Second Quarter Financial Results

-------------------------------------------------------------------------------------- (in thousands) YOY Q2 19 Q2 18 YOY Q2 19 Q2 18 Change YTD YTD Change --------------------------------- -------- -------- ------- -------- -------- -------- Total Revenues $ 19,945 $ 20,596 (3.2 %) $ 40,004 $ 40,312 (0.8 %) Operating Income 620 522 18.8 % 637 886 (28.1 %) Income Before Provision for Taxes 602 473 27.3 % 572 792 (27.8 %) Net Income 451 364 23.9 % 342 589 (41.9 %) EBITDA** 930 734 26.7 % 1,222 1,314 (7.0 %) Adjusted EBITDA** 970 848 14.4 % 1,341 1,557 (13.9 %) Pre-Corporate EBITDA** 1,221 1,108 10.2 % 1,924 2,154 (10.7 %) **Non-GAAP measures referenced are detailed in the disclosures at the end of this release.

DALLAS, Aug. 13, 2019 (GLOBE NEWSWIRE) -- Wilhelmina International, Inc. (Nasdaq:WHLM) ("Wilhelmina" or the "Company") today reported revenues of $19.9 million and net income of $0.5 million for the three months ended June 30, 2019, compared to revenues of $20.6 million and net income of $0.4 million for the three months ended June 30, 2018. For the six months ended June 30, 2019, Wilhelmina reported revenues of $40.0 million and net income of $0.3 million compared to revenue of $40.3 million and net income of $0.6 million for the six months ended June 30, 2018. The decrease in revenues when compared to the same periods of the prior year was primarily due to a decrease in bookings in the Wilhelmina Studios division. For the three months ended June 30, 2019 compared to the three months ended June 30, 2018, operating income, EBITDA, Adjusted EBITDA, and Pre-Corporate EBITDA increased, primarily due to decreased model costs and decreased office and general expenses, partially offset by an increase in salaries and service costs. For the six months ended June 30, 2019 compared to the six months ended June 30, 2018, operating income, EBITDA, Adjusted EBITDA, and Pre-Corporate EBITDA decreased primarily due to decreased revenue and increased salaries and service costs, partially offset by decreased office and general expenses.

“Wilhelmina delivered a solid second quarter of 2019, increasing year-over-year operating income and EBITDA. The company is energized as we enter the second half of 2019 focused on building brand awareness, developing diverse talent, and expanding our commercial and production businesses.” – Bill Wackermann, CEO, Wilhelmina

Financial Results

Net income for the three and six months ended June 30, 2019 was $0.5 million and $0.3 million, or $0.09 and $0.07 per fully diluted share, compared to net income of $0.4 million and $0.6 million, or $0.07 and $0.11 per fully diluted share, for the three and six months ended June 30, 2018.

Pre-Corporate EBITDA was $1.2 million and $1.9 million for the three and six months ended June 30, 2019, compared to $1.1 million and $2.2 million for the three and six months ended June 30, 2018.

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, 2019 and 2018.

Three months Six months (in thousands) ended ended June 30, June 30, ----------------------------- ----------------- --------------- 2019 2018 2019 2018 - ----- - - ----- - ----- - ----- Net income $ 451 $ 364 342 $ 589 Interest expense 30 22 62 47 Income tax expense 151 109 230 203 Amortization and depreciation 298 239 588 475 - ----- - - ----- - ----- - ----- EBITDA** $ 930 $ 734 $ 1,222 $ 1,314 Foreign exchange (gain) loss (12 ) 27 3 47 Share-based payment expense 52 87 116 196 - ----- - - ----- - ----- - ----- Adjusted EBITDA** $ 970 $ 848 $ 1,341 $ 1,557 Corporate overhead 251 260 583 597 - ----- - - ----- - ----- - ----- Pre-Corporate EBITDA** $ 1,221 $ 1,108 $ 1,924 $ 2,154 - ----- - - ----- - ----- - ----- **Non-GAAP measures referenced are detailed in the disclosures at the end of this release.

Changes in net income, EBITDA, Adjusted EBITDA and Pre-Corporate EBITDA for the three and six months ended June 30, 2019, when compared to the three months ended June 30, 2018, were primarily the result of the following:

-- Revenues net of model costs for the three months ended June 30, 2019 increased by 1.7% primarily due to a decrease in model costs. Revenues net of model costs for the six months ended June 30, 2019 decreased by 1.7%, due to decreased bookings in the Wilhelmina Studios division; -- Salaries and service costs for the three and six months ended June 30, 2019 increased by 3.4% and 3.9% primarily due to an increase in employee salaries, partially offset by a reduction in share based payment expense; -- Office and general expenses for the three and six months ended June 30, 2019 decreased by 13.9% and 12.3%, primarily due to reduced rent expense, legal fees and bad debt expense, as well as the reclassification of certain lease payments as amortization expense under new lease accounting rules; -- Amortization and depreciation expense for the three and six months ended June 30, 2019 increased by 24.7% and 23.8%, primarily due to new equipment being placed in service in recent months and certain lease payments previously included within office and general expenses now being classified as amortization under new lease accounting rules; and -- Corporate overhead expenses for the three and six months ended June 30, 2019 decreased by 3.5% and 2.3%, primarily due to lower securities compliance costs.

WILHELMINA INTERNATIONAL, INC. AND SUBSIDIARIESCONSOLIDATED BALANCE SHEETS(In thousands, except share data)

(Unaudited) June 30, December 2019 31, 2018 ----------- ----------- ASSETS Current assets: Cash and cash equivalents $ 6,003 $ 6,748 Accounts receivable, net of allowance for doubtful accounts of $1,768 and $1,791, 12,838 11,901 respectively Prepaid expenses and other current assets 306 197 - ------- - - ------- - Total current assets 19,147 18,846 - ------- - - ------- - Property and equipment, net of accumulated depreciation of $3,772 and $3,264, 2,266 2,567 respectively Right of use assets-operating 1,867 - Right of use assets-finance 156 - Trademarks and trade names with indefinite lives 8,467 8,467 Other intangibles with finite lives, net of accumulated amortization of $8,708 and 29 53 $8,684, respectively Goodwill 13,192 13,192 Other assets 114 114 - ------- - - ------- - TOTAL ASSETS $ 45,238 $ 43,239 - ------- - - ------- - LIABILITIES AND SHAREHOLDERS’ EQUITY Current liabilities: Accounts payable and accrued liabilities $ 4,417 $ 5,071 Due to models 9,213 8,809 Lease liabilities – operating, current 1,143 - Lease liabilities – finance, current 114 - Term loan – current 726 623 - ------- - - ------- - Total current liabilities 15,613 14,503 - ------- - - ------- - Long term liabilities: Net deferred income tax liability 709 631 Lease liabilities – operating, non-current 880 - Lease liabilities – finance, non-current 52 - Term loan – non-current 1,625 2,000 - ------- - - ------- - Total long term liabilities 3,266 2,631 - ------- - - ------- - Total liabilities 18,879 17,134 - ------- - - ------- - Shareholders’ equity: Common stock, $0.01 par value, 9,000,000 shares authorized; 6,472,038 shares issued at June 30, 2019 and December 31, 2018 65 65 Treasury stock, 1,292,620 and 1,264,154 shares at June 30, 2019 and December 31, (6,266 ) (6,093 ) 2018, at cost Additional paid-in capital 88,371 88,255 Accumulated deficit (55,687 ) (56,029 ) Accumulated other comprehensive loss (124 ) (93 ) - ------- - ------- - Total shareholders’ equity 26,359 26,105 - ------- - ------- - TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY $ 45,238 $ 43,239 - ------- - ------- -

WILHELMINA INTERNATIONAL, INC. AND SUBSIDIARIESCONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOMEFor the Three and Six Months Ended June 30, 2019 and 2018 (In thousands, except per share data)(Unaudited)

Three Months Ended Six Months Ended June 30, June 30, ---------------------- ---------------------- 2019 2018 2019 2018 -------- - -------- - -------- - -------- - Revenues: Service revenues $ 19,940 $ 20,580 $ 39,975 $ 40,282 License fees and other income 5 16 29 30 - ------ - - ------ - - ------ - - ------ - Total revenues 19,945 20,596 40,004 40,312 Model costs 14,156 14,905 28,632 28,747 - ------ - - ------ - - ------ - - ------ - Revenues, net of model costs 5,789 5,691 11,372 11,565 - ------ - - ------ - - ------ - - ------ - Operating expenses: Salaries and service costs 3,589 3,472 7,305 7,031 Office and general expenses 1,031 1,198 2,259 2,576 Amortization and depreciation 298 239 588 475 Corporate overhead 251 260 583 597 - ------ - - ------ - - ------ - - ------ - Total operating expenses 5,169 5,169 10,735 10,679 - ------ - - ------ - - ------ - - ------ - Operating income 620 522 637 886 - ------ - - ------ - - ------ - - ------ - Other expense: Foreign exchange gain (loss) 12 (27 ) (3 ) (47 ) Interest expense (30 ) - (62 ) - - ------ - - ------ - - ------ - - ------ - Total other expense (18 ) (49 ) (65 ) (94 ) - ------ - - ------ - - ------ - - ------ - Income before provision for income taxes 602 473 572 792 - ------ - - ------ - - ------ - - ------ - Provision for income taxes: expense Current (89 ) (56 ) (152 ) (140 ) Deferred (62 ) (53 ) (78 ) (63 ) - ------ - - ------ - - ------ - - ------ - Income tax expense (151 ) (109 ) (230 ) (203 ) - ------ - - ------ - - ------ - - ------ - Net income $ 451 $ 364 $ 342 $ 589 - ------ - - ------ - - ------ - - ------ - Other comprehensive expense: Foreign currency translation expense (59 ) (75 ) (31 ) (32 ) - ------ - - ------ - - ------ - - ------ - Total comprehensive income 392 289 311 557 - ------ - - ------ - - ------ - - ------ - Basic net income per common share $ 0.09 $ 0.07 $ 0.07 $ 0.11 Diluted net income per common share $ 0.09 $ 0.07 $ 0.07 $ 0.11 Weighted average common shares outstanding-basic 5,187 5,375 5,196 5,378 Weighted average common shares outstanding-diluted 5,187 5,375 5,196 5,378

WILHELMINA INTERNATIONAL, INC. AND SUBSIDIARIESCONSOLIDATED STATEMENTS OF SHAREHOLDERS’ EQUITY For the Three and Six Months Ended June 30, 2019 and 2018 (In thousands)

Accumu Additiona lated Common Stock Treasury Stock l Accumulated Other Shares Amoun Shares Amount Paid-in Deficit Compre Total t Capital hensiv e Loss ------ ---- -------- ---------- -------- ----------- - ----- ---------- Balances at December 31, 2017 6,472 $ 65 (1,090 ) $ (4,893 ) $ 87,892 $ (56,885 ) $ 4 $ 26,183 Share based payment expense - - - - 109 - - 109 Net income to common - - - - - 225 - 225 shareholders Purchases of treasury stock - - (6 ) (36 ) - - - (36 ) Foreign currency translation - - - - - - 43 43 ----- - -- ------ - - ------ - - ------ - ------- - - --- - - ------ - Balances at March 31, 2018 6,472 $ 65 (1,096 ) $ (4,929 ) $ 88,001 $ (56,660 ) $ 47 $ 26,524 ----- - -- ------ - - ------ - - ------ - ------- - - --- - - ------ - Share based payment expense - - - - 87 - - 87 Net income to common - - - - - 364 - 364 shareholders Purchases of treasury stock - - (7 ) (46 ) - - - (46 ) Foreign currency translation - - - - - - (75 ) (75 ) ----- - -- ------ - - ------ - - ------ - ------- - - --- - - ------ - Balances at June 30, 2018 6,472 $ 65 (1,103 ) $ (4,975 ) $ 88,088 $ (56,296 ) $ (28 ) $ 26,854 ----- - -- ------ - - ------ - - ------ - ------- - - --- - - ------ -

Accumulat Stock Additiona ed Common Amoun Treasury Stock l Accumulated Other Total Shares t Shares Amount Paid-in Deficit Comprehen Capital sive Loss ------ ---- -------- ---------- -------- ----------- -------- - --------- Balances at December 31, 6,472 $ 65 (1,264 ) $ (6,093 ) $ 88,255 $ (56,029 ) $ (93 ) $ 26,105 2018 Share based payment expense - - - - 64 - - 64 Net income to common - - - - - (109 ) - (109 ) shareholders Purchases of treasury stock - - (4 ) (24 ) - - - (24 ) Foreign currency translation - - - - - - 28 28 ----- - -- ------ - - ------ - - ------ - ------- - - ---- - - - ------ - Balances at March 31, 2019 6,472 $ 65 (1,268 ) $ (6,117 ) $ 88,319 $ (56,138 ) $ (65 ) $ 26,064 ----- - -- ------ - - ------ - - ------ - ------- - - ---- - - - ------ - Share based payment expense - - - - 52 - - 52 Net income to common - - - - - 451 - 451 shareholders Purchases of treasury stock - - (25 ) (149 ) - - - (149 ) Foreign currency translation - - - - - - (59 ) (59 ) ----- - -- ------ - - ------ - - ------ - ------- - - ---- - - - ------ - Balances at June 30, 2019 6,472 $ 65 (1,293 ) $ (6,266 ) $ 88,371 $ (55,687 ) $ (124 ) $ 26,359 ----- - -- ------ - - ------ - - ------ - ------- - - ---- - - - ------ -

The accompanying notes are an integral part of these consolidated financial statements.

WILHELMINA INTERNATIONAL, INC. AND SUBSIDIARIESCONSOLIDATED STATEMENTS OF CASH FLOWFor the Three and Six Months Ended June 30, 2019 and 2018 (In thousands)(Unaudited)

Six Months Ended June 30, --------------------- 2019 2018 ------- - -------- - Cash flows from operating activities: Net income: $ 342 $ 589 Adjustments to reconcile net income to net cash used in operating activities: Amortization and depreciation 588 475 Share based payment expense 116 196 Deferred income taxes 78 63 Bad debt expense 24 75 Changes in operating assets and liabilities: Accounts receivable (961 ) (1,543 ) Prepaid expenses and other current assets (109 ) (139 ) Right of use assets-operating 537 - Right of use assets-finance 54 - Other assets - 10 Due to models 404 400 Lease liabilities-operating (579 ) - Lease liabilities-finance (47 ) - Accounts payable and accrued liabilities (445 ) 812 Net cash from operating activities 2 938 - ----- - ------ - Cash flows used in investing activities: Purchases of property and equipment (207 ) (204 ) - ----- - ------ - Net cash used in investing activities (207 ) (204 ) - ----- - ------ - Cash flows used in financing activities: Purchases of treasury stock (173 ) (82 ) Payments on finance leases (64 ) - Repayment of term loan (272 ) (259 ) - ----- - ------ - Net cash used in financing activities (509 ) (341 ) - ----- - ------ - Foreign currency effect on cash flows: (31 ) (32 ) - ----- - ------ - Net change in cash and cash equivalents: (745 ) 361 Cash and cash equivalents, beginning of period 6,748 4,256 - ----- - ------ - Cash and cash equivalents, end of period $ 6,003 $ 4,617 - ----- - ------ - Supplemental disclosures of cash flow information: Cash paid for interest $ 60 $ 46 Cash paid (refund) of income taxes $ 5 $ (10 )

Non-GAAP Financial Measures

EBITDA, Adjusted EBITDA and Pre-Corporate EBITDA represent measures of financial performance that are not calculated and presented in accordance with U.S. generally accepted accounting principles (“non-GAAP financial measures”). The Company considers EBITDA, Adjusted EBITDA and Pre-Corporate EBITDA to be important measures of performance because they:

-- are key operating metrics of the Company's business; -- are used by management in its planning and budgeting processes and to monitor and evaluate its financial and operating results; and -- provide stockholders and potential investors with a means to evaluate the Company's financial and operating results against other companies within the Company's industry.

The Company's calculation of non-GAAP financial measures may not be consistent with similar calculations by other companies in the Company's industry. The Company calculates EBITDA as net income plus interest expense, income tax expense, and depreciation and amortization expense. The Company calculates “Adjusted EBITDA” as EBITDA plus foreign exchange gain/loss plus share-based payment expense and certain significant non-recurring items that the Company may include from time to time. The Company calculates “Pre-Corporate EBITDA” as Adjusted EBITDA plus corporate overhead expense, which includes director compensation, securities laws compliance costs, audit and professional fees, and other public company costs.

Non-GAAP financial measures should not be considered as alternatives to net and operating income as an indicator of the Company's operating performance or cash flows from operating activities as a measure of liquidity or any other measure of performance derived in accordance with generally accepted accounting principles.

Form 10-Q Filing

Additional information concerning the Company's results of operations and financial position is included in the Company's Form 10-Q for the second quarter ended June 30, 2019 filed with the Securities and Exchange Commission on August 13, 2019.

Forward-Looking Statements

This press release contains certain “forward-looking” statements as such term is defined in the Private Securities Litigation Reform Act of 1995. Such forward-looking statements relating to the Company 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 forward-looking statements include, in particular, projections about the Company’s future results, statements about its plans, strategies, business prospects, changes and trends in its business and the markets in which it operates. Additionally, statements concerning future matters such as gross billing levels, revenue levels, expense levels, and other statements regarding matters that are not historical are forward-looking statements. Management cautions that these forward-looking statements relate to future events or the Company’s future financial performance and are subject to business, economic, and other risks and uncertainties, both known and unknown, that may cause actual results, levels of activity, performance, or achievements of its business or its industry to be materially different from those expressed or implied by any forward-looking statements. 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, no person should place undue reliance on these forward-looking statements.

About Wilhelmina International, Inc. (www.wilhelmina.com):

Wilhelmina, together with its subsidiaries, is an international full-service fashion model and talent management service, specializing in the representation and management of leading models, celebrities, artists, photographers, athletes, and content creators. Established in 1967 by fashion model Wilhelmina Cooper, Wilhelmina is one of the oldest and largest fashion model management companies in the world. Wilhelmina is publicly traded on Nasdaq under the symbol WHLM. Wilhelmina is headquartered in New York and, since its founding, has grown to include operations in Los Angeles, Miami, London and Chicago. Wilhelmina also owns Aperture, a talent and commercial agency located in New York and Los Angeles. For more information, please visit www.wilhelmina.com and follow @WilhelminaModels.

CONTACT: Investor Relations Wilhelmina International, Inc. 214-661-7488 ir@wilhelmina.com

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