Wed, May 15, 8:51 PM (72 days ago)
Wright Investors’ Service Holdings, Inc. reported a net loss of $219,000 for the quarter ended March 31, 2024, an improvement from the $314,000 net loss in the same period of 2023. This reduction in losses is attributed to a decrease in operating expenses and an increase in interest and other income, primarily from investments in U.S. Treasury securities. Operating expenses decreased by $33,000 due to lower professional fees, travel, and other costs. Cash and cash equivalents significantly increased to $2,489,000 from $125,000, driven by proceeds from investment redemptions and sales. The company remains a shell entity, focusing on strategic options to maximize shareholder value, including potential acquisitions or distributions of its liquid assets. The company has sufficient working capital to support operations through June 30, 2025. No income tax benefit was recorded due to a full valuation allowance on deferred tax assets.