Wilhelmina International Files Q3 2024 10-Q

TL;DR

Wilhelmina Intl (WINT) filed its Q3 2024 10-Q on Nov 13. Check financials.

AI Summary

Wilhelmina International, Inc. filed its 10-Q for the period ending September 30, 2024. The filing covers the third quarter and the first nine months of the year. Specific financial details and operational updates are provided within the report, which was filed on November 13, 2024.

Why It Matters

This filing provides investors and analysts with the latest financial performance and operational status of Wilhelmina International, Inc. for the third quarter of 2024.

Risk Assessment

Risk Level: low — This is a routine quarterly filing providing financial information, not indicating immediate significant risks.

Key Players & Entities

• Wilhelmina International, Inc. (company) — Filer of the 10-Q report
• 0001683168-24-007928 (other) — Accession number for the filing
• 20240930 (date) — Conformed period of report
• 20241113 (date) — Filing date

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-093024.htm (10-Q) — 504KB
• wilhelmina_ex3101.htm (EX-31.1) — 11KB
• wilhelmina_ex3102.htm (EX-31.2) — 11KB
• wilhelmina_ex3201.htm (EX-32.1) — 4KB
• wilhelmina_ex3202.htm (EX-32.2) — 4KB
• 0001683168-24-007928.txt ( ) — 2352KB
• whlm-20240930.xsd (EX-101.SCH) — 13KB
• whlm-20240930_cal.xml (EX-101.CAL) — 38KB
• whlm-20240930_def.xml (EX-101.DEF) — 45KB
• whlm-20240930_lab.xml (EX-101.LAB) — 196KB
• whlm-20240930_pre.xml (EX-101.PRE) — 141KB
• wilhelmina_i10q-093024_htm.xml (XML) — 194KB

Financial Statements

Financial Statements 3 Condensed Consolidated Balance Sheets as of September 30, 2024 (Unaudited) and December 31, 2023 3 Condensed Consolidated Statements of Operations and Comprehensive Income for the Three and Nine Months Ended September 30, 2024 and 2023 (Unaudited) 4 Condensed Consolidated Statements of Shareholders' Equity for the Three and Nine Months Ended September 30, 2024 and 2023 (Unaudited) 5 Condensed Consolidated Statements of Cash Flow for the Nine Months Ended September 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 20 Item 4.

Controls and Procedures

Controls and Procedures 20 PART II OTHER INFORMATION 21 Item 1.

Legal Proceedings

Legal Proceedings 21 Item 1.A.

Risk Factors

Risk Factors 21 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 21 Item 3. Defaults Upon Senior Securities 21 Item 4. Mine Safety Disclosures 21 Item 5. Other Information 21 Item 6. Exhibits 22

SIGNATURES

SIGNATURES 23 2 PART I FINANCIAL INFORMATION Item 1. Consolidated Financial Statements WILHELMINA INTERNATIONAL, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATED BALANCE SHEETS (In thousands, except share data) (Unaudited) September 30, 2024 December 31, 2023 ASSETS Current assets: Cash and cash equivalents $ 6,526 $ 6,117 Short term investments 6,852 6,596 Accounts receivable, net of allowance for doubtful accounts of $ 1,829 and $ 1,901 , respectively 9,166 8,505 Prepaid expenses and other current assets 145 203 Total current assets 22,689 21,421 Property and equipment, net of accumulated depreciation of $ 638 and $ 534 , respectively 242 320 Right of use assets-operating 2,932 3,457 Right of use assets-finance 125 152 Trademarks and trade names with indefinite lives 8,467 8,467 Goodwill 7,547 7,547 Other assets 301 301 TOTAL ASSETS $ 42,303 $ 41,665 LIABILITIES AND SHAREHOLDERS' EQUITY Current liabilities: Accounts payable and accrued liabilities $ 4,554 $ 3,941 Due to models 7,232 7,645 Lease liabilities – operating, current 776 712 Lease liabilities – finance, current 34 32 Total current liabilities 12,596 12,330 Long term liabilities: Deferred income tax, net 1,428 1,215 Lease liabilities – operating, non-current 2,489 3,102 Lease liabilities – finance, non-current 97 122 Total long term liabilities 4,014 4,439 Total liabilities 16,610 16,769 Shareholders' equity: Common stock, $ 0.01 par value, 9,000,000 shares authorized; 6,472,038 shares issued at September 30, 2024 and December 31, 2023 65 65 Treasury stock, 1,314,694 shares at September 30, 2024 and December 31, 2023, at cost ( 6,371 ) ( 6,371 ) Additional paid-in capital 88,865 88,854 Accumulated deficit ( 56,628 ) ( 57,276 ) Accumulated other comprehensive loss ( 238 ) ( 376 ) Total shareholders' equity 25,693 24,896 TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY

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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