Wilhelmina International Files Q2 2024 10-Q

TL;DR

Wilhelmina Intl's Q2 10-Q is in. Check financials for services & licensing revenue.

AI Summary

Wilhelmina International, Inc. filed its 10-Q for the period ending June 30, 2024. The filing details financial performance for the second quarter and the first half of the year, including revenue generated from services and licensing. The company, formerly known as NEW CENTURY EQUITY HOLDINGS CORP, is based in Dallas, TX.

Why It Matters

This filing provides investors with the latest financial performance data for Wilhelmina International, Inc., crucial for understanding the company's operational health and future prospects.

Risk Assessment

Risk Level: low — This is a standard quarterly financial filing with no immediate red flags or significant new risks disclosed.

Key Numbers

• 20240630 — Reporting Period End Date (Indicates the end of the fiscal quarter covered by the report.)
• 20240814 — Filing Date (The date the 10-Q was officially submitted to the SEC.)

Key Players & Entities

• Wilhelmina International, Inc. (company) — Filer of the 10-Q
• NEW CENTURY EQUITY HOLDINGS CORP (company) — Former name of Wilhelmina International, Inc.
• Dallas, TX (location) — Business address of Wilhelmina International, Inc.
• 20240630 (date) — End of the reporting period

FAQ

Key Financial Figures

• $0.01 — nge on which registered Common Stock, $0.01 par value WHLM Nasdaq Capital Market
• $2.5 thousand — facilities on a month-to-month basis at $2.5 thousand per month, pursuant to a services agree

Filing Documents

• wilhelmina_i10q-063024.htm (10-Q) — 484KB
• wilhelmina_ex3101.htm (EX-31.1) — 11KB
• wilhelmina_ex3102.htm (EX-31.2) — 12KB
• wilhelmina_ex3201.htm (EX-32.1) — 4KB
• wilhelmina_ex3202.htm (EX-32.2) — 4KB
• 0001683168-24-005598.txt ( ) — 2320KB
• whlm-20240630.xsd (EX-101.SCH) — 13KB
• whlm-20240630_cal.xml (EX-101.CAL) — 38KB
• whlm-20240630_def.xml (EX-101.DEF) — 45KB
• whlm-20240630_lab.xml (EX-101.LAB) — 195KB
• whlm-20240630_pre.xml (EX-101.PRE) — 145KB
• wilhelmina_i10q-063024_htm.xml (XML) — 175KB

Financial Statements

Financial Statements 3 Condensed Consolidated Balance Sheets as of June 30, 2024 (Unaudited) and December 31, 2023 3 Condensed Consolidated Statements of Operations and Comprehensive Income for the Three and Six Months Ended June 30, 2024 and 2023 (Unaudited) 4 Condensed Consolidated Statements of Shareholders' Equity for the Three and Six Months Ended June 30, 2024 and 2023 (Unaudited) 5 Condensed Consolidated Statements of Cash Flow for the Six Months Ended June 30, 2024 and 2023 (Unaudited) 6 Notes to Condensed Consolidated Financial Statements (Unaudited) 7 Item 2.

Management's Discussion and Analysis of Financial Condition and Results of Operations

Management's Discussion and Analysis of Financial Condition and Results of Operations 11 Item 3.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 19 Item 4.

Controls and Procedures

Controls and Procedures 19 PART II OTHER INFORMATION 20 Item 1.

Legal Proceedings

Legal Proceedings 20 Item 1.A.

Risk Factors

Risk Factors 20 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 20 Item 3. Defaults Upon Senior Securities 20 Item 4. Mine Safety Disclosures 20 Item 5. Other Information 20 Item 6. Exhibits 21

SIGNATURES

SIGNATURES 22 2 PART I FINANCIAL INFORMATION

Consolidated Financial Statements

Item 1. Consolidated Financial Statements WILHELMINA INTERNATIONAL, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATED BALANCE SHEETS (In thousands, except share data) (Unaudited) June 30, 2024 December 31, 2023 ASSETS Current assets: Cash and cash equivalents $ 5,712 $ 6,117 Short term investments 6,277 6,596 Accounts receivable, net of allowance for doubtful accounts of $ 1,829 and $ 1,901 , respectively 9,210 8,505 Prepaid expenses and other current assets 105 203 Total current assets 21,304 21,421 Property and equipment, net of accumulated depreciation of $ 603 and $ 534 , respectively 268 320 Right of use assets-operating 3,110 3,457 Right of use assets-finance 134 152 Trademarks and trade names with indefinite lives 8,467 8,467 Goodwill 7,547 7,547 Other assets 299 301 TOTAL ASSETS $ 41,129 $ 41,665 LIABILITIES AND SHAREHOLDERS' EQUITY Current liabilities: Accounts payable and accrued liabilities $ 4,045 $ 3,941 Due to models 6,810 7,645 Lease liabilities – operating, current 741 712 Lease liabilities – finance, current 33 32 Total current liabilities 11,629 12,330 Long term liabilities: Deferred income tax, net 1,484 1,215 Lease liabilities – operating, non-current 2,692 3,102 Lease liabilities – finance, non-current 105 122 Total long term liabilities 4,281 4,439 Total liabilities 15,910 16,769 Shareholders' equity: Common stock, $ 0.01 par value, 9,000,000 shares authorized; 6,472,038 shares issued at June 30, 2024 and December 31, 2023 65 65 Treasury stock, 1,314,694 shares at June 30, 2024 and December 31, 2023, at cost ( 6,371 ) ( 6,371 ) Additional paid-in capital 88,865 88,854 Accumulated deficit ( 56,938 ) ( 57,276 ) Accumulated other comprehensive loss ( 402 ) ( 376 ) Total shareholders' equity 25,219 24,896 TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY $ 41,129 $ 41,665 The accompanying notes are an integral part of the

Management ' s

Item 2. Management ' s Discussion and Analysis of Financial Condition and Results of Operations. The following is a discussion of the interim unaudited consolidated financial condition and results of operations for the Company and its subsidiaries for the three and six months ended June 30, 2024 and 2023. It should be read in conjunction with the financial statements of the Company, the notes thereto and other financial information included elsewhere in this report, and the Company's Annual Report on Form 10-K for the year ended December 31, 2023.

Forward-Looking Statements

Forward-Looking Statements This Quarterly Report on Form 10-Q contains certain " forward-looking " statements as such term is defined in Section 27A of the Securities Act of 1933, as amended, Section 21E of the Securities Exchange Act of 1934, as amended (the " Exchange Act " ), and the Private Securities Litigation Reform Act of 1995. Such forward looking statements relating to the Company and its subsidiaries 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 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. 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, you should not place undue reliance on these forward-looking OVERVIEW The primary business of Wilhelmina is fashion model management. These business operations are headquartered in New York City. The Company's predecessor was founded in 1967 by Wilhelmina Cooper, a renowned fashion model, and became one of the oldest, best known and largest fashion model management companies in the world. Since its founding, Wilhelmina has g

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View this 10-Q filing on SEC EDGAR