Q1 revenue up 39% to $16.6M; net income falls to $0.7M on absence of PPP gain

Wilhelmina International, Inc.

2022-Q1 EPS reported $0.14 revenue$16,645,000

Total revenues $16.6M vs $12.0M YoY; operating income $874K vs $100K.
Net income $739K ($0.14/diluted share) vs $2.2M ($0.43) in Q1 2021.
Prior-year results included $1.9M PPP loan forgiveness gain and $0.4M employee retention credit.
Adjusted EBITDA $988K vs $369K (+168%); Pre-Corporate EBITDA $1.2M vs $614K (+102%).
Cash $9.4M at quarter-end; bookings improved as COVID restrictions eased.

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