Wilhelmina(WHLM) - 2024 Q1 - Quarterly Report

Revenue Performance - Service revenues for the three months ended March 31, 2024, decreased by 7.0% to $4.163 million compared to$4.476 million for the same period in 2023[48] - Total revenues for the three months ended March 31, 2024, were $4.171 million, down 7.0$4.484 million in the prior year[48] - Total revenues for the three months ended March 31, 2024, were $4,171,000, a decrease of 7$4,484,000 for the same period in 2023[72] Income and Profitability - Operating income fell to $73 thousand for the three months ended March 31, 2024, a decrease of 68.1$229 thousand in the same period of 2023[56] - Net income for the three months ended March 31, 2024, was $91 thousand, down 42.8$159 thousand in the prior year[63] - EBITDA for the three months ended March 31, 2024, was $110,000, a decline of 58$262,000 in the prior year[74] - Adjusted EBITDA decreased to $128,000, down 58$304,000 for the same period in 2023[74] - Pre-Corporate EBITDA was $381,000, a decrease of 31$548,000 in the same quarter of the previous year[74] - The company reported a net income of $91,000 for the three months ended March 31, 2024, compared to$159,000 for the same period in 2023[74] Expenses - Salaries and service costs increased by 3.0% to $2.966 million for the three months ended March 31, 2024, compared to$2.880 million in 2023[52] - Office and general expenses decreased by 22.7% to $835 thousand for the three months ended March 31, 2024, from$1.080 million in the prior year[53] - Model costs for the three months ended March 31, 2024, were $11,653,000, a decrease of 11$13,103,000 in the prior year[72] - Corporate overhead expenses increased to $253,000, compared to$244,000 in the same quarter of the previous year[74] - Share-based payment expense was $11,000, down from$24,000 year-over-year[74] Cash Flow and Financial Position - Cash balance decreased to $4.7 million at March 31, 2024, from$6.1 million at December 31, 2023[65] - The company incurred $1.3 million net cash used in operating activities for the three months ended March 31, 2024[67] Other Financial Metrics - Gross billings decreased by 10.1$15.824 million for the three months ended March 31, 2024, compared to $17.587 million in 2023[64] - Gross Billings for the same period were$15,824,000, down 10% from $17,587,000 year-over-year[72] - The effective tax rate increased to 38.9$7,000, compared to a loss of $18,000 in the previous year[74]