Wright Investors’ Service Holdings, Inc. reported its financial results for the three and nine months ended September 30, 2024, revealing a continued focus on strategic options to enhance stockholder value. As of September 30, 2024, the company had 20,620,711 shares of common stock outstanding.

The company’s current assets decreased to $2,642,000 from $3,366,000 as of December 31, 2023. Cash and cash equivalents saw a significant increase, rising to $1,524,000 from $125,000 in the previous fiscal period. However, total assets also declined to $2,650,000 from $3,374,000, and total stockholders' equity fell to $2,575,000 from $3,291,000.

For the three months ended September 30, 2024, total operating expenses were $251,000, down from $273,000 in the same period of 2023. The net loss for this quarter was $(231,000), compared to $(197,000) in the prior year. For the nine months ended September 30, 2024, the net loss was $(683,000), an improvement from $(793,000) in 2023. The decrease in losses was attributed to lower operating expenses, which totaled $805,000 for the nine months, down from $898,000 in the previous year.

The company reported a decrease in interest and other income for the third quarter of 2024, totaling $20,000, down from $76,000 in 2023, primarily due to reduced interest income from U.S. Treasury Bills. Comprehensive loss for the three months ended September 30, 2024, was $(224,000), slightly improved from $(228,000) in the same period of 2023.

Wright Investors’ Service continues to hold investments primarily in U.S. Treasury Bills, totaling $1,438,000 as of September 30, 2024. The company’s investment strategy focuses on high-grade, short-term investments while maintaining principal preservation and liquidity. The company has not recognized any allowance for expected credit losses related to its available-for-sale securities.

In terms of strategic developments, the Board of Directors has authorized the repurchase of up to 5,000,000 shares of common stock, with 2,234,721 shares repurchased as of September 30, 2024. Additionally, the company amended its Directors’ Compensation Program in March 2023 to terminate annual stock compensation and cash compensation for non-employee directors, effective January 1, 2023, while it remains classified as a shell company.