Wilhelmina International, Inc. Reports Results for Second Quarter 2022

Second Quarter Financial Results

DALLAS, Aug. 10, 2022 (GLOBE NEWSWIRE) -- Wilhelmina International, Inc. (Nasdaq:WHLM) ("Wilhelmina" or the "Company") today reported revenues of $17.6 million and net income of $0.9 million for the three months ended June 30, 2022, compared to revenues of $14.5 million and net income of $1.1 million for the three months ended June 30, 2021. For the six months ended June 30, 2022, Wilhelmina reported revenues of $34.2 million and net income of $1.7 million compared to revenue of $26.5 million and net income of $3.3 million for the six months ended June 30, 2021.   Increased revenues in 2022 were primarily due to increased bookings as the cities where Wilhelmina operates reopened and business activity increased as COVID-19 restrictions were moderated or rescinded. Prior year income was significantly impacted by $0.1 million and $2.0 million of gain on forgiveness of PPP loans and $0.4 million and $0.9 million of employee retention payroll tax credits during the three and six months ended June 30, 2021.