Date of report (Date of earliest event reported):
|
May 10, 2018
|
WRIGHT INVESTORS’ SERVICE HOLDINGS, INC.
|
(Exact Name of Registrant as Specified in Its Charter)
|
Delaware
|
(State or Other Jurisdiction of Incorporation)
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000-50587
|
13-4005439
|
(Commission File Number)
|
(IRS Employer Identification No.)
|
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)
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☐
|
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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(d)
|
Exhibits.
|
|
99
|
WRIGHT INVESTORS’ SERVICE HOLDINGS, INC.
|
|||
Date: May 10, 2018
|
By:
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/s/ IRA J. SOBOTKO
|
|
Name: Ira J. Sobotko
Title: Vice President & Chief Financial Officer
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Three Months ended
March 31,
|
||||||||
2018
|
2017
|
|||||||
Net loss
|
$
|
(417
|
)
|
$
|
(402
|
)
|
||
Interest expense and other loss, net
|
20
|
26
|
||||||
Income tax expense
|
13
|
12
|
||||||
Depreciation and amortization
|
112
|
102
|
||||||
EBITDA
|
(272
|
)
|
(262
|
)
|
||||
Equity based compensation
|
43
|
54
|
||||||
Transaction costs
|
132
|
-
|
||||||
Adjusted EBITDA
|
$
|
(97
|
)
|
$
|
(208
|
)
|
Quarter ended March 31,
|
||||||||
2018
|
2017
|
|||||||
Adjusted EBITDA of operating segment
|
$
|
334
|
$
|
172
|
||||
Corporate expenses (1)
|
(431
|
)
|
(380
|
)
|
||||
Adjusted EBITDA (loss)
|
(97
|
)
|
(208
|
)
|
||||
Other operating expenses:
|
||||||||
Depreciation and amortization
|
(112
|
)
|
(102
|
)
|
||||
Equity based compensation
|
(43
|
)
|
(54
|
)
|
||||
Transaction costs
|
(132
|
)
|
-
|
|||||
Operating loss
|
(384
|
)
|
(364
|
)
|
||||
Non- operating income (expense):
|
||||||||
Interest expense and other loss, net
|
(20
|
)
|
(26
|
)
|
||||
Loss from operations before income taxes
|
$
|
(404
|
)
|
$
|
(390
|
)
|
March 31,
|
December 31,
|
|||||||
2018
|
2017
|
|||||||
Operating segment
|
$
|
6,152
|
$
|
6,160
|
||||
Corporate (2)
|
5,634
|
6,286
|
||||||
$
|
11,786
|
$
|
12,446
|
WRIGHT INVESTORS' SERVICE HOLDINGS, INC.
|
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
|
(unaudited)
|
(in thousands, except per share amounts)
|
Three Months Ended March 31,
|
||||||||
2018
|
2017
|
|||||||
Revenues
|
||||||||
Investment management services
|
$
|
570
|
$
|
492
|
||||
Other investment advisory services
|
603
|
669
|
||||||
Financial research and related data
|
216
|
183
|
||||||
1,389
|
1,344
|
|||||||
Expenses
|
||||||||
Compensation and benefits
|
859
|
917
|
||||||
Other operating
|
782
|
791
|
||||||
Transaction costs
|
132
|
-
|
||||||
1,773
|
1,708
|
|||||||
Operating loss
|
(384
|
)
|
(364
|
)
|
||||
Interest expense and other loss, net
|
(20
|
)
|
(26
|
)
|
||||
Loss before income taxes
|
(404
|
)
|
(390
|
)
|
||||
Income tax expense
|
(13
|
)
|
(12
|
)
|
||||
Net loss
|
$
|
(417
|
)
|
$
|
(402
|
)
|
||
Basic and diluted net loss per share
|
$
|
(0.02
|
)
|
$
|
(0.02
|
)
|