Date of report (Date of earliest event reported):
|
November 7, 2017
|
WRIGHT INVESTORS’ SERVICE HOLDINGS, INC.
|
(Exact Name of Registrant as Specified in Its Charter)
|
Delaware
|
(State or Other Jurisdiction of Incorporation)
|
000-50587
|
13-4005439
|
(Commission File Number)
|
(IRS Employer Identification No.)
|
177 West Putman Avenue, Greenwich CT
|
06830
|
(Address of Principal Executive Offices)
|
(Zip Code)
|
(914) 242-5700
|
(Registrant’s Telephone Number, Including Area Code)
|
(Former Name or Former Address, if Changed Since Last Report)
|
☐
|
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
|
☐
|
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
|
☐
|
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
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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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WRIGHT INVESTORS’ SERVICE HOLDINGS, INC. | ||
Date: November 7, 2017
|
By:
|
/s/ IRA J. SOBOTKO
|
Name: Ira J. Sobotko
|
||
Title: Vice President & Chief Financial Officer
|
|
Three months ended
September 30,
|
Nine months ended
September 30,
|
||||||||||||||
|
2017
|
2016
|
2017
|
2016
|
||||||||||||
|
||||||||||||||||
Net loss
|
$
|
(211
|
)
|
$
|
(398
|
)
|
$
|
(1,090
|
)
|
$
|
(1,747
|
)
|
||||
Interest income (expense) and other, net
|
18
|
(3
|
)
|
59
|
33
|
|||||||||||
Income tax expense
|
4
|
5
|
33
|
31
|
||||||||||||
Depreciation and amortization
|
111
|
162
|
322
|
488
|
||||||||||||
EBITDA
|
(78
|
)
|
(234
|
)
|
(676
|
)
|
(1,195
|
)
|
||||||||
|
||||||||||||||||
Equity based compensation
|
54
|
31
|
163
|
146
|
||||||||||||
Software implementation costs
|
-
|
-
|
38
|
-
|
||||||||||||
Impairment of investment in LLC
|
-
|
-
|
-
|
294
|
||||||||||||
Relocation and severance costs
|
-
|
-
|
-
|
99
|
||||||||||||
Adjusted EBITDA
|
$
|
(24
|
)
|
$
|
(203
|
)
|
$
|
(475
|
)
|
$
|
(656
|
)
|
|
Three months ended
|
Nine months ended
|
||||||||||||||
|
September 30,
|
September 30,
|
||||||||||||||
|
2017
|
2016
|
2017
|
2016
|
||||||||||||
Adjusted EBITDA of operating segment
|
$
|
317
|
$
|
225
|
$
|
657
|
$
|
550
|
||||||||
|
||||||||||||||||
Corporate
|
(341
|
)
|
(428
|
)
|
(1,132
|
)
|
(1,206
|
)
|
||||||||
|
||||||||||||||||
Adjusted EBITDA (loss)
|
(24
|
)
|
(203
|
)
|
(475
|
)
|
(656
|
)
|
||||||||
|
||||||||||||||||
Other operating expenses:
|
||||||||||||||||
Depreciation and amortization
|
(111
|
)
|
(162
|
)
|
(322
|
)
|
(488
|
)
|
||||||||
Equity based compensation
|
(54
|
)
|
(31
|
)
|
(163
|
)
|
(146
|
)
|
||||||||
Software implementation costs
|
-
|
-
|
(38
|
)
|
-
|
|||||||||||
Relocation and severance costs
|
-
|
-
|
-
|
(99
|
)
|
|||||||||||
|
||||||||||||||||
Operating loss
|
(189
|
)
|
(396
|
)
|
(998
|
)
|
(1,389
|
)
|
||||||||
|
||||||||||||||||
Non- operating income (expense):
|
||||||||||||||||
Interest income (expense) and other, net
|
(18
|
)
|
3
|
(59
|
)
|
(33
|
)
|
|||||||||
Impairment of investment in LLC
|
-
|
-
|
-
|
(294
|
)
|
|||||||||||
|
||||||||||||||||
|
||||||||||||||||
Loss from operations before income taxes
|
$
|
(207
|
)
|
$
|
(393
|
)
|
$
|
(1,057
|
)
|
$
|
(1,716
|
)
|
|
Three Months Ended September 30,
|
Nine Months Ended September 30,
|
||||||||||||||
|
2017
|
2016
|
2017
|
2016
|
||||||||||||
Revenues
|
||||||||||||||||
Investment management services
|
$
|
583
|
$
|
535
|
$
|
1,608
|
$
|
1,706
|
||||||||
Other investment advisory services
|
564
|
702
|
1,826
|
2,124
|
||||||||||||
Financial research and related data
|
216
|
180
|
595
|
518
|
||||||||||||
|
1,363
|
1,417
|
4,029
|
4,348
|
||||||||||||
Expenses
|
||||||||||||||||
Compensation and benefits
|
755
|
904
|
2,548
|
2,904
|
||||||||||||
Other operating
|
797
|
909
|
2,479
|
2,833
|
||||||||||||
|
1,552
|
1,813
|
5,027
|
5,737
|
||||||||||||
|
||||||||||||||||
Operating loss
|
(189
|
)
|
(396
|
)
|
(998
|
)
|
(1,389
|
)
|
||||||||
|
||||||||||||||||
Impairment of investment in LLC
|
-
|
-
|
-
|
(294
|
)
|
|||||||||||
Interest income (expense) and other, net
|
(18
|
)
|
3
|
(59
|
)
|
(33
|
)
|
|||||||||
Loss from operations before income taxes
|
(207
|
)
|
(393
|
)
|
(1,057
|
)
|
(1,716
|
)
|
||||||||
Income tax expense
|
(4
|
)
|
(5
|
)
|
(33
|
)
|
(31
|
)
|
||||||||
|
||||||||||||||||
Net loss
|
$
|
(211
|
)
|
$
|
(398
|
)
|
$
|
(1,090
|
)
|
$
|
(1,747
|
)
|
||||
|
||||||||||||||||
Basic and diluted loss per share
|
||||||||||||||||
Net loss
|
$
|
(0.01
|
)
|
$
|
(0.02
|
)
|
$
|
(0.06
|
)
|
$
|
(0.09
|
)
|