2018 SECOND QUARTER RESULTS REPORTS FOR WILHELMINA INTERNATIONAL, INC - Soul 2 Soul Mates Blog

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8/10/2018

2018 SECOND QUARTER RESULTS REPORTS FOR WILHELMINA INTERNATIONAL, INC

2018 SECOND QUARTER RESULTS REPORTS FOR  WILHELMINA INTERNATIONAL, INC
Wilhelmina International, Inc. (Nasdaq:WHLM) (“Wilhelmina” or the “Company”) today reported revenues of $ 20.6 million and net income of $ 364 thousand for the three months ended June 30, 2018, compared to revenues of $ 18.3 million and net loss of $ 52 thousand for the three months ended June 30, 2017.  For the six months ended June 30, 2018, Wilhelmina reported revenues of $ 40.3 million and net income of $ 589 thousand compared to revenue of $ 37.4 million and net loss of $ 43 thousand for the six months ended June 30, 2017. 

The increases in revenues when compared to the same periods of the prior year were primarily due to a increase in model bookings and contributions from new initiatives. 

Increased operating income was primarily the result of increases in service revenues compared to relatively unchanged operating expenses. As a result, EBITDA, Adjusted EBITDA and Pre-Corporate EBITDA also increased during the first half of 2018 compared to the same period prior year.

Mark Schwarz, Executive Chairman of Wilhelmina, said, “The Company’s results in the second quarter demonstrated an overall improvement in trends with growth in revenue, growth in earnings, $ 1.3 million in cash flows from operating activities and an ending cash balance of $ 4.6 million.  Year to date, including subsequent to the end of the second quarter, the Company has repurchased 112,138 shares at an average price of $ 6.97 for a total of $ 781,531. Inclusive of these purchases, since the 2012 initiation of the Company’s current repurchase program, 1,202,508 shares have been repurchased at an average price of approximately $ 4.72 per share, for a total of approximately $ 5.7 million.”

William Wackermann, Chief Executive Officer of Wilhelmina, said, “Wilhelmina had a strong second quarter driven by a solid performance in model bookings and growth in our Studio and Aperture businesses.  We continue to position the brand for future growth through innovation across talent categories. I am proud of our team and their efforts during the first half of 2018, and we will continue to push to make the second half a continued success.”

Financial Results

Net income for the three and six months ended June 30, 2018 was $ 364 thousand and $ 589 thousand, or $ 0.07 and $ 0.11 per fully diluted share, compared to net losses of $ 52 thousand and $ 43 thousand, or $ 0.01 and $ 0.01 per fully diluted share, for the three and six months ended June 30, 2017.

Pre-Corporate EBITDA was $ 1.1 million and $ 2.2 million for the three and six months ended June 30, 2018, compared to $ 674 thousand and $ 1.5 million for the three and six months ended June 30, 2017.

The following table reconciles reported net income under generally accepted accounting principles to EBITDA, Adjusted EBITDA and Pre-Corporate EBITDA for the three and six months ended June 30, 2018 and 2017.



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