Wilhelmina(US:WHLM)2024-05-15 11:52Financial Performance - Total revenues for Q1 2024 were $4.171 million, a decrease of 7.0% compared to $4.484 million in Q1 2023[1][2] - Net income for Q1 2024 was $0.091 million, down 42.8% from $0.159 million in Q1 2023, resulting in earnings of $0.02 per fully diluted share[3][14] - Gross billings for Q1 2024 were $15.824 million, a decline of 10.0% from $17.587 million in Q1 2023[1][5] - Operating income decreased by 68.1% to $0.073 million in Q1 2024 from $0.229 million in Q1 2023[1][14] - Pre-Corporate EBITDA for Q1 2024 was $0.381 million, down 30.5% from $0.548 million in Q1 2023[1][9] - Net income for the three months ended March 31, 2024, was $91 million, a decrease of 42.8% compared to $159 million in the same period of 2023[18] Cash Flow and Assets - Cash and cash equivalents as of March 31, 2024, were $4.734 million, down from $6.117 million at the end of 2023[12] - Total assets decreased to $40.251 million as of March 31, 2024, from $41.665 million at the end of 2023[12] - Operating cash flows showed a net cash used of $1,316 million, compared to $1,135 million in the prior year, indicating a decline in cash flow performance[18] - Cash and cash equivalents at the end of the period were $4,734 million, down from $10,861 million at the end of the same period last year[18] - The company reported a foreign currency effect on cash flows of $(30) million, contrasting with a positive effect of $86 million in the previous year[18] Expenses and Costs - Salaries and service costs increased by 3.0% in Q1 2024, primarily due to personnel hires and payroll adjustments[10] - Office and general expenses decreased by 22.7% in Q1 2024, attributed to reduced legal and computer expenses[10] Shareholder Equity - Total shareholders' equity increased slightly to $24.968 million as of March 31, 2024, compared to $24.896 million at the end of 2023[12] Future Outlook and Strategy - The company anticipates future gross billing levels and revenue growth, but actual results may vary due to business and economic risks[22] - The company continues to focus on its planning and budgeting processes using key operating metrics to monitor financial and operational results[22] Company Profile - Wilhelmina International, Inc. operates in multiple locations including New York, Los Angeles, Miami, and London, indicating a broad market presence[23] - The company is publicly traded on the Nasdaq Capital Market under the symbol WHLM, providing transparency and access to investors[23] Non-GAAP Measures - Gross Billings, EBITDA, Adjusted EBITDA, and Pre-Corporate EBITDA are key non-GAAP financial measures used by the company to assess performance, although specific figures for these measures were not disclosed in the provided content[19] - The company has no significant non-recurring items affecting Adjusted EBITDA for the three months ended March 31, 2024, and 2023[19]