Wright Investors Service Holdings Inc
For the period ended Sep 30, 2024. Filed Nov 13, 2024.
View on SEC.govAbout this filing
A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Sep 30, 2024 · Filed Nov 13, 2024
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What changed in Management’s Discussion and Analysis?
Read the current filingPrevious report: 10-Q
Period ended 2024-06-30; filed 2024-08-13.
0001214659-24-014287
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsCurrent report: 10-Q
Period ended 2024-09-30; filed 2024-11-13.
0001214659-24-018777
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsThe baseline is this issuer’s latest earlier reporting period of the same form that was filed before the current report. A previous 10-Q is a different quarter, not a year-over-year comparison. Amendments are excluded.
Compared 35 previous paragraphs and 35 current paragraphs.
21 unchanged; 14 reworded; 0 added; 0 removed; 0 previous and 0 current paragraphs rearranged.
Tables are not compared: 1 previous and 0 current tables excluded. Dates, whitespace, punctuation and numbering changes are ignored; changes to financial figures remain significant.
A changed paragraph is not evidence that risk increased or decreased. An unchanged paragraph does not establish that risk stayed the same.
Reworded paragraphs (14)
Previous wording
For the three months ended June 30, 2024, the Company had a loss from operations of $233,000 compared to a loss from operations of $282,000 for the three months ended June 30, 2023.
Current wording
For the three months ended September 30, 2024, the Company had a loss from operations of $231,000 compared to a loss from operations of $197,000 for the three months ended September 30, 2023.
Previous wording
The decreased loss from operations of $49,000 was primarily a result of a decrease in Other operating expenses of $35,000 for the three months ended June 30, 2023, offset by an increase in Interest and other income of $13,000.
Current wording
The increased loss from operations of $34,000 was primarily a result of a decrease in Other operating expenses of $21,000 for the three months ended September 30, 2023 offset by a decrease in Interest and other income of $56,000.
Previous wording
For the three months ended June 30, 2024, Compensation and benefits were $115,000 as compared to $116,000 for the three months ended June 30, 2023.
Current wording
For the three months ended September 30, 2024, Compensation and benefits were $107,000 as compared to $108,000 for the three months ended September 30, 2023.
Previous wording
For the six months ended June 30, 2024, Other operating expenses were $326,000 as compared to $394,000 for the six months ended June 30, 2023. The decreased operating expenses of $68,000 were primarily the result of decreased travel and entertainment expenses of $16,000, decreased professional fees of $3,000, and decreased expenses related to the repair and maintenance of the Company owned dam properties of $49,000. The dam properties were fully impaired as of December 31, 2018.
Current wording
For the three months ended September 30, 2024, Other operating expenses were $144,000 as compared to $165,000 for the three months ended September 30, 2023. The decreased operating expenses of $21,000 were primarily the result of decreased travel and entertainment expenses of $9,000, decreased fees related to the repair and maintenance of Company owned dam properties of $9,000, and decreased other expenses of $3,000. The dam properties were fully impaired as of December 31, 2018.
Previous wording
For the three months ended June 30, 2024, Interest and other income was $36,000 as compared to $23,000 for the three months ended June 30, 2023. The increased interest and other income of $13,000 was primarily the result of $10,000 of interest income earned from investments in U.S. Treasury Bills during the three months ended June 30, 2024.
Current wording
For the three months ended September 30, 2024, Interest and other income was $20,000 as compared to $76,000 for the three months ended September 30, 2023. The decreased interest and other income of $56,000 was primarily the result of decreased interest income earned from investments in U.S. Treasury Bills of $100,000, offset by gain on investment of $44,000 during the three months ended September 30, 2024.
Previous wording
Six months ended June 30, 2024 compared to the six months ended June 30, 2023
Current wording
Nine months ended September 30, 2024 compared to the nine months ended September 30, 2023
Previous wording
For the six months ended June 30, 2024, the Company had a loss from operations of $452,000 compared to a loss from operations before income taxes of $596,000 for the six months ended June 30, 2023.
Current wording
For the nine months ended September 30, 2024, the Company had a loss from operations of $683,000 compared to a loss from operations before income taxes of $793,000 for the nine months ended September 30, 2023.
Previous wording
The decreased loss from operations of $144,000 was primarily the result of a decrease in Other operating expenses of $68,000 for six months ended June 30, 2023, offset by an increase in Interest and other income of $73,000.
Current wording
The decreased loss from operations of $110,000 was primarily the result of a decrease in Other operating expenses of $89,000 for the nine months ended September 30, 2023, a decrease of Compensation and benefits of $4,000, offset by an increase in Interest and other income of $17,000.
Previous wording
For the six months ended June 30, 2024, Compensation and benefits were $228,000 as compared to $231,000 for the six months ended June 30, 2023.
Current wording
For the nine months ended September 30, 2024, Compensation and benefits were $335,000 as compared to $339,000 for the nine months ended September 30, 2023.
Previous wording
For the three months ended June 30, 2024, Other operating expenses were $154,000 as compared to $189,000 for the three months ended June 30, 2023. The decreased operating expenses of $35,000 were primarily the result of decreased fees related to the repair and maintenance of Company owned dam properties of $41,000, offset by increased professional fees of $6,000.
Current wording
For the nine months ended September 30, 2024, Other operating expenses were $470,000 as compared to $559,000 for the nine months ended September 30, 2023. The decreased operating expenses of $89,000 were primarily the result of decreased travel and entertainment expenses of $26,000, decreased other expenses of $7,000, and decreased expenses related to the repair and maintenance of the Company owned dam properties of $56,000. The dam properties were fully impaired as of December 31, 2018.
Previous wording
For the six months ended June 30, 2024, Interest and other income was $102,000 as compared to $29,000 for the six months ended June 30, 2023. The increased interest and other income of $73,000 was primarily the result of the investments in U.S. Treasury Bills and the resulting interest income during the six months ended June 30, 2024.
Current wording
For the nine months ended September 30, 2024, Interest and other income was $122,000 as compared to $105,000 for the nine months ended September 30, 2023. The increased interest and other income of $17,000 was primarily the result of increased interest income earned from investments in U.S. Treasury Bills of $9,000 and the gain on investment of $8,000 during the three months ended September 30, 2024.
Previous wording
For the six months ended June 30, 2024 and 2023, the Company recorded no income tax expense from operations. No tax benefit has been recorded in relation to the pre-tax loss for the six months ended June 30, 2024 and 2023, due to a full valuation allowance to offset any deferred tax asset related to net operating loss carry forwards attributable to the losses.
Current wording
For the nine months ended September 30, 2024 and 2023, the Company recorded no income tax expense from operations. No tax benefit has been recorded in relation to the pre-tax loss for the nine months ended September 30, 2024 and 2023, due to a full valuation allowance to offset any deferred tax asset related to net operating loss carry forwards attributable to the losses.
Previous wording
At June 30, 2024, the Company had cash and cash equivalents totaling $2,332,000 and investments in mutual funds totaling $504,000 which it intends to use to acquire interests in one or more operating businesses and to fund the Company’s general and administrative expenses. The directors will also consider alternatives for distributing some or all of its cash and cash equivalents and investments to stockholders. The Company believes that its working capital is sufficient to support its operating requirements through September 30, 2025.
Current wording
At September 30, 2024, the Company had cash and cash equivalents totaling $86,000, U.S. Treasury Bills totaling $1,438,000 which are included in cash and cash equivalents, short-term investments in U.S. Treasury Bills of $713,000, and mutual funds totaling $385,000 which it intends to use to acquire interests in one or more operating businesses and to fund the Company’s general and administrative expenses. The directors will also consider alternatives for distributing some or all of its cash and cash equivalents and investments to stockholders. The Company believes that its working capital is sufficient to support its operating requirements through December 31, 2025.
Previous wording
The increase in cash and cash equivalents of $2,207,000 for the six months ended June 30, 2024 was primarily the result of $449,000 used in operating activities, $554,000 used in the purchase of mutual funds, and the redemption of investments of $3,210,000.
Current wording
The increase in cash and cash equivalents of $1,399,000 for the nine months ended September 30, 2024 was primarily the result of $670,000 used in operating activities, $1,278,000 used in the purchase of investments, and the redemption and sale of investments of $3,347,000.