Wilhelmina Reports Revenue for 2Q 2016
Mark Schwarz, Executive Chairman of Wilhelmina, said, “We are pleased recent initiatives implemented by new management have begun to show immediate and measurable positive results, both on the top and bottom line. Enhanced teamwork across our network has driven greater successes for our talent and our business.”
William Wackermann, Chief Executive Officer of Wilhelmina, stated, “We are thrilled with Wilhelmina’s performance with the highest quarterly revenues in Company history. Wilhelmina’s new energetic approach, office expansions, and leadership across all boards has been key to the Company’s focusing strategy. With a nearly 55% quarterly net income increase year over year, we are excited about the Company’s future.”
Financial Results
Net income was $0.6 million and $0.5 million, or $0.10 and $0.08 per fully diluted share, for the three and six months ended June 30, 2016, respectively, compared to net income of $0.4 million and $0.7 million, or $0.06 and $ 0.13 per fully diluted share, for the three and six months ended June 30, 2015.
Pre-Corporate EBITDA was $1.6 million and $2.7 million for the three and six months ended June 30, 2016, compared to $1.2 million and $2.5 million for the three and six months ended June 30, 2015, respectively.
The following table reconciles reported net income under generally accepted accounting principles to Adjusted EBITDA and Pre-Corporate EBITDA for the second quarter and six month periods ended June 30, 2016 and June 30, 2015.
Changes in net income, EBITDA, Adjusted EBITDA and Pre-Corporate EBITDA for the three and six months ended June 30, 2016, when compared to the three and six months ended June 30, 2015, were primarily the result of the following:
- Revenues net of model costs increased by 4.8% and 3.7% for the three and six months, respectively, driven primarily by positive growth of core modeling business;
- Salaries and service costs decreased by 1.6% for the three months primarily due to reduction in T&E expenses, and increased by 5.4% for the six months primarily due to severance costs to former employees during the first half of 2016;
- Office and general expenses increased 12.2% and 25.5% for the three and six months respectively, primarily due to recruiting fees related to the hiring of the Company’s new Chief Executive Officer in January 2016, and the Company’s new Chief Financial Officer in April 2016;
- Amortization and depreciation expense decreased 18.4% and 18.3% for the three and six months respectively, primarily due to several intangible assets becoming fully amortized;
- Non-recurring expenses of $0.1 and $0.7 million for the three and six months were primarily due to the severance and recruiting fees noted above, and non-income tax accruals to reconcile the Company’s liability for previous years; and
- Corporate overhead expenses increased 8.0% and 6.3% for the three and six months respectively, primarily due to increase cost for legal services.
Комментарии