0001171843-17-006841.txt : 20171109 0001171843-17-006841.hdr.sgml : 20171109 20171109163132 ACCESSION NUMBER: 0001171843-17-006841 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 39 CONFORMED PERIOD OF REPORT: 20170930 FILED AS OF DATE: 20171109 DATE AS OF CHANGE: 20171109 FILER: COMPANY DATA: COMPANY CONFORMED NAME: Wilhelmina International, Inc. CENTRAL INDEX KEY: 0001013706 STANDARD INDUSTRIAL CLASSIFICATION: SERVICES-MANAGEMENT CONSULTING SERVICES [8742] IRS NUMBER: 742781950 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 10-Q SEC ACT: 1934 Act SEC FILE NUMBER: 001-36589 FILM NUMBER: 171191317 BUSINESS ADDRESS: STREET 1: 200 CRESCENT COURT STREET 2: SUITE 1400 CITY: DALLAS STATE: TX ZIP: 75201 BUSINESS PHONE: 2146617488 MAIL ADDRESS: STREET 1: 200 CRESCENT COURT STREET 2: SUITE 1400 CITY: DALLAS STATE: TX ZIP: 75201 FORMER COMPANY: FORMER CONFORMED NAME: NEW CENTURY EQUITY HOLDINGS CORP DATE OF NAME CHANGE: 20010220 FORMER COMPANY: FORMER CONFORMED NAME: BILLING CONCEPTS CORP DATE OF NAME CHANGE: 19980814 FORMER COMPANY: FORMER CONFORMED NAME: BILLING INFORMATION CONCEPTS CORP DATE OF NAME CHANGE: 19960722 10-Q 1 f10q_110917p.htm FORM 10-Q

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q

(Mark One)

[x]

QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended September 30, 2017

[ ]

TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from ________ to ________

Commission File Number 001-36589

WILHELMINA INTERNATIONAL, INC.

(Exact name of registrant as specified in its charter)

Delaware	74-2781950
(State or other jurisdiction of incorporation or organization)	(I.R.S. Employer Identification No.)

200 Crescent Court, Suite 1400, Dallas, Texas	75201
(Address of principal executive offices)	(Zip Code)

(214) 661-7488

(Registrant’s telephone number, including area code)

n/a

(Former name, former address and former fiscal year, if changed since last report)

Indicate by check mark whether the registrant: (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. [x] Yes [ ] No

Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files). [x] Yes [ ] No

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company” and “emerging growth company” in Rule 12b-2 of the Exchange Act. (Check one):

	Large accelerated filer [ ]	Accelerated filer [ ]
	Non-accelerated filer [ ]	Smaller reporting company [x]
	Emerging growth company [ ]

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. [ ]

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). [ ] Yes [x] No

As of November 9, 2017, the registrant had 5,381,668 shares of common stock outstanding.

WILHELMINA INTERNATIONAL, INC. AND SUBSIDIARIES

Quarterly Report on Form 10-Q

For the Three and Nine Months Ended September 30, 2017

PART I	FINANCIAL INFORMATION		3

	Item 1.	Financial Statements	3

		Consolidated Balance Sheet as of September 30, 2017 (Unaudited) and December 31, 2016	3

		Consolidated Statements of Operations and Comprehensive Income for the Three and Nine Months Ended September 30, 2017 and 2016 (Unaudited)	4

		Consolidated Statements of Cash Flow for the Nine Months Ended September 30, 2017 and 2016 (Unaudited)	5

		Notes to Consolidated Financial Statements (Unaudited)	6

	Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	9

	Item 3.	Quantitative and Qualitative Disclosures About Market Risk	14

	Item 4.	Controls and Procedures	15

PART II	OTHER INFORMATION		16

	Item 1.	Legal Proceedings	16

	Item 1.A.	Risk Factors	16

	Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	17

	Item 3.	Defaults Upon Senior Securities	17

	Item 4.	Mine Safety Disclosures	17

	Item 5.	Other Information	17

	Item 6.	Exhibits	18

SIGNATURES			19

PART I

FINANCIAL INFORMATION

Item 1. Financial Statements

WILHELMINA INTERNATIONAL, INC. AND SUBSIDIARIES

CONSOLIDATED BALANCE SHEETS

(In thousands, except share data)

	(Unaudited) September 30, 2017			December 31, 2016
ASSETS
Current assets:
Cash and cash equivalents	$	2,640		$	5,688
Accounts receivable, net of allowance for doubtful accounts of $2,158 and $1,646, respectively		16,543			16,947
Prepaid expenses and other current assets		287			847
Total current assets		19,470			23,482

Property and equipment, net of accumulated depreciation of $2,134 and $1,525, respectively		3,197			3,206
Trademarks and trade names with indefinite lives		8,467			8,467
Other intangibles with finite lives, net of accumulated amortization of$8,589 and $8,527, respectively		147			210
Goodwill		13,192			13,192
Other assets		115			164

TOTAL ASSETS	$	44,588		$	48,721

LIABILITIES AND SHAREHOLDERS’ EQUITY
Current liabilities:
Accounts payable and accrued liabilities	$	3,916		$	4,781
Due to models		10,975			14,217
Contingent consideration to seller - current		-			97
Term loan - current		519			502
Total current liabilities		15,410			19,597

Long term liabilities:
Deferred income tax liability		1,532			1,567
Term loan - non-current		1,756			2,147
Total long-term liabilities		3,288			3,714

Total liabilities		18,698			23,311

Shareholders’ equity:
Common stock, $0.01 par value, 9,000,000 and 12,500,000 shares authorized; 6,472,038 shares issued at September 30, 2017 and December 31, 2016		65			65
Treasury stock, 1,090,370 at September 30, 2017 and December 31, 2016, at cost		(4,893	)		(4,893	)
Additional paid-in capital		87,748			87,336
Accumulated deficit		(57,065	)		(57,048	)
Accumulated other comprehensive income (loss)		35			(50	)
Total shareholders’ equity		25,890			25,410

TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY	$	44,588		$	48,721

The accompanying notes are an integral part of these consolidated financial statements

WILHELMINA INTERNATIONAL, INC. AND SUBSIDIARIES

STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME

For the Three and Nine Months Ended September 30, 2017 and 2016

(In thousands, except per share data)

(Unaudited)

	Three Months Ended						Nine Months Ended
	September 30,						September 30,
	2017			2016			2017			2016
Revenues:
Revenues	$	18,712		$	20,880		$	56,120		$	64,512
License fees and other income		6			28			34			82
Total revenues		18,718			20,908			56,154			64,594

Model costs		13,265			14,888			39,910			45,952

Revenues net of model costs		5,453			6,020			16,244			18,642

Operating expenses:
Salaries and service costs		3,447			3,708			10,611			11,594
Office and general expenses		1,400			1,381			3,832			4,267
Amortization and depreciation		232			89			672			295
Corporate overhead		236			192			817			768
Total operating expenses		5,315			5,370			15,932			16,924
Operating income		138			650			312			1,718

Other income (expense):
Foreign exchange gain (loss)		(18	)		1			(54	)		8
Gain (loss) from unconsolidated affiliate		(2	)		5			(40	)		11
Interest expense		(31	)		(21	)		(88	)		(21	)
Revaluation of contingent liability		-			(30	)		-			(30	)
Total other income (expense)		(51	)		(45	)		(182	)		(32	)

Income before provision for income taxes		87			605			130			1,686

Provision for income taxes: (expense) benefit
Current		(57	)		(281	)		(182	)		(648	)
Deferred		(4	)		(97	)		35			(358	)
Income tax (expense)		(61	)		(378	)		(147	)		(1,006	)

Net income (loss)	$	26		$	227		$	(17	)	$	680

Other comprehensive income (expense):
Foreign currency translation income (expense)		20			(12	)		85			(50	)
Total comprehensive income		46			215			68			630

Basic net income (loss) per common share	$	0.00		$	0.04		$	0.00		$	0.12
Diluted net income (loss) per common share	$	0.00		$	0.04		$	0.00		$	0.12

Weighted average common shares outstanding-basic		5,382			5,586			5,382			5,716
Weighted average common shares outstanding-diluted		5,382			5,637			5,382			5,768

The accompanying notes are an integral part of these consolidated financial statements

WILHELMINA INTERNATIONAL, INC. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF CASH FLOW

For the Nine Months Ended September 30, 2017 and 2016

(In thousands)

(Unaudited)

	Nine Months Ended September 30,
	2017			2016
Cash flows from operating activities:
Net income:	$	(17	)	$	680
Adjustments to reconcile net income to net cash used in operating activities:
Amortization and depreciation		672			295
Share based payment expense		412			253
Deferred income taxes		(35	)		358
Contingent liability to seller		(97	)		30
Bad debt expense		128			40
Changes in operating assets and liabilities:
Accounts receivable		276			(4,832	)
Prepaid expenses and other current assets		560			(199	)
Other assets		49			108
Due to models		(3,242	)		2,585
Accounts payable and accrued liabilities		(865	)		1,017
Net cash (used in) provided by operating activities		(2,159	)		335

Cash flows from investing activities:
Purchases of property and equipment		(600	)		(1,118	)
Net cash used in investing activities		(600	)		(1,118	)

Cash flows from financing activities:
Purchases of treasury stock		-			(2,775	)
Proceeds from term loan		-			2,730
Repayment of term loan		(374	)		-
Net cash used in financing activities		(374	)		(45	)

Foreign currency effect on cash flows:		85			(50	)

Net change in cash and cash equivalents:		(3,048	)		(878	)
Cash and cash equivalents, beginning of period		5,688			4,556
Cash and cash equivalents, end of period	$	2,640		$	3,678

Supplemental disclosures of cash flow information:
Cash paid for interest	$	74		$	21
Cash refund of income taxes	$	87		$	320

The accompanying notes are an integral part of these consolidated financial statements

WILHELMINA INTERNATIONAL, INC. AND SUBSIDIARIES

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

(Unaudited)

Note 1. Basis of Presentation

The interim consolidated financial statements included herein have been prepared by Wilhelmina International, Inc. (together with its subsidiaries, "Wilhelmina" or the "Company") without audit, pursuant to the rules and regulations of the Securities and Exchange Commission (“SEC”). Although certain information and footnote disclosures normally included in consolidated financial statements prepared in accordance with accounting principles generally accepted in the United States of America have been condensed or omitted pursuant to those rules and regulations, all adjustments considered necessary in order to make the consolidated financial statements not misleading have been included. In the opinion of the Company’s management, the accompanying interim unaudited consolidated financial statements reflect all adjustments, of a normal recurring nature, that are necessary for a fair presentation of the Company’s consolidated financial position, results of operations and cash flows for the periods presented. These interim unaudited consolidated financial statements should be read in conjunction with the audited consolidated financial statements and the notes thereto included in the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2016. Results of operations for the interim periods are not necessarily indicative of results that may be expected for any other interim periods or the full fiscal year.

Note 2. Business

The primary business of Wilhelmina is fashion model management. These business operations are headquartered in New York City. The Company’s predecessor was founded in 1967 by Wilhelmina Cooper, a renowned fashion model, and became one of the oldest, best known and largest fashion model management companies in the world. Since its founding, Wilhelmina has grown to include operations located in Los Angeles, Miami, Chicago and London, as well as a network of licensees in various local markets in the U.S. and several international markets. Wilhelmina provides traditional, full-service fashion model and talent management services, specializing in the representation and management of models, entertainers, artists, athletes and other talent, to various clients, including retailers, designers, advertising agencies, print and electronic media and catalog companies.

Note 3. New Accounting Standards

Accounting Standard Update (“ASU”) 2015-17, Income Taxes - Balance Sheet Classification of Deferred Taxes, requires deferred tax assets and liabilities to be netted and classified as non-current in the consolidated balance sheet. Wilhelmina retrospectively adopted the new accounting standard on January 1, 2017. The impact of the change resulted in the netting of deferred tax assets and liabilities and classification of all deferred taxes as non-current.

Note 4. Foreign Currency Translation

The functional currency of London is the British Pound. Assets and liabilities are translated into U.S. dollars at the exchange rates in effect at each balance sheet date, revenues and expenses are translated at average monthly exchange rates and resulting translation gains or losses are accumulated in other comprehensive income as a separate component of shareholders’ equity.

Note 5. Line of Credit

The Company has a credit agreement with Amegy Bank providing a $4.0 million revolving line of credit and up to a $3.0 million term loan which could be drawn through October 24, 2016. The revolving line of credit is subject to a borrowing base derived from 80% of eligible accounts receivable (as defined) and the Company’s minimum net worth covenant of $20.0 million. The revolving line of credit bears interest at prime plus 0.5% payable monthly. As of September 30, 2017, the Company had a $0.2 million irrevocable standby letter of credit outstanding under the revolving line of credit and had additional borrowing capacity of $1.5 million. The revolving line of credit expires on October 24, 2018.

On August 16, 2016, the Company drew $2.7 million of the term loan and used the proceeds to fund the purchase of shares of its common stock. The term loan bears interest at 4.5% per annum and is payable in monthly payments of interest only until November 2016, followed by 47 equal monthly payments of principal and interest computed on a 60-month amortization schedule and a final payment of principal and interest due on October 24, 2020.

On May 4, 2017, the Company entered into a Seventh Amendment to Credit Agreement with Amegy Bank reducing the Company’s fixed charge coverage ratio through December 31, 2017. The Company obtained a waiver from Amegy Bank of its failure to satisfy the fixed coverage ratio for the quarter ended June 30, 2017. On August 1, 2017, the Company entered into an Eighth Amendment to Credit Agreement with Amegy Bank eliminating the requirement to test the fixed charge coverage ratio for the quarter ended September 30, 2017.

The revolving line of credit with Amegy expired by its terms on October 24, 2017. On November 8, 2017, the Company and Amegy extended the revolving line of credit on substantially the same terms for one year until October 24, 2018.

Note 6. Commitments and Contingencies

On October 24, 2013, a putative class action lawsuit was brought against the Company by former Wilhelmina model Alex Shanklin and others (the “Shanklin Litigation”), in New York State Supreme Court (New York County) by the same lead counsel who represented plaintiffs in a prior, now-dismissed action brought by Louisa Raske (the “Raske Litigation”). The claims in the Shanklin Litigation initially included breach of contract and unjust enrichment allegations arising out of matters similar to the Raske Litigation, such as the handling and reporting of funds on behalf of models and the use of model images. Other parties named as defendants in the Shanklin Litigation include other model management companies, advertising firms, and certain advertisers. On January 6, 2014, the Company moved to dismiss the Amended Complaint in the Shanklin Litigation for failure to state a claim upon which relief can be granted and other grounds, and other defendants also filed motions to dismiss. On August 11, 2014, the court denied the motion to dismiss as to Wilhelmina and other of the model management defendants. Further, on March 3, 2014, the judge assigned to the Shanklin Litigation wrote the Office of the New York Attorney General bringing the case to its attention, generally describing the claims asserted therein against the model management defendants, and stating that the case “may involve matters in the public interest.” The judge’s letter also enclosed a copy of his decision in the Raske Litigation, which dismissed that case. Plaintiffs retained substitute counsel, who filed a Second and then Third Amended Complaint. Plaintiffs’ Third Amended Complaint asserts causes of action for alleged breaches of the plaintiffs' management contracts with the defendants, conversion, breach of the duty of good faith and fair dealing, and unjust enrichment. The Third Amended Complaint also alleges that the plaintiff models were at all relevant times employees, and not independent contractors, of the model management defendants, and that defendants violated the New York Labor Law in several respects, including, among other things, by allegedly failing to pay the models the minimum wages and overtime pay required thereunder, not maintaining accurate payroll records, and not providing plaintiffs with full explanations of how their wages and deductions therefrom were computed. The Third Amended Complaint seeks certification of the action as a class action, damages in an amount to be determined at trial, plus interest, costs, attorneys’ fees, and such other relief as the court deems proper. On October 6, 2015, Wilhelmina filed a motion to dismiss as to most of the plaintiffs’ claims, and oral argument on the motion was heard by the Court in June 2016. The Court entered a decision granting in part and denying in part Wilhelmina’s motion to dismiss on May 26, 2017. The Court (i) dismissed three of the five New York Labor Law causes of action, along with the conversion, breach of the duty of good faith and fair dealing and unjust enrichment causes of action, in their entirety, and (ii) permitted only the breach of contract causes of action, and some plaintiffs’ remaining two New York Labor Law causes of action to continue, within a limited time frame. The plaintiffs and Wilhelmina have appealed the decision. The parties appeared before the Court for a status conference on July 18, 2017, and the Court directed the defendants to answer the Third Amended Complaint by August 16, 2017. Wilhelmina filed its Answer to the Third Amended Complaint on that date, and discovery in this action is continuing. The Company believes the claims asserted in the Third Amended Complaint are without merit, and intends to continue to vigorously defend the action.

On June 6, 2016, another putative class action lawsuit was brought against the Company by former Wilhelmina model Shawn Pressley and others (the “Pressley Litigation”), in New York State Supreme Court (New York County) by the same counsel representing the plaintiffs in the Shanklin Litigation, and asserting identical, although more recent, claims as those in the Shanklin Litigation. On June 14, 2016, the Court stayed all proceedings in the Pressley Litigation until a decision was issued on the motion to dismiss in the Shanklin Litigation. At the court conference on July 18, 2017 (mentioned above), the judge directed the plaintiffs to file an amended complaint in the Pressley Litigation, if any, by August 16, 2017, and directed the defendants to move against or answer such amended complaint by September 29, 2017. The Amended Complaint, asserting essentially the same types of claims as in the Shanklin action was filed on August 16^th, and Wilhelmina filed a motion to dismiss the Amended Complaint on September 29, 2017. Briefing on the motion to dismiss is continuing, and the motion is scheduled to be submitted to the Court on November 16, 2017. Discovery is proceeding in this case. The Company believes the claims asserted in the Pressley Litigation are without merit, and intends to vigorously defend the action.

In addition to the legal proceedings disclosed herein, the Company is also engaged in various legal proceedings that are routine in nature and incidental to its business. None of these routine proceedings, either individually or in the aggregate, are believed likely, in the Company's opinion, to have a material adverse effect on its consolidated financial position or its results of operations.

Note 7. Income Taxes

Generally, the Company’s combined effective tax rate is high relative to reported net income as a result of certain amounts of amortization and depreciation expense, stock based compensation, and corporate overhead not being deductible and income being attributable to certain states in which it operates. In recent years, the majority of taxes paid by the Company were state taxes, not federal taxes. The Company operates in four states which have relatively high tax rates: California, New York, Illinois, and Florida. As of September 30, 2017, the Company had federal income tax loss carryforwards of $1.5 million.

Note 8. Shareholder Equity

During 2012, the Board of Directors authorized a stock repurchase program whereby the Company could repurchase up to 500,000 shares of its outstanding common stock. During 2013, the Board of Directors renewed and extended the Company’s share repurchase authority to enable it to repurchase up to an aggregate of 1,000,000 shares of common stock. On August 12, 2016, the Board of Directors increased by an additional 500,000 shares the number of shares of the Company’s common stock which may be repurchased under its stock repurchase program to an aggregate of 1,500,000 shares. The shares may be repurchased from time to time in the open market or through privately negotiated transactions at prices the Company deems appropriate. The program does not obligate the Company to acquire any particular amount of common stock and may be modified or suspended at any time at the Company’s discretion.

From 2012 through September 30, 2017, the Company has repurchased 1,090,370 shares of Common Stock at an average price of approximately $4.49 per share, for a total of approximately $4.9 million in repurchases under the stock repurchase program. No shares were repurchased under the stock repurchase program during the first nine months of 2017.

Note 9. Common Stock

On July 7, 2017, the Company filed with the Delaware Secretary of State a Certificate of Amendment of its Restated Certificate of Incorporation. As approved by shareholders at the Annual Meeting held June 13, 2017, the Certificate of Amendment eliminated any class of preferred stock from the shares of capital stock the Company is authorized to issue and decreased the number of shares of common stock the Company is authorized to issue from 12,500,000 shares to 9,000,000 shares.

Note 10. Related Parties

The Executive Chairman of the Company, Mark E. Schwarz, is also the chairman, chief executive officer and portfolio manager of Newcastle Capital Management, L.P. (“NCM”). NCM is the general partner of Newcastle Partners L.P. (“Newcastle”), which is the largest shareholder of the Company. James Dvorak (Managing Director at NCM) also serves as director of the Company.

The Company’s corporate headquarters are located at 200 Crescent Court, Suite 1400, Dallas, Texas 75201, which are also the offices of NCM. The Company occupies a portion of NCM space on a month-to-month basis at $2.5 thousand per month, pursuant to a services agreement entered into between the parties. Pursuant to the services agreement, the Company receives the use of NCM’s facilities and equipment and accounting, legal and administrative services from employees of NCM. The Company incurred expenses pursuant to the services agreement totaling approximately $7.5 thousand and $22.5 thousand for the three and nine months ended both September 30, 2017 and 2016. The Company did not owe NCM any amounts under the services agreement as of September 30, 2017.

The Company previously owned an unconsolidated 50% interest in Wilhelmina Kids & Creative Management LLC (“Kids”), a New York City-based modeling agency that specialized in representing child models/talents, from newborns to children 14 years of age. On December 9, 2016, the owners of Kids agreed to dissolve Kids and ceased related business operations of Kids. On March 1, 2017, the Company paid $0.1 million to another owner of Kids in accordance with the December 9, 2016 agreement to liquidate the enterprise. As a result, Wilhelmina no longer maintains a child models division.

Note 11. Subsequent Events

On November 8, 2017, the Company and Amegy extended the revolving line of credit on substantially the same terms for one year until October 24, 2018

Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations.

The following is a discussion of the interim unaudited consolidated financial condition and results of operations for the Company and its subsidiaries for the three and nine months ended September 30, 2017 and 2016. It should be read in conjunction with the financial statements of the Company, the notes thereto and other financial information included elsewhere in this report, and the Company’s Annual Report on Form 10-K for the year ended December 31, 2016, as amended.

Forward-Looking Statements

This Quarterly Report on Form 10-Q contains certain “forward-looking” statements as such term is defined in Section 27A of the Securities Act of 1933, as amended, Section 21E of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), and the Private Securities Litigation Reform Act of 1995. Such forward looking statements relating to the Company and its subsidiaries are based on the beliefs of the Company’s management as well as 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 Company management, are intended to identify forward-looking statements. Such statements are subject to current risks, uncertainties and assumptions related to certain factors including, without limitation, 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. 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 undertake any obligation to publicly update these forward-looking statements. As a result, you should not place undue reliance on these forward-looking statements.

OVERVIEW

The Company’s primary business is fashion model management and complementary business activities. The business of talent management firms, such as Wilhelmina, depends heavily on the state of the advertising industry, as demand for talent is driven by Internet, print and television advertising campaigns for consumer goods and retail clients. Wilhelmina believes it has strong brand recognition which enables it to attract and retain top agents and talent to service a broad universe of clients. In order to take advantage of these opportunities and support its continued growth, the Company will need to continue to successfully allocate resources and staffing in a way that enhances its ability to respond to new opportunities. The Company continues to focus on tightly managing costs, recruiting top agents when available, and scouting and developing new talent.

Although Wilhelmina has a large and diverse client base, it is not immune to global economic conditions. The Company closely monitors economic conditions, client spending, and other industry factors and continually evaluates opportunities to increase its market share and further expand its geographic reach. There can be no assurance as to the effects on Wilhelmina of future economic circumstances, client spending patterns, client creditworthiness and other developments and whether, or to what extent, Wilhelmina’s efforts to respond to them will be effective.

Trends and Opportunities

The Company expects that the combination of Wilhelmina’s main operating base in New York City, the industry’s capital, with the depth and breadth of its talent pool and client roster and its diversification across various talent management segments, together with its geographical reach, should make Wilhelmina’s operations more resilient to industry changes and economic swings than those of many of the smaller firms operating in the industry. Similarly, in the segments where the Company competes with other leading full-service agencies, Wilhelmina competed successfully during the first nine months of 2017.

With total annual advertising expenditures on major media (newspapers, magazines, television, cinema, outdoor and Internet) exceeding approximately $187 billion in recent years, North America is by far the world’s largest advertising market. For the fashion talent management industry, including Wilhelmina, advertising expenditures on magazines, television, Internet and outdoor are of particular relevance.

In recent quarters, traditional retail clients in the fashion and beauty industry have had increased competition from digital, social, and new media, reducing their budgets for advertising and model talent. Wilhelmina reviews the mix of talent and resources available to best operate in the changing environment.

Strategy

Management’s strategy is to increase value to shareholders through the following initiatives:

•

increase Wilhelmina’s brand awareness and consideration among advertisers and potential talent;

•

expand the Wilhelmina network through strategic geographic market development;

•

expand the women’s high-end fashion board;

•

expand the Aperture division’s representation in commercials, film, and television;

•

expand celebrity representation; and

•

promote model search contests, and events and partnering on media projects (television, film, books, etc.).

Due to the increasing ubiquity of the Internet as a standard business tool, the Company has increasingly sought to harness the opportunities of the Internet and other digital media to improve its communications with clients and to facilitate the effective exchange of fashion model and talent information. The Company continues to make significant investments in technology (including developing in-house art and social media departments) in pursuit of gains in efficiency and better communications with clients. At the same time, the Internet presents challenges for the Company, including (i) the cannibalization of traditional print media businesses, and (ii) pricing pressures with respect to digital media photo shoots and client engagements.

In January 2015, the Company purchased 100% of the outstanding shares of Union Models Management Ltd. in London and renamed it Wilhelmina London Limited (“London”). The strategic acquisition of London established a footprint for the Company and the brand in Western Europe. London also serves as a base of operations to service the Company’s European clients, and as a new talent development office for European models and artists.

In September 2016, Wilhelmina opened a Chicago office to better provide models and talents with direct access to clients in the mid west region of the United States.

Key Financial Indicators

The key financial indicators that the Company reviews to monitor its business are gross billings, revenues, model costs, operating expenses and cash flows.

The Company analyzes revenue by reviewing the mix of revenues generated by the different “boards” (each a specific division of the fashion model management operations which specializes by the type of model it represents (Women, Men, Artist, Showroom, Curve, Celebrity, etc.)) by geographic locations and from significant clients. Wilhelmina has three primary sources of revenue: (i) gross billings are revenues from principal relationships where the gross amount billed to the client is recorded as revenue when earned and collectability is reasonably assured; (ii) revenues from agent relationships where commissions paid by models as a percentage of their gross earnings are recorded as revenue when earned and collectability is reasonably assured; and (iii) separate service charges, paid by clients in addition to the booking fees, which are calculated as a percentage of the models’ booking fees and are recorded as revenues when earned and collectability is reasonably assured. See “Critical Accounting Policies - Revenue Recognition.” Gross billings are an important business metric that ultimately drive profits and cash flows. Model costs represents costs paid to model and artist talent and to mother agents relating to photoshoots and other jobs booked by Wilhelmina.

Wilhelmina provides professional services. Therefore, salary and service costs represent the largest part of the Company’s operating expenses. Salary and service costs are comprised of payroll and related costs and travel, meals and entertainment (“T&E”) to deliver the Company’s services and to enable new business development activities.

Analysis of Consolidated Statements of Operations and Service Revenues

(in thousands)	Three Months Ended									Nine Months Ended
	Sept 30			Sept 30			% Change			Sept 30			Sept 30			% Change
	2017			2016			2017 vs 2016			2017			2016			2017 vs 2016
Service revenues		18,712			20,880			(10.4	%)		56,120			64,512			(13.0	%)
License fees and other income		6			28			(78.6	%)		34			82			(58.5	%)
TOTAL REVENUES		18,718			20,908			(10.5	%)		56,154			64,594			(13.1	%)
Model costs		13,265			14,888			(10.9	%)		39,910			45,952			(13.1	%)
REVENUES NET OF MODEL COSTS		5,453			6,020			(9.4	%)		16,244			18,642			(12.9	%)
GROSS PROFIT MARGIN		29.1	%		28.8	%					28.9	%		28.9	%
Salaries and service costs		3,447			3,708			(7.0	%)		10,611			11,594			(8.5	%)
Office and general expenses		1,400			1,381			1.4	%		3,832			4,267			(10.2	%)
Amortization and depreciation		232			89			160.7	%		672			295			127.8	%
Corporate overhead		236			192			22.9	%		817			768			6.4	%
OPERATING INCOME		138			650			(78.8	%)		312			1,718			(81.8	%)
OPERATING MARGIN		0.7	%		3.1	%					0.6	%		2.7	%
Foreign exchange gain (loss)		(18	)		1			*			(54	)		8			*
Gain (loss) from unconsolidated subsidiary		(2	)		5			*			(40	)		11			*
Interest Expense		(31	)		(21	)		47.6	%		(88	)		(21	)		319.0	%
Revaluation of contingent liability		-			(30	)		*			-			(30	)		*
INCOME BEFORE INCOME TAXES		87			605			(85.6	%)		130			1,686			(92.3	%)
Income tax expense		(61	)		(378	)		(83.9	%)		(147	)		(1,006	)		(85.4	%)
Effective tax rate		70.1	%		62.5	%					113.1	%		59.7	%
NET (LOSS) INCOME		26			227			(88.5	%)		(17	)		680			(102.5	%)

* Not Meaningful

Service Revenues

The Company’s service revenues fluctuate in response to its clients’ willingness to spend on advertising and the Company’s ability to have the desired talent available. The decrease of 10.4% and 13.0% for the three and nine months ended September 30, 2017, when compared to the three and nine months ended September 30, 2016, was primarily due to a decrease in core model bookings. The decrease in core model bookings in United States was partially offset by an increase in core model bookings in the London office, bookings from the Aperture division and bookings from the Celebrity division.

License Fees and Other Income

License fees and other income include management and administrative services fees, from an unconsolidated subsidiary, franchise revenues from independently owned model agencies that use the Wilhelmina trademark, and various services provided by the Company. License fees decreased by 78.6% and 58.5% for the three and nine months ended September 30, 2017, when compared to three and nine months ended in September 30, 2016. The decrease was primarily due to ending of licensing agreements with affiliates.

Gross Profit Margin

Gross profit margin increased by 0.3% for the three months ended September 30, 2017, when compared to the three months ended September 30, 2016 primarily due to higher recovery of model chargebacks, an increase in higher margin celebrity revenue, and a decrease in client reimbursable expenses in 2017. For the nine months ended September 30, 2017, when compared to the nine months ended September 30, 2016, the gross profit margin remained relatively unchanged.

Salaries and Service Costs

Salaries and service costs consist of payroll related costs and T&E required to deliver the Company’s services to its clients and talents. The decrease in salaries and service costs of 7.0% and 8.5% for the three and nine months ended September 30, 2017, when compared to the three and nine months ended September 30, 2016 was primarily due to severance paid to the Company’s former Chief Executive Officer and another employee in 2016, changes in personnel to better align the number of employees at each Wilhelmina office with the needs of each geographic region, and more effective management of T&E during the first nine months of 2017.

Office and General Expenses

Office and general expenses consist of office and equipment rents, advertising and promotion, insurance expenses, administration and technology cost. These costs are less directly linked to changes in the Company’s revenues than are salaries and service costs. The increase in office and general expenses of 1.4% for the three months ended September 30, 2017 when compared to the three months ended September 30, 2016, was primarily due to costs associated with the Company’s 50th anniversary in 2017 and higher bad debt expense. For the nine months ended September 30, 2017, when compared to the nine months ended in ended September 30, 2016, the decrease of 10.2% was primarily due to $233 thousand related to the recruiting of the Company’s Chief Executive Officer and Chief Financial Officer and $160 thousand of non-income tax expenses that were incurred during the first nine months of 2016.

Amortization and Depreciation

Amortization and depreciation expense is incurred with respect to certain assets, including computer hardware, software, office equipment, furniture, and other intangibles. During the three and nine months ended September 30, 2017, depreciation and amortization expense increased by 160.7% and 127.8% compared to the same periods of the prior year, primarily related to the Company’s new accounting software being placed in service during the fourth quarter of 2016. Fixed asset purchases (mostly related to computer equipment and technology) totaled approximately $122 thousand and $600 thousand during the three months and nine months ended September 30, 2017, compared to $367 thousand and $1,118 thousand for the three and nine months ended September 30, 2016.

Corporate Overhead

Corporate overhead expenses include director and executive officer compensation, insurance, legal, audit and professional fees, corporate office rent and travel costs. Corporate overhead increased by 22.9% and 6.4% for the three and nine months ended September 30, 2017 respectively, compared to the three and nine months ended September 30, 2016. The increase was primarily due to increase in professional services fees and an increase in corporate travel costs.

Operating Margin

Operating margin decreased by 2.4% and 2.1% for the three and nine months ended September 30, 2017, when compared to the three and nine months ended September 30, 2016, primarily due to decreases in revenues outpacing reductions in operating expenses.

Foreign Currency Translation

The Company realized $18 thousand and $54 thousand of foreign currency exchange loss during the three and nine months ended September 30, 2017, as compared to a gain of $1 thousand and $8 thousand during the three and nine months ended September 30, 2016. The foreign currency gain and loss is due to fluctuations in currencies primarily from Great Britain and Europe.

Unconsolidated Subsidiary

The losses from an unconsolidated subsidiary for the three and nine months ended September 30, 2017, compared to gains for the same periods of the prior year, are the result of the dissolution of the unconsolidated subsidiary and discontinuation of its operations.

Interest Expense

Interest expense for the three and nine months ended September 30, 2017 was primarily attributable to accrued interest on a term loan drawn during the third quarter of 2016. See, “Liquidity and Capital Resources.”

Income Taxes

Generally, the Company’s combined effective tax rate is high relative to reported net income as a result of certain amounts of amortization expense and corporate overhead not being deductible and income attributable to states in which it operates. Currently, the majority of taxes being paid by the Company are state taxes, not federal taxes. The Company operates in four states which have relatively high tax rates: California, New York, Illinois and Florida.

Liquidity and Capital Resources

The Company’s primary liquidity needs are for working capital associated with performing services under its client contracts. Generally, the Company incurs significant operating expenses with payment terms shorter than its average collections on billings.

The Company’s cash balance decreased to $2.6 million at September 30, 2017, from $5.7 million at December 31, 2016. For the nine months ended September 30, 2017, cash balances decreased primarily as a result of cash flows used by operations of $2.2 million, capital expenditures of $0.6 million, and $0.4 million for repayment on the Amegy Bank term loan.

The Company’s use of cash for operating activities included employee bonus payments, payment of accrued non-income taxes, final payment to the former London owner, final payment to another owner of a dissolved unconsolidated subsidiary, and payments due to models/talents during the first nine months of 2017.

The Company believes its cash on hand combined with cash from operations and the availability under the revolving credit facility will be sufficient to fund operations for the next 12 months.

Off-Balance Sheet Arrangements

As of September 30, 2017, the Company had outstanding a $0.2 million irrevocable standby letter of credit under the Company’s revolving credit facility with Amegy Bank. The letter of credit serves as security under the lease relating to the Company’s office space in New York City that expires February 2021.

Effect of Inflation

Inflation has not historically been a material factor affecting the Company’s business. General operating expenses, such as salaries, employee benefits, insurance and occupancy costs are subject to normal inflationary pressures.

Critical Accounting Policies

Basis of Presentation

The financial statements include the consolidated accounts of Wilhelmina and its wholly owned subsidiaries. All significant inter-company accounts and transactions have been eliminated in consolidation.

Revenue Recognition

In compliance with generally accepted accounting principles in the United States of America, when reporting revenue gross as a principal versus net as an agent, the Company assesses whether the Company, the model or the talent is the primary obligor. The Company evaluates the terms of its model, talent and client agreements as part of this assessment. In addition, the Company gives appropriate consideration to other key indicators such as latitude in establishing price, discretion in model or talent selection and credit risk the Company undertakes. The Company operates broadly as a modeling agency and in those relationships with models and talents where the key indicators suggest the Company acts as a principal, the Company records the gross amount billed to the client as revenue when earned and collectability is reasonably assured, and the related costs incurred to the model or talent as model or talent cost. In other model and talent relationships, where the Company believes the key indicators suggest the Company acts as an agent on behalf of the model or talent, the Company records revenue when earned and collectability is reasonably assured, net of pass-through model or talent cost.

The Company also recognizes management fees as revenues for providing services to other modeling agencies as well as consulting income in connection with services provided to a television production network according to the terms of the contract. The Company recognizes royalty income when earned based on terms of the contractual agreement. Revenues received in advance are deferred and amortized using the straight-line method over periods pursuant to the related contract. The Company also records fees from licensees when the revenues are earned and collectability is reasonably assured.

Advances to models for the cost of initial portfolios and other out-of-pocket costs, which are reimbursable only from collections from the Company’s clients as a result of future work, are expensed to model costs as incurred. Any repayments of such costs are credited to model costs in the period received.

Goodwill and Intangible Assets

Goodwill consists primarily of customer and talent relationships arising from past business acquisitions. Intangible assets with finite lives are amortized over useful lives ranging from two to seven years. Goodwill and intangible assets with indefinite lives are no longer subject to amortization, but rather to an annual assessment of impairment by applying a fair-value based test. A significant amount of judgment is required in estimating fair value and performing goodwill impairment tests.

The Company annually assesses whether the carrying value of its intangible assets exceeds their fair value and, if necessary, records an impairment loss equal to any such excess. Each interim reporting period, the Company assesses whether events or circumstances have occurred which indicate that the carrying amount of an intangible asset exceeds its fair value. If the carrying amount of the intangible asset exceeds its fair value, an asset impairment charge will be recognized in an amount equal to that excess. No asset impairment charges were incurred during the three and nine months ended September 30, 2017 and September 30, 2016.

Accounts Receivable and Allowance for Doubtful Accounts

Accounts receivable are accounted for at net realizable value, do not bear interest, and are short-term in nature. The Company maintains an allowance for doubtful accounts for estimated losses resulting from the inability to collect on accounts receivable. Based on management’s assessment, the Company provides for estimated uncollectible amounts through a charge to earnings and a credit to the valuation allowance. Balances that remain outstanding after the Company has used reasonable collection efforts are written off through a charge to the valuation allowance and a credit to accounts receivable. The Company generally does not require collateral.

Income Taxes

Income taxes are accounted for under the asset and liability method. Deferred income tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases and operating loss and tax credit carryforwards. Deferred income tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred income tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the enactment date. The Company continually assesses the need for a tax valuation allowance based on all available information. As of September 30, 2017, and as a result of this assessment, the Company believes that its deferred tax assets are more likely than not to be realized. In addition, the Company continuously evaluates its tax contingencies.

Accounting for uncertainty in income taxes recognized in an enterprise’s financial statements requires a recognition threshold and measurement attribute for the financial statement recognition and measurement of a tax position taken or expected to be taken in a tax return. Also, consideration should be given to de-recognition, classification, interest and penalties, accounting in interim periods, disclosure and transition. There was no change to the net amount of assets and liabilities recognized in the consolidated balance sheets as a result of the Company’s tax positions.

Item 3. Quantitative and Qualitative Disclosures About Market Risk.

Not required for smaller reporting company

Item 4. Controls and Procedures.

The Company maintains disclosure controls and procedures designed to ensure that information it is required to disclose in the reports filed or submitted under the Exchange Act is recorded, processed, summarized, and reported within the time periods specified in the SEC’s rules and forms. The Company’s disclosure controls and procedures include, without limitation, controls and procedures designed to ensure that information required to be disclosed in the reports filed or submitted under the Exchange Act is accumulated and communicated to the Company’s management, including its principal executive officer and principal financial officer, or persons performing similar functions, as appropriate to allow timely decisions regarding required disclosure.

The Company’s management, including the Company’s principal executive officer and principal financial officer, or persons performing similar functions, have evaluated the Company’s disclosure controls and procedures as of the end of the period covered by this report. Based on such evaluation, the Company’s principal executive officer and principal financial officer, or persons performing similar functions, have concluded that the Company’s disclosure controls and procedures were effective as of the end of the period covered by this report. During the most recent fiscal quarter, there have been no changes in the Company’s internal controls over financial reporting that have materially affected, or are reasonably likely to materially affect, the Company’s internal control over financial reporting.

PART II

OTHER INFORMATION

Item 1. Legal Proceedings.

Item 1.A. Risk Factors.

Not required for smaller reporting company.

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds.

On August 12, 2016, the Board of Directors increased by an additional 500,000 shares the number of shares of the Company’s common stock which may be repurchased under its stock repurchase program to an aggregate of 1,500,000 shares. The shares may be repurchased from time to time in the open market or through privately negotiated transactions at prices the Company deems appropriate. The program does not obligate the Company to acquire any particular amount of common stock and may be modified or suspended at any time at the Company’s discretion. No shares were repurchased during the nine months ended September 30, 2017.

Item 3. Defaults Upon Senior Securities.

None.

Item 4. Mine Safety Disclosures.

Not applicable.

Item 5. Other Information.

On November 8, 2017, the Company and Amegy Bank executed a Ninth Amendment to Credit Agreement and Second Amendment to Line of Credit Note (the “Ninth Amendment”) to be effective as of October 24, 2107. The Ninth Amendment extends the maturity date of the Company’s $4.0 million revolving line of credit for one year until October 24, 2018. The Ninth Amendment also increases the fee payable to Amegy upon issuance of any letter of credit from 1.0% to 1.25% of the face amount of such letter of credit (but not less than $1,000). The foregoing description of the Ninth Amendment is qualified in its entirety by reference to the definitive agreement filed as an exhibit hereto and incorporated herein by this reference.

Item 6. Exhibits.

The following is a list of exhibits filed as part of this Form 10-Q:

Exhibit No.	Description

3.1	Restated Certificate of Incorporation of Wilhelmina International, Inc. (incorporated by reference from Exhibit 3.1 to Form S-1/A, dated January 30, 2012).
3.2	Certificate of Amendment of the Restated Certificate of Incorporation of Wilhelmina International, Inc. (incorporated by reference from Exhibit 3.1 to the Form 8-K filed July 15, 2014).
3.3	Certificate of Amendment of the Restated Certificate of Incorporation of Wilhelmina International, Inc. (incorporated by reference from Exhibit 3.1 to Form 8-K filed July 12, 2017).
3.4	Amended and Restated Bylaws of Wilhelmina International, Inc. (incorporated by reference from Exhibit 3.2 to Form 8-K, filed May 24, 2011).
4.1	Form of Stock Certificate of Common Stock of Billing Concepts Corp. (incorporated by reference from Exhibit 4.1 to Form 10-Q, dated March 31, 1998).
10.1	Eighth Amendment to Credit Agreement and waiver dated August 1, 2017, by and among Wilhelmina International, Inc., ZB, N.A. dba Amegy Bank and the guarantors signatory thereto (incorporated by reference from Exhibit 10.1 to Form 8-K filed August 4, 2017).
10.2	Ninth Amendment to Credit Agreement and Second Amendment to Line of Credit Note dated October 24, 2017, by and among Wilhelmina International, Inc., ZB, N.A. dba Amegy Bank and the guarantors signatory thereto.*
31.1	Certification of Principal Executive Officer in Accordance with Section 302 of the Sarbanes-Oxley Act. *
31.2	Certification of Principal Financial Officer in Accordance with Section 302 of the Sarbanes-Oxley Act. *
32.1	Certification of Principal Executive Officer in Accordance with Section 906 of the Sarbanes-Oxley Act. *
32.2	Certification of Principal Financial Officer in Accordance with Section 906 of the Sarbanes-Oxley Act. *
101.INS	XBRL Instance Document *
101.SCH	XBRL Taxonomy Extension Schema *
101.CAL	XBRL Taxonomy Extension Calculation Linkbase *
101.DEF	XBRL Taxonomy Extension Definition Linkbase *
101.LAB	XBRL Taxonomy Extension Label Linkbase *
101.PRE	XBRL Taxonomy Extension Presentation Linkbase *

________________

* Filed herewith

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

	WILHELMINA INTERNATIONAL, INC.
	(Registrant)


Date: November 9, 2017	By:	/s/ James A. McCarthy
	Name:	James A. McCarthy
	Title:	Chief Financial Officer (Principal Financial Officer)

EX-10.2 2 exh_102.htm EXHIBIT 10.2

Exhibit 10.2

NINTH AMENDMENT TO CREDIT AGREEMENT AND

SECOND AMENDMENT TO LINE OF CREDIT NOTE

This NINTH AMENDMENT TO CREDIT AGREEMENT AND SECOND AMENDMENT TO LINE OF CREDIT NOTE (this “Amendment”) is made effective and executed as of October 24, 2017, by and among WILHELMINA INTERNATIONAL, INC., a Delaware corporation (“Borrower”), ZB, N.A. dba AMEGY BANK (“Bank”), and each of the Guarantors set forth on the signature pages hereof (each a “Guarantor”, and collectively the “Guarantors”).

RECITALS

A. Borrower and Bank entered into that certain Credit Agreement dated as of April 20, 2011, as amended by that certain First Amendment to Credit Agreement dated as of January 1, 2012, that certain Second Amendment to Credit Agreement dated as of October 24, 2012, that certain Third Amendment to Credit Agreement dated as of July 31, 2014, that certain Fourth Amendment to Credit Agreement dated effective October 24, 2015, that certain Fifth Amendment to Credit Agreement dated effective May 13, 2016, that certain Sixth Amendment to Credit Agreement and First Amendment to Line of Credit Note dated effective November 9, 2016, that certain Seventh Amendment to Credit Agreement dated effective May 4, 2017, and that certain Eighth Amendment to Credit Agreement and Waiver dated effective August 1, 2017 (as amended, the “Credit Agreement”).

B. In connection with the Credit Agreement, Borrower executed and delivered to Bank (i) that certain Line of Credit Promissory Note dated April 20, 2011, in the stated principal amount of $500,000.00, as amended and restated by that certain Amended and Restated Line of Credit Promissory Note dated as of January 1, 2012, in the stated principal amount of $1,500,000.00, as amended and restated by that certain Second Amended and Restated Line of Credit Promissory Note dated as of October 24, 2012, in the stated principal amount of $5,000,000.00, as amended and restated by that certain Third Amended and Restated Line of Credit Promissory Note dated as of October 24, 2015, in the stated principal amount of $4,000,000.00, and as amended by that certain Sixth Amendment to Credit Agreement and First Amendment to Line of Credit Note dated effective November 9, 2016 (as amended and restated, the “Line of Credit Note”), and (ii) that certain Promissory Note dated effective October 24, 2015, in the stated principal amount of $3,000,000.00 (the “Term Note”).

C. In connection with the Credit Agreement, (i) Guarantors (other than Artists at Wilhelmina LLC, Wilhelmina Licensing (Texas) LLC, and Wilhelmina Artist Management LLC, a Delaware limited liability company) executed and delivered to Bank that certain Unlimited Guaranty dated April 20, 2011, (ii) Artists at Wilhelmina LLC (formerly known as Wilhelmina Creative, LLC) and Wilhelmina Licensing (Texas) LLC executed and delivered to Bank those certain Unlimited Guaranties dated effective October 24, 2015, and (iii) Wilhelmina Artist Management LLC, a Delaware limited liability company, executed and delivered to Bank that certain Unlimited Guaranty dated effective November 9, 2016 (the Unlimited Guaranties referenced in items (i) through (iii) preceding, collectively, the “Guaranty Agreements”).

D. Borrower has requested Bank to extend the maturity date of the Line of Credit (as defined in the Credit Agreement) and make certain amendments to the Credit Agreement and Line of Credit Note, all as more fully set forth herein, and Bank has agreed to the same upon the terms and conditions hereinafter set forth.

NOW, THEREFORE, in consideration of the premises herein contained and other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties, intending to be legally bound, hereby agree as follows:

ARTICLE I
Definitions

Section 1.1. Definitions. Capitalized terms used in this Amendment, to the extent not otherwise defined herein, shall have the same meaning as assigned to them in the Credit Agreement, as amended hereby.

ARTICLE II
Amendments

Section 2.1. Amendment to Section 1.1 of Credit Agreement. Section 1.1(a) of the Credit Agreement is amended by deleting the reference therein to “October 24, 2017” and inserting “October 24, 2018” in lieu thereof.

Section 2.2. Amendments to Section 1.5 of Credit Agreement.

(a) Section 1.5(a) of the Credit Agreement is amended by deleting each reference therein to “October 24, 2017” and inserting “October 24, 2018” in lieu thereof.

(b) Section 1.5(b) of the Credit Agreement is amended by deleting the reference to “one percent (1%) per annum” and inserting “one and one-quarter percent (1.25%) per annum” in lieu thereof.

Section 2.3. Amendments to Line of Credit Note.

(a) The definition of “Maturity Date” in Section 1.1 of the Line of Credit Note is hereby amended and restated in its entirety to hereafter read as follows: “‘Maturity Date’ means October 24, 2018.”

(b) The definition of “Applicable Rate” in Section 1.1 of the Line of Credit Note is hereby amended and restated in its entirety to hereafter read as follows: “‘Applicable Rate’ means the Base Rate plus the Applicable Margin; provided, in no event shall the Applicable Rate ever be less than 0.0% per annum.”

ARTICLE III
Conditions Precedent

Section 3.1. Conditions. The effectiveness of this Amendment is subject to the satisfaction of the following conditions precedent, unless specifically waived by the Bank:

(a) The following instruments shall have been duly and validly executed and delivered to Bank by the parties thereto, all in form, scope and content satisfactory to the Bank:

(i) this Amendment executed by Borrower and Guarantors; and

(ii) resolutions of the Board of Directors (or other governing body) of Borrower and each Guarantor certified by the Secretary or an Assistant Secretary (or other custodian of records of each such entity) which authorize the execution, delivery, and performance by Borrower and each Guarantor of this Amendment and the other Loan Documents to be executed in connection herewith.

(b) The representations and warranties contained herein, in the Credit Agreement, as amended hereby, and in each other Loan Document, as amended hereby, shall be true and correct as of the date hereof, as if made on the date hereof, except to the extent such representations and warranties relate to an earlier date.

(c) No Event of Default shall have occurred and be continuing and no Default shall exist, unless such Event of Default or Default has been specifically waived in writing by Bank.

(d) All corporate proceedings taken in connection with the transactions contemplated by this Amendment and all documents, instruments and other legal matters incident thereto, shall be satisfactory to Bank and its legal counsel.

(e) There shall have been no material adverse change in the condition (financial or otherwise) of Borrower or any Guarantor since August 1, 2017.

ARTICLE IV
Ratifications, Representations, Warranties

Section 4.1. Ratifications. The terms and provisions set forth in this Amendment shall modify and supersede all inconsistent terms and provisions set forth in the Credit Agreement and except as expressly modified and superseded by this Amendment, the terms and provisions of the Credit Agreement and the other Loan Documents are ratified and confirmed and shall continue in full force and effect. Borrower and Guarantors agree that the Credit Agreement, as amended hereby, and the other Loan Documents, as amended hereby, shall continue to be legal, valid, binding obligations of Borrower and Guarantors, enforceable against Borrower and Guarantors in accordance with their respective terms.

Section 4.2. Renewal of Security Interests. Each of Borrower and Guarantors hereby renews, regrants and affirms the liens and security interests created and granted in the Credit Agreement and in all other Loan Documents (including, without limitation, those certain Pledge and Security Agreements to which it is a party, as amended), to secure the prompt payment of all indebtedness and obligations of Borrower and each Guarantor under the Loan Documents as amended by the terms hereof, including without limitation any Letter of Credit Liabilities, the Line of Credit, and the Term Loan. Each of Borrower and Guarantors agree that this Amendment shall in no manner affect or impair the liens and security interests securing the indebtedness of Borrowers and Guarantors to Bank and that such liens and security interests shall not in any manner be waived, the purposes of this Amendment being to modify the Credit Agreement as herein provided, and to carry forward all liens and security interests securing same, which are acknowledged by Borrower and Guarantors to be valid and subsisting.

Section 4.3. Representations and Warranties. Borrower and Guarantors hereby represent and warrant to Bank as follows:

(a) The execution, delivery and performance of this Amendment and any and all other Loan Documents executed and delivered in connection herewith have been authorized by all requisite corporate action on the part of Borrower and each Guarantor and do not and will not conflict with or violate any provision of any applicable laws, rules, regulations or decrees, the organizational documents of Borrower or any Guarantor, or any agreement, document, judgment, license, order or permit applicable to or binding upon Borrower or any Guarantor or their respective assets. No consent, approval, authorization or order of, and no notice to or filing with, any court or governmental authority or third person is required in connection with the execution, delivery or performance of this Amendment or to consummate the transactions contemplated hereby;

(b) The representations and warranties contained in the Credit Agreement, as amended hereby, and the other Loan Documents, as amended hereby, are true and correct in all material respects on and as of the date hereof as though made on and as of the date hereof, except to the extent such representations and warranties relate to an earlier date;

(c) No Event of Default under the Credit Agreement or any Loan Document has occurred and is continuing, except to the extent waived in writing by Lender;

(d) Borrower and Guarantors are in full compliance with all covenants and agreements contained in the Credit Agreement, as amended hereby, and the other Loan Documents to which each is a party, each as amended hereby, except to the extent waived in writing by lender;

(e) Neither Borrower nor any Guarantor has amended any of its organizational documents since the date of the original execution of the Credit Agreement; and

(f) As of the date of this Amendment, the unpaid principal amount of the Line of Credit Note is $0, the unpaid principal amount of the Term Note is $2,232,538.78, and the aggregate Letter of Credit Liabilities are $221,742.50, which amounts are unconditionally owed by Borrower to Bank without offset, defense or counterclaim of any kind or nature whatsoever.

Section 4.4. Guarantors’ Consent and Ratification. Each Guarantor hereby consents and agrees to the terms of this Amendment, and agrees that the Guaranty Agreement to which it is a party shall remain in full force and effect and shall continue to be the legal, valid and binding obligation of such Guarantor, enforceable against such Guarantor in accordance with its terms. Furthermore, each Guarantor hereby agrees and acknowledges that (a) the Guaranty Agreements are Loan Document, (b) the Guaranty Agreements are not subject to any claims, defenses or offsets, (c) nothing contained in this Amendment or any other Loan Document shall adversely affect any right or remedy of Bank under the Guaranty Agreements, (d) the execution and delivery of this Amendment shall in no way reduce, impair or discharge any obligations of any Guarantor pursuant to the Guaranty Agreements and shall not constitute a waiver by Bank against any Guarantor, (e) by virtue hereof and by virtue of the Guaranty Agreements, each Guarantor hereby guarantees to Bank the prompt and full payment and full and faithful performance by the Borrower of the entirety of the Guaranteed Indebtedness (as defined in the Guaranty Agreements) including, without limitation, all amounts owing under the Line of Credit Note and the Term Note and all Letter of Credit Liabilities, (f) no Guarantor’s consent is required to the effectiveness of this Amendment, and (g) no consent by any Guarantor is required for the effectiveness of any future amendment, modification, forbearance or other action with respect to the Credit Agreement or any present or future Loan Document.

ARTICLE V
Miscellaneous

Section 5.1. Survival of Representations and Warranties. All representations and warranties made in the Credit Agreement or any other Loan Document, including without limitation, any Loan Document furnished in connection with this Amendment, shall survive the execution and delivery of this Amendment and the other Loan Documents, and no investigation by Bank or any closing shall affect such representations and warranties or the right of Bank to rely thereon.

Section 5.2. Reference to Credit Agreement. Each of the Loan Documents, including the Credit Agreement, and any and all other agreements, documents or instruments now or hereafter executed and delivered pursuant to the terms hereof or pursuant to the terms of the Credit Agreement, as amended hereby, are hereby amended so that any reference in such Loan Documents to the Credit Agreement or any of the Loan Documents shall mean a reference to the Credit Agreement or such Loan Documents in each case as amended hereby.

Section 5.3. Expenses of Bank. As provided in the Credit Agreement, Borrower agrees to pay on demand all reasonable costs and expenses incurred by Bank in connection with the preparation, negotiation and execution of this Amendment and the other Loan Documents executed pursuant hereto and any and all amendments, modifications, and supplements hereto, including, without limitation, the reasonable costs and fees of Bank’s legal counsel, and all reasonable costs and expenses incurred by Bank in connection with the enforcement or preservation of any rights under the Credit Agreement, as amended hereby, and any other Loan Document, as amended hereby, including, without limitation, the reasonable costs and fees of Bank’s legal counsel.

Section 5.4. RELEASE. BORROWER AND EACH GUARANTOR HEREBY VOLUNTARILY AND KNOWINGLY RELEASE AND FOREVER DISCHARGE BANK, ITS DIRECTORS, OFFICERS, AGENTS, EMPLOYEES, SUCCESSORS AND ASSIGNS, FROM ALL POSSIBLE CLAIMS, DEMANDS, ACTIONS, CAUSES OF ACTION, DAMAGES, COSTS, EXPENSES, AND LIABILITIES WHATSOEVER, KNOWN OR UNKNOWN. ANTICIPATED OR UNANTICIPATED, SUSPECTED OR UNSUSPECTED, FIXED, CONTINGENT, OR CONDITIONAL, AT LAW OR IN EQUITY, ORIGINATING IN WHOLE OR IN PART ON OR BEFORE THE DATE THIS AMENDMENT IS EXECUTED, WHICH BORROWER AND ANY GUARANTOR MAY NOW OR HEREAFTER HAVE AGAINST BANK, ITS DIRECTORS, OFFICERS, AGENTS, EMPLOYEES, SUCCESSORS AND ASSIGNS, IF ANY, AND IRRESPECTIVE OF WHETHER ANY SUCH CLAIMS ARISE OUT OF CONTRACT, TORT, VIOLATION OF LAW OR REGULATIONS, OR OTHERWISE, AND ARISING FROM ANY LOAN, INCLUDING, WITHOUT LIMITATION, ANY CONTRACTING FOR, CHARGING, TAKING, RESERVING, COLLECTING OR RECEIVING INTEREST IN EXCESS OF THE HIGHEST LAWFUL RATE APPLICABLE, THE EXERCISE OF ANY RIGHTS AND REMEDIES UNDER THE LOAN DOCUMENTS, AND NEGOTIATIONS FOR AND EXECUTION OF THE LOAN DOCUMENTS.

Section 5.5. Severability. Any provision of this Amendment held by a court of competent jurisdiction to be invalid or unenforceable shall not impair or invalidate the remainder of this Amendment and the effect thereof shall be confined to the provision so held to be invalid or unenforceable.

Section 5.6. GOVERNING LAW. THIS AMENDMENT SHALL BE DEEMED TO HAVE BEEN MADE AND TO BE PERFORMABLE IN AND SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF TEXAS.

Section 5.7. Successors and Assigns. This Amendment is binding upon and shall inure to the benefit of the parties hereto and their respective successors, assigns, heirs, executors, and legal representatives, except that none of the parties hereto other than Bank may assign or transfer any of its rights or obligations hereunder without the prior written consent of Bank.

Section 5.8. WAIVER OF TRIAL BY JURY. THE PARTIES HERETO AGREE THAT NO PARTY SHALL REQUEST A TRIAL BY JURY IN THE EVENT OF LITIGATION BETWEEN THEM CONCERNING THE LOAN DOCUMENTS OR ANY CLAIMS OR TRANSACTIONS IN CONNECTION THEREWITH, IN EITHER A STATE OR FEDERAL COURT, THE RIGHT TO TRIAL BY JURY BEING EXPRESSLY WAIVED BY BANK, BORROWER AND GUARANTORS. EACH OF BANK, BORROWER AND GUARANTORS ACKNOWLEDGES THAT SUCH WAIVER IS MADE WITH FULL KNOWLEDGE AND UNDERSTANDING OF THE NATURE OF THE RIGHTS AND BENEFITS WAIVED HEREBY, AND WITH THE BENEFIT OF ADVICE OF COUNSEL OF ITS CHOOSING.

Section 5.9. Counterparts. This Amendment may be executed in one or more counterparts, each of which when so executed shall be deemed to be an original, but all of which when taken together shall constitute one and the same instrument.

Section 5.10. Descriptive Headings. The captions in this Amendment are for convenience only and shall not define or limit the provisions hereof.

Section 5.11. ENTIRE AGREEMENT. THIS AMENDMENT, THE CREDIT AGREEMENT AND ALL OTHER LOAN DOCUMENTS EXECUTED AND DELIVERED IN CONNECTION WITH AND PURSUANT TO THIS AMENDMENT AND THE CREDIT AGREEMENT REPRESENT THE FINAL AGREEMENT BETWEEN THE PARTIES AND MAY NOT BE CONTRADICTED BY EVIDENCE OF PRIOR, CONTEMPORANEOUS, OR SUBSEQUENT ORAL AGREEMENTS OF THE PARTIES. THERE ARE NO UNWRITTEN ORAL AGREEMENTS BETWEEN THE PARTIES.

Section 5.12. Arbitration. All disputes, claims, and controversies arising from this Amendment shall be arbitrated in accordance with Section 7.15 of the Credit Agreement.

[Remainder of Page Intentionally Left Blank]

EXECUTED as of the date first written above.

BORROWER:

WILHELMINA INTERNATIONAL, INC.,
a Delaware corporation

By: /s/ James McCarthy______________________

James McCarthy

Chief Financial Officer

GUARANTORS:

WILHELMINA LICENSING LLC,

a Delaware limited liability company

By: /s/ James McCarthy_______________________

James McCarthy

Chief Financial Officer

WILHELMINA LICENSING (TEXAS) LLC,

a Texas limited liability company

By: /s/ James McCarthy_______________________

James McCarthy

Chief Financial Officer

WILHELMINA FILM & TV PRODUCTIONS LLC, a Delaware limited liability company

By: /s/ James McCarthy_______________________

James McCarthy

Chief Financial Officer

WILHELMINA ARTIST MANAGEMENT LLC, a New York limited liability company

By: /s/ James McCarthy_______________________

James McCarthy

Chief Financial Officer

[Signatures Continue on Next Page]

WILHELMINA-MIAMI, INC.,

a Florida corporation

By: /s/ James McCarthy_______________________

James McCarthy

Chief Financial Officer

WILHELMINA INTERNATIONAL, LTD.,

a New York corporation

By: /s/ James McCarthy_______________________

James McCarthy

Chief Financial Officer

WILHELMINA WEST, INC.,

a California corporation

By: /s/ James McCarthy_______________________

James McCarthy

Chief Financial Officer

WILHELMINA MODELS, INC.,

a New York corporation

By: /s/ James McCarthy_______________________

James McCarthy

Chief Financial Officer

LW1, INC.,

a California corporation

By: /s/ James McCarthy_______________________

James McCarthy

Chief Financial Officer

[Signatures Continue on Next Page]

ARTISTS AT WILHELMINA LLC,

a Florida limited liability company

(formerly known as Wilhelmina Creative, LLC)

By: /s/ James McCarthy_______________________

James McCarthy

Chief Financial Officer

WILHELMINA ARTIST MANAGEMENT LLC,

a Delaware limited liability company

By: /s/ James McCarthy_______________________

James McCarthy

Chief Financial Officer

[Signatures Continue on Next Page]

BANK:

ZB, N.A. dba AMEGY BANK

By: /s/ Tamara Ray___________________________

Tamara Ray

Vice President

EX-31.1 3 exh_311.htm EXHIBIT 31.1

Exhibit 31.1

CERTIFICATION OF THE PRINCIPAL EXECUTIVE OFFICER

PURSUANT TO SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002

I, William J. Wackermann, certify that:

1.	I have reviewed this quarterly report on Form 10-Q of Wilhelmina International, Inc. for the quarterly period ended September 30, 2017;

2.	Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3.	Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

(a)

Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

(b)

Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

(c)

Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

(d)

Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5.	The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

(a)

All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and

(b)

Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

November 9, 2017

/s/ William J. Wackermann

Name:

William J. Wackermann

Title:

Chief Executive Officer

(Principal Executive Officer)

EX-31.2 4 exh_312.htm EXHIBIT 31.2

Exhibit 31.2

CERTIFICATION OF THE PRINCIPAL FINANCIAL OFFICER

PURSUANT TO SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002

I, James A. McCarthy, certify that:

1.	I have reviewed this quarterly report on Form 10-Q of Wilhelmina International, Inc. for the quarterly period ended September 30, 2017;

2.	Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3.	Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

(a)

(b)

(c)

(d)

5.	The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

(a)

(b)

Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

November 9, 2017

/s/ James A. McCarthy

Name:

James A. McCarthy

Title:

Chief Financial Officer

(Principal Financial Officer)

EX-32.1 5 exh_321.htm EXHIBIT 32.1

Exhibit 32.1

CERTIFICATION OF THE PRINCIPAL EXECUTIVE OFFICER

PURSUANT TO SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

In connection with the quarterly report of Wilhelmina International, Inc. (the “Company”) on Form 10-Q for the quarter ended September 30, 2017 as filed with the Securities and Exchange Commission on the date hereof (the “Report”), I, William J. Wackermann, Principal Executive Officer of the Company, certify, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that, to my knowledge:

The Report fully complies with the requirements of Section 13(a) or 15(d), as applicable, of the Securities Exchange Act of 1934, as amended; and

The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company as of and for the periods presented.

November 9, 2017

/s/ William J. Wackermann

Name:

William J. Wackermann

Title:

Chief Executive Officer

(Principal Executive Officer)

EX-32.2 6 exh_322.htm EXHIBIT 32.2

Exhibit 32.2

CERTIFICATION OF THE PRINCIPAL FINANCIAL OFFICER

PURSUANT TO SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

In connection with the quarterly report of Wilhelmina International, Inc. (the “Company”) on Form 10-Q for the quarter ended September 30, 2017 as filed with the Securities and Exchange Commission on the date hereof (the “Report”), I, James A. McCarthy, Principal Financial Officer of the Company, certify, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that, to my knowledge:

The Report fully complies with the requirements of Section 13(a) or 15(d), as applicable, of the Securities Exchange Act of 1934, as amended; and

The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company as of and for the presented.

November 9, 2017

/s/ James A. McCarthy

Name:

James A. McCarthy

Title:

Chief Financial Officer

(Principal Financial Officer)

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<div style="display: inline; font-family: times new roman; font-size: 10pt"><div style=" font-size: 10pt; margin: 0pt 0"><div style="display: inline; font-weight: bold;">Note <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">6.</div>  Commitments and Contingencies</div></div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0"> </div> <div style=" font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0">On <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> October 24, 2013, </div>a putative class action lawsuit was brought against the Company by former Wilhelmina model Alex Shanklin and others (the “Shanklin Litigation”), in New York State Supreme Court (New York County) by the same lead counsel who represented plaintiffs in a prior, now-dismissed action brought by Louisa Raske (the “Raske Litigation”). The claims in the Shanklin Litigation initially included breach of contract and unjust enrichment allegations arising out of matters similar to the Raske Litigation, such as the handling and reporting of funds on behalf of models and the use of model images. Other parties named as defendants in the Shanklin Litigation include other model management companies, advertising firms, and certain advertisers. On <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> January 6, 2014, </div>the Company moved to dismiss the Amended Complaint in the Shanklin Litigation for failure to state a claim upon which relief can be granted and other grounds, and other defendants also filed motions to dismiss. On <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> August 11, 2014, </div>the court denied the motion to dismiss as to Wilhelmina and other of the model management defendants. Further, on <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> March 3, 2014, </div>the judge assigned to the Shanklin Litigation wrote the Office of the New York Attorney General bringing the case to its attention, generally describing the claims asserted therein against the model management defendants, and stating that the case <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> “may </div>involve matters in the public interest.” The judge’s letter also enclosed a copy of his decision in the Raske Litigation, which dismissed that case. Plaintiffs retained substitute counsel, who filed a Second and then Third Amended Complaint. Plaintiffs’ Third Amended Complaint asserts causes of action for alleged breaches of the plaintiffs' management contracts with the defendants, conversion, breach of the duty of good faith and fair dealing, and unjust enrichment. The Third Amended Complaint also alleges that the plaintiff models were at all relevant times employees, and <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">not</div> independent contractors, of the model management defendants, and that defendants violated the New York Labor Law in several respects, including, among other things, by allegedly failing to pay the models the minimum wages and overtime pay required thereunder, <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">not</div> maintaining accurate payroll records, and <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">not</div> providing plaintiffs with full explanations of how their wages and deductions therefrom were computed. The Third Amended Complaint seeks certification of the action as a class action, damages in an amount to be determined at trial, plus interest, costs, attorneys’ fees, and such other relief as the court deems proper. On <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> October 6, 2015, </div>Wilhelmina filed a motion to dismiss as to most of the plaintiffs’ claims, and oral argument on the motion was heard by the Court in <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> June 2016. </div>The Court entered a decision granting in part and denying in part Wilhelmina’s motion to dismiss on <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> May 26, 2017. </div>The Court (i) dismissed <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">three</div> of the <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">five</div> New York Labor Law causes of action, along with the conversion, breach of the duty of good faith and fair dealing and unjust enrichment causes of action, in their entirety, and (ii) permitted only the breach of contract causes of action, and some plaintiffs’ remaining <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">two</div> New York Labor Law causes of action to continue, within a limited time frame. The plaintiffs and Wilhelmina have appealed the decision. The parties appeared before the Court for a status conference on <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> July 18, 2017, </div>and the Court directed the defendants to answer the Third Amended Complaint by <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> August 16, 2017. </div>Wilhelmina filed its Answer to the Third Amended Complaint on that date, and discovery in this action is continuing.  The Company believes the claims asserted in the Third Amended Complaint are without merit, and intends to continue to vigorously defend the action.</div> <div style=" font-size: 10pt; text-align: justify; text-indent: 48pt; margin: 0pt 0"> </div> <div style=" font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0">On <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> June 6, 2016, </div>another putative class action lawsuit was brought against the Company by former Wilhelmina model Shawn Pressley and others (the “Pressley Litigation”), in New York State Supreme Court (New York County) by the same counsel representing the plaintiffs in the Shanklin Litigation, and asserting identical, although more recent, claims as those in the Shanklin Litigation. On <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> June 14, 2016, </div>the Court stayed all proceedings in the Pressley Litigation until a decision was issued on the motion to dismiss in the Shanklin Litigation. At the court conference on <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> July 18, 2017 (</div>mentioned above), the judge directed the plaintiffs to file an amended complaint in the Pressley Litigation, if any, by <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> August 16, 2017, </div>and directed the defendants to move against or answer such amended complaint by <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> September 29, 2017.  </div>The Amended Complaint, asserting essentially the same types of claims as in the Shanklin action was filed on <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> August 16</div><div style="display: inline; bottom:.33em; font-size: 82%; position: relative; vertical-align: baseline;">th</div>, and Wilhelmina filed a motion to dismiss the Amended Complaint on <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> September 29, 2017. </div>Briefing on the motion to dismiss is continuing, and the motion is scheduled to be submitted to the Court on <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> November 16, 2017. </div>Discovery is proceeding in this case. The Company believes the claims asserted in the Pressley Litigation are without merit, and intends to vigorously defend the action.</div> <div style=" font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0"> </div> <div style=" font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0">In addition to the legal proceedings disclosed herein, the Company is also engaged in various legal proceedings that are routine in nature and incidental to its business. <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">None</div> of these routine proceedings, either individually or in the aggregate, are believed likely, in the Company's opinion, to have a material adverse effect on its consolidated financial position or its results of operations.</div></div>

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<div style="display: inline; font-family: times new roman; font-size: 10pt"><div style=" font-size: 10pt; text-align: justify; margin: 0pt 0"><div style="display: inline; font-weight: bold;">Note <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">5.</div>  Line of Credit</div></div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0"> </div> <div style=" font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0">The Company has a credit agreement with Amegy Bank providing a <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$4.0</div> million revolving line of credit and up to a <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$3.0</div> million term loan which could be drawn through <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> October 24, 2016. </div>The revolving line of credit is subject to a borrowing base derived from <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">80%</div> of eligible accounts receivable (as defined) and the Company’s minimum net worth covenant of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$20.0</div> million. The revolving line of credit bears interest at prime plus <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">0.5%</div> payable monthly. As of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> September 30, 2017, </div>the Company had a <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$0.2</div> million irrevocable standby letter of credit outstanding under the revolving line of credit and had additional borrowing capacity of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$1.5</div> million. The revolving line of credit expires on <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> October 24, 2018.</div></div> <div style=" font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0"> </div> <div style=" font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0">On <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> August 16, 2016, </div>the Company drew <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$2.7</div> million of the term loan and used the proceeds to fund the purchase of shares of its common stock. The term loan bears interest at <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">4.5%</div> per annum and is payable in monthly payments of interest only until <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> November 2016, </div>followed by <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">47</div> equal monthly payments of principal and interest computed on a <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">60</div>-month amortization schedule and a final payment of principal and interest due on <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> October 24, 2020.</div></div> <div style=" font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0"> </div> <div style=" font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0"></div> <div style=" font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0">On <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> May 4, 2017, </div>the Company entered into a Seventh Amendment to Credit Agreement with Amegy Bank reducing the Company’s fixed charge coverage ratio through <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> December 31, 2017. </div>The Company obtained a waiver from Amegy Bank of its failure to satisfy the fixed coverage ratio for the quarter ended <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> June 30, 2017. </div>On <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> August 1, 2017, </div>the Company entered into an Eighth Amendment to Credit Agreement with Amegy Bank eliminating the requirement to test the fixed charge coverage ratio for the quarter ended <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> September 30, 2017.</div></div> <div style=" font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0"> </div> <div style=" font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0">The revolving line of credit with Amegy expired by its terms on <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> October 24, 2017. </div>On <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> November 8, 2017, </div>the Company and Amegy extended the revolving line of credit on substantially the same terms for <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">one</div> year until <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> October 24, 2018.</div></div></div>

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Document And Entity Information - shares	9 Months Ended
Document And Entity Information - shares	Sep. 30, 2017	Nov. 09, 2017
Document Information [Line Items]
Entity Registrant Name	Wilhelmina International, Inc.
Entity Central Index Key	0001013706
Trading Symbol	whlm
Current Fiscal Year End Date	--12-31
Entity Filer Category	Smaller Reporting Company
Entity Current Reporting Status	Yes
Entity Voluntary Filers	No
Entity Well-known Seasoned Issuer	No
Entity Common Stock, Shares Outstanding (in shares)		5,381,668
Document Type	10-Q
Document Period End Date	Sep. 30, 2017
Document Fiscal Year Focus	2017
Document Fiscal Period Focus	Q3
Amendment Flag	false

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Consolidated Balance Sheets (Current Period Unaudited) - USD ($) $ in Thousands	Sep. 30, 2017	Dec. 31, 2016
Current assets:
Cash and cash equivalents	$ 2,640	$ 5,688
Accounts receivable, net of allowance for doubtful accounts of $2,158 and $1,646, respectively	16,543	16,947
Prepaid expenses and other current assets	287	847
Total current assets	19,470	23,482
Property and equipment, net of accumulated depreciation of $2,134 and $1,525, respectively	3,197	3,206
Trademarks and trade names with indefinite lives	8,467	8,467
Other intangibles with finite lives, net of accumulated amortization of$8,589 and $8,527, respectively	147	210
Goodwill	13,192	13,192
Other assets	115	164
TOTAL ASSETS	44,588	48,721
Current liabilities:
Accounts payable and accrued liabilities	3,916	4,781
Due to models	10,975	14,217
Contingent consideration to seller - current		97
Term loan - current	519	502
Total current liabilities	15,410	19,597
Long term liabilities:
Deferred income tax liability	1,532	1,567
Term loan - non-current	1,756	2,147
Total long-term liabilities	3,288	3,714
Total liabilities	18,698	23,311
Shareholders’ equity:
Common stock, $0.01 par value, 9,000,000 and 12,500,000 shares authorized; 6,472,038 shares issued at September 30, 2017 and December 31, 2016	65	65
Treasury stock, 1,090,370 at September 30, 2017 and December 31, 2016, at cost	(4,893)	(4,893)
Additional paid-in capital	87,748	87,336
Accumulated deficit	(57,065)	(57,048)
Accumulated other comprehensive income (loss)	(35)	50
Total shareholders’ equity	25,890	25,410
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY	$ 44,588	$ 48,721

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Consolidated Balance Sheets (Current Period Unaudited) (Parentheticals) - USD ($) $ in Thousands	Sep. 30, 2017	Dec. 31, 2016
Accounts receivable, allowance for doubtful accounts	$ 2,158	$ 1,646
Property and equipment, accumulated depreciation	2,134	1,525
Other intangibles, accumulated depreciation	$ 8,589	$ 8,527
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common stock, shares authorized (in shares)	9,000,000	12,500,000
Common stock, shares issued (in shares)	6,472,038	6,472,038
Treasury stock, shares (in shares)	1,090,370	1,090,370

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Statements of Operations and Comprehensive Income (Unaudited) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2017	Sep. 30, 2016	Sep. 30, 2017	Sep. 30, 2016
Revenues:
Revenues	$ 18,712	$ 20,880	$ 56,120	$ 64,512
License fees and other income	6	28	34	82
Total revenues	18,718	20,908	56,154	64,594
Model costs	13,265	14,888	39,910	45,952
Revenues net of model costs	5,453	6,020	16,244	18,642
Operating expenses:
Salaries and service costs	3,447	3,708	10,611	11,594
Office and general expenses	1,400	1,381	3,832	4,267
Amortization and depreciation	232	89	672	295
Corporate overhead	236	192	817	768
Total operating expenses	5,315	5,370	15,932	16,924
Operating income	138	650	312	1,718
Other income (expense):
Foreign exchange gain (loss)	(18)	1	(54)	8
Gain (loss) from unconsolidated affiliate	(2)	5	(40)	11
Interest expense	(31)	(21)	(88)	(21)
Revaluation of contingent liability		(30)		(30)
Total other income (expense)	(51)	(45)	(182)	(32)
Income before provision for income taxes	87	605	130	1,686
Provision for income taxes: (expense) benefit
Current	(57)	(281)	(182)	(648)
Deferred income taxes	(4)	(97)	35	(358)
Income tax (expense)	(61)	(378)	(147)	(1,006)
Net income (loss)	26	227	(17)	680
Other comprehensive income (expense):
Foreign currency translation income (expense)	20	(12)	85	(50)
Total comprehensive income	$ 46	$ 215	$ 68	$ 630
Basic net income (loss) per common share (in dollars per share)	$ 0	$ 0.04	$ 0	$ 0.12
Diluted net income (loss) per common share (in dollars per share)	$ 0	$ 0.04	$ 0	$ 0.12
Weighted average common shares outstanding-basic (in shares)	5,382	5,586	5,382	5,716
Weighted average common shares outstanding-diluted (in shares)	5,382	5,637	5,382	5,768

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Consolidated Statements of Cash Flow (Unaudited) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2017	Sep. 30, 2016
Cash flows from operating activities:
Net income:	$ (17)	$ 680
Adjustments to reconcile net income to net cash used in operating activities:
Amortization and depreciation	672	295
Share based payment expense	412	253
Deferred income taxes	35	(358)
Contingent liability to seller	(97)	30
Bad debt expense	128	40
Changes in operating assets and liabilities:
Accounts receivable	276	(4,832)
Prepaid expenses and other current assets	560	(199)
Other assets	49	108
Due to models	(3,242)	2,585
Accounts payable and accrued liabilities	(865)	1,017
Net cash (used in) provided by operating activities	(2,159)	335
Cash flows from investing activities:
Purchases of property and equipment	(600)	(1,118)
Net cash used in investing activities	(600)	(1,118)
Cash flows from financing activities:
Purchases of treasury stock		(2,775)
Proceeds from term loan		2,730
Repayment of term loan	(374)
Net cash used in financing activities	(374)	(45)
Foreign currency effect on cash flows:	85	(50)
Net change in cash and cash equivalents:	(3,048)	(878)
Cash and cash equivalents, beginning of period	5,688	4,556
Cash and cash equivalents, end of period	2,640	3,678
Supplemental disclosures of cash flow information:
Cash paid for interest	74	21
Cash refund of income taxes	$ 87	$ 320

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Note 1 - Basis of Presentation	9 Months Ended
Note 1 - Basis of Presentation	Sep. 30, 2017
Notes to Financial Statements
Basis of Accounting [Text Block]	Note 1. Basis of Presentation The interim consolidated financial statements included herein have been prepared by Wilhelmina International, Inc. (together with its subsidiaries, "Wilhelmina" or the "Company") without audit, pursuant to the rules and regulations of the Securities and Exchange Commission (“SEC”). Although certain information and footnote disclosures normally included in consolidated financial statements prepared in accordance with accounting principles generally accepted in the United States of America have been condensed or omitted pursuant to those rules and regulations, all adjustments considered necessary in order to make the consolidated financial statements not misleading have been included. In the opinion of the Company’s management, the accompanying interim unaudited consolidated financial statements reflect all adjustments, of a normal recurring nature, that are necessary for a fair presentation of the Company’s consolidated financial position, results of operations and cash flows for the periods presented. These interim unaudited consolidated financial statements should be read in conjunction with the audited consolidated financial statements and the notes thereto included in the Company’s Annual Report on Form 10 -K for the fiscal year ended December 31, 2016. Results of operations for the interim periods are not necessarily indicative of results that may be expected for any other interim periods or the full fiscal year.

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Note 2 - Business	9 Months Ended
Note 2 - Business	Sep. 30, 2017
Notes to Financial Statements
Nature of Operations [Text Block]	Note 2. Business The primary business of Wilhelmina is fashion model management. These business operations are headquartered in New York City. The Company’s predecessor was founded in 1967 by Wilhelmina Cooper, a renowned fashion model, and became one of the oldest, best known and largest fashion model management companies in the world. Since its founding, Wilhelmina has grown to include operations located in Los Angeles, Miami, Chicago and London, as well as a network of licensees in various local markets in the U.S. and several international markets. Wilhelmina provides traditional, full-service fashion model and talent management services, specializing in the representation and management of models, entertainers, artists, athletes and other talent, to various clients, including retailers, designers, advertising agencies, print and electronic media and catalog companies.

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Note 3 - New Accounting Standards	9 Months Ended
Note 3 - New Accounting Standards	Sep. 30, 2017
Notes to Financial Statements
New Accounting Pronouncements and Changes in Accounting Principles [Text Block]	Note 3. New Accounting Standards Accounting Standard Update (“ASU”) 2015 - 17, Income Taxes - Balance Sheet Classification of Deferred Taxes, requires deferred tax assets and liabilities to be netted and classified as non-current in the consolidated balance sheet. Wilhelmina retrospectively adopted the new accounting standard on January 1, 2017. The impact of the change resulted in the netting of deferred tax assets and liabilities and classification of all deferred taxes as non-current.

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Note 4 - Foreign Currency Translation	9 Months Ended
Note 4 - Foreign Currency Translation	Sep. 30, 2017
Notes to Financial Statements
Foreign Currency Disclosure [Text Block]	Note 4. Foreign Currency Translation The functional currency of London is the British Pound. Assets and liabilities are translated into U.S. dollars at the exchange rates in effect at each balance sheet date, revenues and expenses are translated at average monthly exchange rates and resulting translation gains or losses are accumulated in other comprehensive income as a separate component of shareholders’ equity.

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Note 5 - Line of Credit	9 Months Ended
Note 5 - Line of Credit	Sep. 30, 2017
Notes to Financial Statements
Debt Disclosure [Text Block]	Note 5. Line of Credit The Company has a credit agreement with Amegy Bank providing a $4.0 million revolving line of credit and up to a $3.0 million term loan which could be drawn through October 24, 2016. The revolving line of credit is subject to a borrowing base derived from 80% of eligible accounts receivable (as defined) and the Company’s minimum net worth covenant of $20.0 million. The revolving line of credit bears interest at prime plus 0.5% payable monthly. As of September 30, 2017, the Company had a $0.2 million irrevocable standby letter of credit outstanding under the revolving line of credit and had additional borrowing capacity of $1.5 million. The revolving line of credit expires on October 24, 2018. On August 16, 2016, the Company drew $2.7 million of the term loan and used the proceeds to fund the purchase of shares of its common stock. The term loan bears interest at 4.5% per annum and is payable in monthly payments of interest only until November 2016, followed by 47 equal monthly payments of principal and interest computed on a 60 -month amortization schedule and a final payment of principal and interest due on October 24, 2020. On May 4, 2017, the Company entered into a Seventh Amendment to Credit Agreement with Amegy Bank reducing the Company’s fixed charge coverage ratio through December 31, 2017. The Company obtained a waiver from Amegy Bank of its failure to satisfy the fixed coverage ratio for the quarter ended June 30, 2017. On August 1, 2017, the Company entered into an Eighth Amendment to Credit Agreement with Amegy Bank eliminating the requirement to test the fixed charge coverage ratio for the quarter ended September 30, 2017. The revolving line of credit with Amegy expired by its terms on October 24, 2017. On November 8, 2017, the Company and Amegy extended the revolving line of credit on substantially the same terms for one year until October 24, 2018.

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Note 6 - Commitments and Contingencies	9 Months Ended
Note 6 - Commitments and Contingencies	Sep. 30, 2017
Notes to Financial Statements
Commitments and Contingencies Disclosure [Text Block]	Note 6. Commitments and Contingencies On October 24, 2013, a putative class action lawsuit was brought against the Company by former Wilhelmina model Alex Shanklin and others (the “Shanklin Litigation”), in New York State Supreme Court (New York County) by the same lead counsel who represented plaintiffs in a prior, now-dismissed action brought by Louisa Raske (the “Raske Litigation”). The claims in the Shanklin Litigation initially included breach of contract and unjust enrichment allegations arising out of matters similar to the Raske Litigation, such as the handling and reporting of funds on behalf of models and the use of model images. Other parties named as defendants in the Shanklin Litigation include other model management companies, advertising firms, and certain advertisers. On January 6, 2014, the Company moved to dismiss the Amended Complaint in the Shanklin Litigation for failure to state a claim upon which relief can be granted and other grounds, and other defendants also filed motions to dismiss. On August 11, 2014, the court denied the motion to dismiss as to Wilhelmina and other of the model management defendants. Further, on March 3, 2014, the judge assigned to the Shanklin Litigation wrote the Office of the New York Attorney General bringing the case to its attention, generally describing the claims asserted therein against the model management defendants, and stating that the case “may involve matters in the public interest.” The judge’s letter also enclosed a copy of his decision in the Raske Litigation, which dismissed that case. Plaintiffs retained substitute counsel, who filed a Second and then Third Amended Complaint. Plaintiffs’ Third Amended Complaint asserts causes of action for alleged breaches of the plaintiffs' management contracts with the defendants, conversion, breach of the duty of good faith and fair dealing, and unjust enrichment. The Third Amended Complaint also alleges that the plaintiff models were at all relevant times employees, and not independent contractors, of the model management defendants, and that defendants violated the New York Labor Law in several respects, including, among other things, by allegedly failing to pay the models the minimum wages and overtime pay required thereunder, not maintaining accurate payroll records, and not providing plaintiffs with full explanations of how their wages and deductions therefrom were computed. The Third Amended Complaint seeks certification of the action as a class action, damages in an amount to be determined at trial, plus interest, costs, attorneys’ fees, and such other relief as the court deems proper. On October 6, 2015, Wilhelmina filed a motion to dismiss as to most of the plaintiffs’ claims, and oral argument on the motion was heard by the Court in June 2016. The Court entered a decision granting in part and denying in part Wilhelmina’s motion to dismiss on May 26, 2017. The Court (i) dismissed three of the five New York Labor Law causes of action, along with the conversion, breach of the duty of good faith and fair dealing and unjust enrichment causes of action, in their entirety, and (ii) permitted only the breach of contract causes of action, and some plaintiffs’ remaining two New York Labor Law causes of action to continue, within a limited time frame. The plaintiffs and Wilhelmina have appealed the decision. The parties appeared before the Court for a status conference on July 18, 2017, and the Court directed the defendants to answer the Third Amended Complaint by August 16, 2017. Wilhelmina filed its Answer to the Third Amended Complaint on that date, and discovery in this action is continuing. The Company believes the claims asserted in the Third Amended Complaint are without merit, and intends to continue to vigorously defend the action. On June 6, 2016, another putative class action lawsuit was brought against the Company by former Wilhelmina model Shawn Pressley and others (the “Pressley Litigation”), in New York State Supreme Court (New York County) by the same counsel representing the plaintiffs in the Shanklin Litigation, and asserting identical, although more recent, claims as those in the Shanklin Litigation. On June 14, 2016, the Court stayed all proceedings in the Pressley Litigation until a decision was issued on the motion to dismiss in the Shanklin Litigation. At the court conference on July 18, 2017 ( mentioned above), the judge directed the plaintiffs to file an amended complaint in the Pressley Litigation, if any, by August 16, 2017, and directed the defendants to move against or answer such amended complaint by September 29, 2017. The Amended Complaint, asserting essentially the same types of claims as in the Shanklin action was filed on August 16 th , and Wilhelmina filed a motion to dismiss the Amended Complaint on September 29, 2017. Briefing on the motion to dismiss is continuing, and the motion is scheduled to be submitted to the Court on November 16, 2017. Discovery is proceeding in this case. The Company believes the claims asserted in the Pressley Litigation are without merit, and intends to vigorously defend the action. In addition to the legal proceedings disclosed herein, the Company is also engaged in various legal proceedings that are routine in nature and incidental to its business. None of these routine proceedings, either individually or in the aggregate, are believed likely, in the Company's opinion, to have a material adverse effect on its consolidated financial position or its results of operations.

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Note 7 - Income Taxes	9 Months Ended
Note 7 - Income Taxes	Sep. 30, 2017
Notes to Financial Statements
Income Tax Disclosure [Text Block]	Note 7. Income Taxes Generally, the Company’s combined effective tax rate is high relative to reported net income as a result of certain amounts of amortization and depreciation expense, stock based compensation, and corporate overhead not being deductible and income being attributable to certain states in which it operates. In recent years, the majority of taxes paid by the Company were state taxes, not federal taxes. The Company operates in four states which have relatively high tax rates: California, New York, Illinois, and Florida. As of September 30, 2017, the Company had federal income tax loss carryforwards of $1.5 million.

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Note 8 - Shareholder Equity	9 Months Ended
Note 8 - Shareholder Equity	Sep. 30, 2017
Notes to Financial Statements
Treasury Stock [Text Block]	Note 8. Shareholder Equity During 2012, the Board of Directors authorized a stock repurchase program whereby the Company could repurchase up to 500,000 shares of its outstanding common stock. During 2013, the Board of Directors renewed and extended the Company’s share repurchase authority to enable it to repurchase up to an aggregate of 1,000,000 shares of common stock. On August 12, 2016, the Board of Directors increased by an additional 500,000 shares the number of shares of the Company’s common stock which may be repurchased under its stock repurchase program to an aggregate of 1,500,000 shares. The shares may be repurchased from time to time in the open market or through privately negotiated transactions at prices the Company deems appropriate. The program does not obligate the Company to acquire any particular amount of common stock and may be modified or suspended at any time at the Company’s discretion. From 2012 through September 30, 2017, the Company has repurchased 1,090,370 shares of Common Stock at an average price of approximately $4.49 per share, for a total of approximately $4.9 million in repurchases under the stock repurchase program. No shares were repurchased under the stock repurchase program during the first nine months of 2017.

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Note 9 - Common Stock	9 Months Ended
Note 9 - Common Stock	Sep. 30, 2017
Notes to Financial Statements
Stockholders' Equity Note Disclosure [Text Block]	Note 9. Common Stock On July 7, 2017, the Company filed with the Delaware Secretary of State a Certificate of Amendment of its Restated Certificate of Incorporation. As approved by shareholders at the Annual Meeting held June 13, 2017, the Certificate of Amendment eliminated any class of preferred stock from the shares of capital stock the Company is authorized to issue and decreased the number of shares of common stock the Company is authorized to issue from 12,500,000 shares to 9,000,000 shares.

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Note 10 - Related Parties	9 Months Ended
Note 10 - Related Parties	Sep. 30, 2017
Notes to Financial Statements
Related Party Transactions Disclosure [Text Block]	Note 10. Related Parties The Executive Chairman of the Company, Mark E. Schwarz, is also the chairman, chief executive officer and portfolio manager of Newcastle Capital Management, L.P. (“NCM”). NCM is the general partner of Newcastle Partners L.P. (“Newcastle”), which is the largest shareholder of the Company. James Dvorak (Managing Director at NCM) also serves as director of the Company. The Company’s corporate headquarters are located at 200 Crescent Court, Suite 1400, Dallas, Texas 75201, which are also the offices of NCM. The Company occupies a portion of NCM space on a month-to-month basis at $2.5 thousand per month, pursuant to a services agreement entered into between the parties. Pursuant to the services agreement, the Company receives the use of NCM’s facilities and equipment and accounting, legal and administrative services from employees of NCM. The Company incurred expenses pursuant to the services agreement totaling approximately $7.5 thousand and $22.5 thousand for the three and nine months ended both September 30, 2017 and 2016. The Company did not owe NCM any amounts under the services agreement as of September 30, 2017. The Company previously owned an unconsolidated 50% interest in Wilhelmina Kids & Creative Management LLC (“Kids”), a New York City-based modeling agency that specialized in representing child models/talents, from newborns to children 14 years of age. On December 9, 2016, the owners of Kids agreed to dissolve Kids and ceased related business operations of Kids. On March 1, 2017, the Company paid $0.1 million to another owner of Kids in accordance with the December 9, 2016 agreement to liquidate the enterprise. As a result, Wilhelmina no longer maintains a child models division.

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Note 11 - Subsequent Events	9 Months Ended
Note 11 - Subsequent Events	Sep. 30, 2017
Notes to Financial Statements
Subsequent Events [Text Block]	Note 11. Subsequent Events On November 8, 2017, the Company and Amegy extended the revolving line of credit on substantially the same terms for one year until October 24, 2018

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Note 5 - Line of Credit (Details Textual) $ in Thousands		9 Months Ended
Note 5 - Line of Credit (Details Textual) $ in Thousands	Aug. 16, 2016 USD ($)	Sep. 30, 2017 USD ($)	Sep. 30, 2016 USD ($)
Proceeds from Issuance of Long-term Debt			$ 2,730
Amegy [Member] \| Credit Agreement After Fifth Amendment [Member]
Debt Agreement, Borrowing Base Percentage of Collateral Modified From		80.00%
Debt Agreement, Covenant Compliance, Minimum Net Worth		$ 20,000
Debt Instrument, Interest Rate, Stated Percentage	4.50%
Long-term Debt, Number of Monthly Payments, Principal and Interest	47
Debt Instrument, Amortization Period	5 years
Amegy [Member] \| Credit Agreement After Fifth Amendment [Member] \| Revolving Credit Facility [Member]
Debt Agreement, Maximum Borrowing Capacity		4,000
Line of Credit Facility, Additional Borrowing Capacity		1,500
Amegy [Member] \| Credit Agreement After Fifth Amendment [Member] \| Term Loan [Member]
Debt Agreement, Maximum Borrowing Capacity		$ 3,000
Proceeds from Issuance of Long-term Debt	$ 2,700
Amegy [Member] \| Credit Agreement After Fifth Amendment [Member] \| Term Loan [Member] \| Prime Rate [Member]
Debt Instrument, Basis Spread on Variable Rate		0.50%
Amegy [Member] \| Credit Agreement After Fifth Amendment [Member] \| Standby Letters of Credit [Member]
Line of Credit Facility, Maximum Borrowing Capacity		$ 200

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Note 7 - Income Taxes (Details Textual) $ in Millions	Sep. 30, 2017 USD ($)
Number of States in which Entity Operates	4
Operating Loss Carryforwards	$ 1.5

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Note 8 - Shareholder Equity (Details Textual) - USD ($) $ / shares in Units, $ in Millions		9 Months Ended	69 Months Ended
	Aug. 12, 2016	Sep. 30, 2017	Sep. 30, 2017	Dec. 31, 2013	Dec. 31, 2012
Stock Repurchase Program, Number of Shares Authorized to be Repurchased	1,500,000			1,000,000	500,000
Stock Repurchase Program, Additional Shares Authorized	500,000
Treasury Stock, Shares, Acquired		0	1,090,370
Treasury Stock Acquired, Average Cost Per Share			$ 4.49
Treasury Stock, Value, Acquired, Cost Method			$ 4.9

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Note 9 - Common Stock (Details Textual) - shares	Sep. 30, 2017	Jul. 07, 2017	Dec. 31, 2016
Common Stock, Shares Authorized	9,000,000	9,000,000	12,500,000

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Note 10 - Related Parties (Details Textual) - USD ($)		3 Months Ended		9 Months Ended
Note 10 - Related Parties (Details Textual) - USD ($)	Mar. 01, 2017	Sep. 30, 2017	Sep. 30, 2016	Sep. 30, 2017	Sep. 30, 2016
Due to Related Parties, Current		$ 0		$ 0
Wilhelmina Kids and Creative Management, LLC [Member]
Equity Method Investment, Ownership Percentage	50.00%
Services Agreements [Member]
Related Party Transaction, Expenses from Transactions with Related Party		$ 7,500	$ 7,500	22,500	$ 22.50
NCM [Member]
Related Party Transaction, Monthly Rent				$ 2,500
Wilhelmina Kids and Creative Management, LLC [Member] \| Payments to Liquidate Enterprise [Member]
Related Party Transaction, Amounts of Transaction	$ 100,000

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Note 11 - Subsequent Events (Details Textual)	Nov. 08, 2017
Subsequent Event [Member] \| Amegy [Member] \| Revolving Credit Facility [Member] \| Credit Agreement after Sixth Amendment [Member]
Debt Instrument, Term	1 year

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