10-Q - Wilhelmina International, Inc. (0001013706) (Filer)

Wed, May 15, 11:51 AM (269 days ago)

Wilhelmina International, Inc. reported a decrease in revenues for Q1 2024, totaling $4,171 thousand, down 7.0% from $4,484 thousand in Q1 2023. Operating income fell to $73 thousand from $229 thousand, with an operating margin of 1.8%, down from 5.1%. The decline in revenues was attributed to reduced commissions from core model and Aperture bookings. Salaries and service costs rose by 3.0% due to personnel hires and payroll changes, while office and general expenses dropped by 22.7% due to lower legal and computer expenses. Net income decreased to $91 thousand from $159 thousand. Cash and cash equivalents decreased to $4,734 thousand from $6,117 thousand at year-end 2023, primarily due to net cash used in operating activities. The company engaged a new CFO, Gaurav Pahwa, in April 2024. Despite ongoing legal proceedings, no amounts have been accrued for potential losses. The company remains focused on increasing brand awareness, expanding its talent representation, and leveraging digital technology.