Wilhelmina(WHLM) - 2023 Q4 - Annual Results

Financial Performance - Total revenues for Q4 2023 were $3.763 million, an 8.0% decrease from $4.091 million in Q4 2022[2] - For the fiscal year 2023, total revenues were $17.212 million, down 3.2% from $17.780 million in 2022[3] - The net loss for Q4 2023 was $71 thousand, compared to a net loss of $18 thousand in Q4 2022, representing a 294.4% increase in loss[5] - Annual net income for 2023 was $0.433 million, a significant decline of 87.7% from $3.529 million in 2022[3] - Gross billings for 2023 totaled $65.936 million, a decrease of 1.1% from $66.686 million in 2022[7] - EBITDA for Q4 2023 was a loss of $0.116 million, compared to a loss of $0.168 million in Q4 2022[6] - Adjusted EBITDA for the fiscal year 2023 was $1.020 million, down 63.6% from $2.802 million in 2022[6] - Operating income for the year ended December 31, 2023, was $728,000, a significant decrease of 69.9% from $2,419,000 in 2022[14] - Net income for the year ended December 31, 2023, was $433,000, down 87.7% from $3,529,000 in 2022[14] - Basic net loss per common share for Q4 2023 was $(0.01), compared to $0.00 in Q4 2022[14] Cash and Investments - The company reported $12.7 million in combined cash and cash equivalents and short-term investments at the end of 2023, the highest total in its history[7] - Cash and cash equivalents at the end of 2023 were $6,117,000, a decrease of 49.1% from $11,998,000 at the end of 2022[19] - Net cash provided by operating activities for the year ended December 31, 2023, was $705,000, down from $2,519,000 in 2022[19] Operating Expenses - Total operating expenses for the year ended December 31, 2023, were $16,484,000, an increase of 7.3% from $15,361,000 in 2022[14] - Salaries and service costs for the fiscal year 2023 increased by 5.3% due to personnel hires and payroll adjustments[12] - Corporate overhead decreased by 38.6% in Q4 2023 compared to the same period in 2022, primarily due to non-recurring costs from SEC filings[12] Foreign Exchange and Adjustments - The company incurred a foreign exchange loss of $106,000 for the year ended December 31, 2023, compared to a gain of $(164,000) in 2022[19] - The company reported a foreign currency translation adjustment of $168,000 for the year ended December 31, 2023[14] Company Overview - Wilhelmina International, Inc. is a leading fashion model and talent management company, established in 1967, and is publicly traded on Nasdaq under the symbol WHLM[26] - The company operates in major markets including New York, Los Angeles, Miami, and London, indicating a strong geographical presence[26] - Wilhelmina owns Aperture, a talent and commercial agency located in New York and Los Angeles, expanding its service offerings[26] - The company specializes in representing models, celebrities, artists, photographers, athletes, and content creators, showcasing a diverse talent portfolio[26] - Wilhelmina has grown to become one of the oldest and largest fashion model management companies globally, highlighting its industry leadership[26] - The company emphasizes its full-service capabilities in fashion model and talent management, which may enhance client retention and acquisition[26] - Wilhelmina's strategic focus on both traditional and digital talent management positions it well in the evolving market landscape[26] - The company is committed to innovation in talent representation, which may drive future growth opportunities[26] - Wilhelmina's headquarters in New York serves as a central hub for its operations, reinforcing its brand presence[26] - The company actively engages with investors and stakeholders through its investor relations contact[27]