Wilhelmina Q3 revenue $15.1M (+43% YoY), net income $1.2M; discloses $0.7M fraud

Wilhelmina International, Inc.

2021-Q3 EPS reported $0.87 revenue$41,595,000

Net income of $1.2M ($0.22 diluted EPS) vs $22K in Q3 2020; operating income $1.0M.
Revenue growth driven by reopening and higher vaccination rates in operating cities.
Non-recurring items: $0.5M employee retention credit in Q3; $2.0M PPP loan forgiveness YTD.
Company victim of business email compromise fraud in Oct 2021; $0.7M transferred, at least $0.3M expected recovery.
Fraud did not materially impact Q3 results but may cause a Q4 charge depending on recovery and insurance.

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