Date of report (Date of earliest event reported):
|
March 26, 2018
|
WRIGHT INVESTORS’ SERVICE HOLDINGS, INC.
|
(Exact Name of Registrant as Specified in Its Charter)
|
Delaware
|
(State or Other Jurisdiction of Incorporation)
|
000-50587
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13-4005439
|
(Commission File Number)
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(IRS Employer Identification No.)
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177 West Putman Avenue, Greenwich CT
|
06830
|
(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)
|
(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)
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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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☐
|
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: March 26, 2018
|
By:
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/s/ IRA J. SOBOTKO
|
Name: Ira J. Sobotko
|
||
Title: Vice President & Chief Financial Officer
|
Year ended
December 31,
|
||||||||
2017
|
2016
|
|||||||
Loss from operations
|
$
|
(1,290
|
)
|
$
|
(2,132
|
)
|
||
Interest expense and other, net
|
96
|
100
|
||||||
Income tax (benefit) expense
|
(96
|
)
|
54
|
|||||
Depreciation and amortization
|
433
|
643
|
||||||
EBITDA
|
(857
|
)
|
(1,335
|
)
|
||||
Equity based compensation
|
218
|
229
|
||||||
Software implementation costs
|
38
|
-
|
||||||
Share of loss from Investment in LLC
|
-
|
294
|
||||||
Relocation and severance costs
|
-
|
99
|
||||||
Adjusted EBITDA
|
$
|
(601
|
)
|
$
|
(713
|
)
|
Year ended December 31,
|
||||||||
2017
|
2016
|
|||||||
Adjusted EBITDA of operating segment
|
$
|
954
|
$
|
785
|
||||
Other operating expenses:
|
||||||||
Corporate
|
(1,555
|
)
|
(1,498
|
)
|
||||
Depreciation and amortization
|
(433
|
)
|
(643
|
)
|
||||
Equity based compensation
|
(218
|
)
|
(229
|
)
|
||||
Software implementation costs
|
(38
|
)
|
-
|
|||||
Relocation and severance costs
|
-
|
(99
|
)
|
|||||
Operating loss
|
(1,290
|
)
|
(1,684
|
)
|
||||
Non- operating income (expense):
|
||||||||
Interest expense and other, net
|
(96
|
)
|
(100
|
)
|
||||
Share of loss from Investment in LLC
|
-
|
(294
|
)
|
|||||
Loss from operations before income taxes
|
$
|
(1,386
|
)
|
$
|
(2,078
|
)
|
December 31,
|
||||||||
2017
|
2016
|
|||||||
Operating segment
|
$
|
6,160
|
$
|
6,224
|
||||
Corporate (1)
|
6,286
|
7,431
|
||||||
$
|
12,446
|
$
|
13,655
|
Years Ended December 31,
|
||||||||
2017
|
2016
|
|||||||
Revenues
|
||||||||
Investment management services
|
$
|
2,213
|
$
|
2,240
|
||||
Other investment advisory services
|
2,387
|
2,765
|
||||||
Financial research and related data
|
812
|
706
|
||||||
5,412
|
5,711
|
|||||||
Expenses
|
||||||||
Compensation and benefits
|
3,364
|
3,745
|
||||||
Other operating
|
3,338
|
3,650
|
||||||
6,702
|
7,395
|
|||||||
Operating loss
|
(1,290
|
)
|
(1,684
|
)
|
||||
Share of loss from Investment in LLC
|
-
|
(294
|
)
|
|||||
Interest expense and other, net
|
(96
|
)
|
(100
|
)
|
||||
Loss from operations before income taxes
|
(1,386
|
)
|
(2,078
|
)
|
||||
Income tax benefit (expense)
|
96
|
(54
|
)
|
|||||
Net loss
|
$
|
(1,290
|
)
|
$
|
(2,132
|
)
|
||
Basic and diluted net loss per share
|
$
|
(0.07
|
)
|
$
|
(0.11
|
)
|