first-quarter-2023\/","title":{"rendered":"Wilhelmina International, Inc. Reports Results for First Quarter 2023"},"content":{"rendered":"
\n

\n \n <\/p>\n\n\n\n\n\n\n\n\n\n\n\n\n
\u00a0<\/td>\n<\/tr>\n
\n (in thousands)<\/strong>\n <\/td>\n\n
\n Q1 2023<\/strong>\n <\/td>\n		\n
\n Q1 2022<\/strong>\n <\/td>\n		\n YOY<\/strong>
\n
\n Change<\/strong>\n <\/td>\n<\/tr>\n
\n Total Revenues<\/strong>\n <\/td>\n$<\/td>\n4,484<\/td>\n$<\/td>\n4,548<\/td>\n(1.4<\/td>\n%)<\/td>\n<\/tr>\n
\n Operating Income<\/strong>\n <\/td>\n\u00a0<\/td>\n229<\/td>\n\u00a0<\/td>\n874<\/td>\n(73.8<\/td>\n%)<\/td>\n<\/tr>\n
\n Income Before Provision for Taxes<\/strong>\n <\/td>\n\u00a0<\/td>\n210<\/td>\n\u00a0<\/td>\n865<\/td>\n(75.7<\/td>\n%)<\/td>\n<\/tr>\n
\n Net Income <\/strong>\n <\/td>\n\u00a0<\/td>\n159<\/td>\n\u00a0<\/td>\n739<\/td>\n(78.5<\/td>\n%)<\/td>\n<\/tr>\n
\n Gross Billings*<\/strong>\n <\/td>\n\u00a0<\/td>\n17,587<\/td>\n\u00a0<\/td>\n16,645<\/td>\n5.7<\/td>\n%<\/td>\n<\/tr>\n
\n EBITDA* <\/strong>\n <\/td>\n\u00a0<\/td>\n262<\/td>\n\u00a0<\/td>\n927<\/td>\n(71.7<\/td>\n%)<\/td>\n<\/tr>\n
\n Adjusted EBITDA*<\/strong>\n <\/td>\n\u00a0<\/td>\n304<\/td>\n\u00a0<\/td>\n988<\/td>\n(69.2<\/td>\n%)<\/td>\n<\/tr>\n
\n Pre-Corporate EBITDA*<\/strong>\n <\/td>\n\u00a0<\/td>\n548<\/td>\n\u00a0<\/td>\n1,242<\/td>\n(55.9<\/td>\n%)<\/td>\n<\/tr>\n
* Non-GAAP measures referenced are detailed in the disclosures at the end of this release.<\/td>\n<\/tr>\n<\/table>\n

DALLAS, May 11, 2023 (GLOBE NEWSWIRE) — Wilhelmina International, Inc. (Nasdaq:WHLM) (“Wilhelmina” or the “Company”) today reported revenues of $4.5 million and net income of $0.2 million for the three months ended March 31, 2023, compared to revenues of $4.5 million and net income of $0.7 million for the three months ended March 31, 2022. Decreased revenues in 2023 were primarily due to decreased commissions on bookings in the Company\u2019s core modeling divisions.\u00a0\u00a0<\/p>\n

\n Financial Results<\/strong>\n <\/p>\n

Net income for the three months ended March 31, 2023 was $0.2 million, or $0.03 per fully diluted share, compared to net income of $0.7 million, or $0.14 per fully diluted share, for the three months ended March 31, 2022.<\/p>\n

Pre-Corporate EBITDA was $0.5 million for the three months ended March 31, 2023, compared to Pre-Corporate EBITDA of $1.2 million for the three months ended March 31, 2022.\u00a0\u00a0<\/p>\n

The following table reconciles reported total revenues under generally accepted accounting principles to Gross Billings, for the first quarter ended March 31, 2023 and 2022.<\/p>\n\n\n\n\n\n\n\n
(in thousands)<\/td>\nThree months ended
March 31,<\/td>\n<\/tr>\n
\u00a0<\/td>\n\u00a0<\/td>\n\n 2023<\/strong>\n <\/td>\n\u00a0<\/td>\n\n 2022<\/strong>\n <\/td>\n\u00a0<\/td>\n<\/tr>\n
Total revenues<\/td>\n$<\/td>\n4,484<\/td>\n$<\/td>\n4,548<\/td>\n\u00a0<\/td>\n<\/tr>\n
Model costs<\/td>\n\u00a0<\/td>\n13,103<\/td>\n\u00a0<\/td>\n12,097<\/td>\n\u00a0<\/td>\n<\/tr>\n
Gross billings*<\/td>\n\u00a0<\/td>\n17,587<\/td>\n\u00a0<\/td>\n16,645<\/td>\n\u00a0<\/td>\n<\/tr>\n
*Non-GAAP measures referenced are detailed in the disclosures at the end of this release.<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n<\/table>\n

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.<\/p>\n

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, 2023 and 2022.<\/p>\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
(in thousands)<\/td>\nThree months ended
March 31,<\/td>\n<\/tr>\n
\u00a0<\/td>\n\u00a0<\/td>\n\n 2023<\/strong>\n <\/td>\n\u00a0<\/td>\n\n 2022<\/strong>\n <\/td>\n\u00a0<\/td>\n<\/tr>\n
Net income<\/td>\n$<\/td>\n159<\/td>\n$<\/td>\n739<\/td>\n\u00a0<\/td>\n<\/tr>\n
Interest expense<\/td>\n\u00a0<\/td>\n1<\/td>\n\u00a0<\/td>\n3<\/td>\n\u00a0<\/td>\n<\/tr>\n
Income tax expense<\/td>\n\u00a0<\/td>\n51<\/td>\n\u00a0<\/td>\n126<\/td>\n\u00a0<\/td>\n<\/tr>\n
Amortization and depreciation<\/td>\n\u00a0<\/td>\n51<\/td>\n\u00a0<\/td>\n59<\/td>\n\u00a0<\/td>\n<\/tr>\n
EBITDA*<\/td>\n\u00a0<\/td>\n262<\/td>\n\u00a0<\/td>\n927<\/td>\n\u00a0<\/td>\n<\/tr>\n
Foreign exchange loss<\/td>\n\u00a0<\/td>\n18<\/td>\n\u00a0<\/td>\n6<\/td>\n\u00a0<\/td>\n<\/tr>\n
Share-based payment expense<\/td>\n\u00a0<\/td>\n24<\/td>\n\u00a0<\/td>\n55<\/td>\n\u00a0<\/td>\n<\/tr>\n
Adjusted EBITDA*<\/td>\n\u00a0<\/td>\n304<\/td>\n\u00a0<\/td>\n988<\/td>\n\u00a0<\/td>\n<\/tr>\n
Corporate overhead<\/td>\n\u00a0<\/td>\n244<\/td>\n\u00a0<\/td>\n254<\/td>\n\u00a0<\/td>\n<\/tr>\n
Pre-Corporate EBITDA*<\/td>\n\u00a0<\/td>\n548<\/td>\n\u00a0<\/td>\n1,242<\/td>\n\u00a0<\/td>\n<\/tr>\n
*Non-GAAP measures referenced are detailed in the disclosures at the end of this release.<\/td>\n\u00a0<\/td>\n<\/tr>\n<\/table>\n

Changes in net income, EBITDA, Adjusted EBITDA and Pre-Corporate EBITDA for the three months ended March 31, 2023, when compared to the three months ended March 31, 2022, were primarily the result of the following:<\/p>\n