Wilhelmina Provides Gross Billings Update
DALLAS, Jan. 19, 2011 /PRNewswire/ — Wilhelmina International, Inc. (OTC Bulletin Board: WHLM) (the “Company”) today announced that the Company is poised to report that, for the quarter ended December 31, 2010, gross billings of Wilhelmina International, Ltd. and its affiliated companies (the “Wilhelmina Companies”) increased approximately $0.5 million, or 4.1%, respectively to $12.7 million, compared to $12.2 million for the quarter ended December 31, 2009. The increase in gross billings for the quarter ended December 31, 2010 as compared to December 31, 2009, is the result of a 35% increase in the gross billings of the core modeling business mostly offset by an 87% decrease in the gross billings of the Wilhelmina Artist Management (“WAM”) business. Gross billings of the WAM division represented approximately 3% of total gross billings for the quarter ended December 31, 2010 compared to approximately 30% for the quarter ended December 31, 2009.
Gross billings for the year ended December 31, 2010 increased approximately $10,400,000, or 24.8%, to approximately $52,300,000, compared to approximately $41,900,000 for the year ended December 31, 2009. The Wilhelmina Companies experienced a year over year increase in gross billings across the core modeling business of approximately 34% which was partially offset by a year over year decrease in gross billings in the WAM business of approximately 16%. Gross billings of the WAM division represented approximately 13% of total gross billings for the year ended December 31, 2010 compared to approximately 19% for the year ended December 31, 2009.
Gross billings represent amounts billed to customers and are an important business metric that ultimately drives revenues, profits and cash flows.
The Company expects to report its operating results for the year ended December 31, 2010 by mid March 2011.
Year to date gross billings for the year ended December 31, 2009 is presented on a pro forma basis and therefore includes the gross billings of the Wilhelmina Companies for the period from January 1, through February 13, 2009 (pre-acquisition by the Company). Gross billings are an unaudited operating metric which the Company uses in its planning and budgeting processes and to monitor and evaluate its financial and operating results. The Company believes that gross billings are useful to investors because it provides an analysis of financial and operating results using the same measure that the Company uses in evaluating itself. The Company believes that gross billings also provides stockholders and potential investors with a means to evaluate the Company’s financial and operating results against other companies within the Company’s industry. However, the Company’s calculation of gross billings may not be consistent with the calculation of this measure by other companies in the Company’s industry.
his report contains certain “forward-looking” statements as such term is defined in the Private Securities Litigation Reform Act of 1995 and information relating to the Company and its subsidiaries that are based on the beliefs of the Company’s management as well as assumptions made by and 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 its subsidiaries or Company management, are intended to identify forward-looking statements. Such statements reflect the current risks, uncertainties and assumptions related to certain factors including, without limitation, the Company’s success in integrating the operations of the Wilhelmina Companies in a timely manner, or at all, the Company’s ability to realize the anticipated benefits of the Wilhelmina Companies to the extent, or in the timeframe, anticipated, competitive factors, general economic conditions, the interest rate environment, governmental regulation and supervision, seasonality, changes in industry practices, one-time events and other factors described herein and in other filings made by the Company with the SEC. Based upon changing conditions, 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 intend to update these forward-looking statements.
About Wilhelmina International, Inc. and Wilhelmina Artist Management (http://www.wilhelmina.com/):
Through Wilhelmina Models and its other subsidiaries including Wilhelmina Artist Management, Wilhelmina International, Inc. provides traditional, full-service fashion model and talent management services, specializing in the representation and management of leading models, entertainers, artists, athletes and other talent to various customers and clients including retailers, designers, advertising agencies and catalog companies. Wilhelmina Models was founded in 1967 by Wilhelmina Cooper, a renowned fashion model, and is one of the oldest and largest fashion model management companies in the world. Wilhelmina Models is headquartered in New York and, since its founding, has grown to include operations located in Los Angeles and Miami, as well as a growing network of licensees comprising leading modeling agencies in various local markets across the U.S.
Contact: John Murray, CFO 214-661-7480
SOURCE Wilhelmina International, Inc.