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Wilhelmina International Inc. (WHLM-0.27%) has submitted its Form 10-K filing for the fiscal year ended December 31, 2024.
The filing reports total revenues of $17.61 million for 2024, a slight increase from $17.21 million in 2023. Service revenues contributed $17.58 million to this total.
Operating expenses for the year were $16.91 million, up from $16.48 million in the previous year. This increase was primarily due to higher salaries and service costs.
Net income for 2024 was $614,000, compared to $433,000 in 2023. The increase was largely attributed to higher interest income.
The company reported an operating income of $700,000, with an operating margin of 4.0%, slightly down from 4.2% in 2023.
Wilhelmina's cash balance increased to $8.5 million as of December 31, 2024, from $6.1 million at the end of 2023. This was primarily due to cash provided by operating activities.
The company did not repurchase any shares under its stock repurchase program during 2024. However, a subsequent repurchase of 237,500 shares was completed in February 2025.
Wilhelmina operates in the fashion model management industry, providing services in New York, Los Angeles, Miami, and London. The company also manages social media influencers and actors.
The company continues to face legal proceedings, including the Shanklin and Pressley litigations, which are ongoing. No amounts have been accrued related to these matters as of December 31, 2024.
Wilhelmina's effective tax rate was 40.2% for 2024, influenced by state and foreign taxes. The company operates in states with relatively high tax rates, including California, New York, and Florida.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Wilhelmina International Inc. annual 10-K report dated March 27, 2025. To report an error, please email earnings@qz.com.