Date of report (Date of earliest event reported):
|
May 10, 2017
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WRIGHT INVESTORS’ SERVICE HOLDINGS, INC.
|
(Exact Name of Registrant as Specified in Its Charter)
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Delaware
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(State or Other Jurisdiction of Incorporation)
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000-50587
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13-4005439
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(Commission File Number)
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(IRS Employer Identification No.)
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177 West Putman Avenue, Greenwich CT
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06830
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(Address of Principal Executive Offices)
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(Zip Code)
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(914) 242-5700
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(Registrant’s Telephone Number, Including Area Code)
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(Former Name or Former Address, if Changed Since Last Report)
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☐
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Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
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☐
|
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
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☐
|
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
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☐
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Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 40.13e-4(c))
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(d)
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Exhibits.
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99
|
Press release of Wright Investors’ Service Holdings, Inc. dated May 10, 2017
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WRIGHT INVESTORS’ SERVICE HOLDINGS, INC.
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|||
Date: May 10, 2017
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By:
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/s/ IRA J. SOBOTKO
|
|
Name: Ira J. Sobotko
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|||
Title: Vice President & Chief Financial Officer
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|
Three Months ended
March 31,
|
|||||||
|
2017
|
2016
|
||||||
Net loss
|
$
|
(402
|
)
|
$
|
(507
|
)
|
||
Interest expense and other income (loss), net
|
26
|
(28
|
)
|
|||||
Income tax expense
|
12
|
16
|
||||||
Depreciation and amortization
|
102
|
163
|
||||||
EBITDA
|
(262
|
)
|
(356
|
)
|
||||
|
||||||||
Equity based compensation
|
54
|
54
|
||||||
Relocation and severance costs
|
-
|
72
|
||||||
Adjusted EBITDA
|
$
|
(208
|
)
|
$
|
(230
|
)
|
|
Quarter ended March 31,
|
|||||||
|
2017
|
2016
|
||||||
Adjusted EBITDA of operating segment
|
$
|
172
|
$
|
168
|
||||
Corporate expenses
|
(380
|
)
|
(398
|
)
|
||||
Adjusted EBITDA (loss)
|
(208
|
)
|
(230
|
)
|
||||
Other operating expenses:
|
||||||||
Depreciation and amortization
|
(102
|
)
|
(163
|
)
|
||||
Equity based compensation
|
(54
|
)
|
(54
|
)
|
||||
Relocation and severance costs
|
-
|
(72
|
)
|
|||||
|
||||||||
Operating loss
|
(364
|
)
|
(519
|
)
|
||||
|
||||||||
Non- operating income (expense):
|
||||||||
Interest expense and other income (loss), net
|
(26
|
)
|
28
|
|||||
|
||||||||
Loss from continuing operations before income taxes
|
$
|
(390
|
)
|
$
|
(491
|
)
|
||
|
||||||||
|
||||||||
Following is a summary of the Company's total
assets (in thousands):
|
||||||||
March 31,
|
December 31,
|
|||||||
|
2017
|
2016
|
||||||
Operating segment
|
$
|
6,351
|
$
|
6,224
|
||||
Corporate (1)
|
6,912
|
7,431
|
||||||
|
$
|
13,263
|
$
|
13,655
|
WRIGHT INVESTORS' SERVICE HOLDINGS, INC.
|
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
|
(unaudited)
|
(in thousands, except per share amounts)
|
Three Months Ended March 31,
|
||||||||
2017
|
2016
|
|||||||
Revenues
|
||||||||
Investment management services
|
$
|
492
|
$
|
588
|
||||
Other investment advisory services
|
669
|
714
|
||||||
Financial research and related data
|
183
|
175
|
||||||
1,344
|
1,477
|
|||||||
Expenses
|
||||||||
Compensation and benefits
|
917
|
1,043
|
||||||
Other operating
|
791
|
953
|
||||||
1,708
|
1,996
|
|||||||
Operating loss
|
(364
|
)
|
(519
|
)
|
||||
Interest expense and other income (loss), net
|
(26
|
)
|
28
|
|||||
Loss before income taxes
|
(390
|
)
|
(491
|
)
|
||||
Income tax expense
|
(12
|
)
|
(16
|
)
|
||||
Net loss
|
$
|
(402
|
)
|
$
|
(507
|
)
|
||
Basic and diluted net loss per share
|
$
|
(0.02
|
)
|
$
|
(0.03
|
)
|