Revenue during the year dropped 5.21 percent to $5.71 million from $6.02 million in the previous year. Operating margin for the year stood at negative 29.49 percent as compared to a negative 42.49 percent for the previous year.

Operating loss for the year was $1.68 million, compared with an operating loss of $2.56 million in the previous year.

However, the adjusted EBITDA for the year stood at negative $0.71 million compared to negative $1.26 million in the prior year second quarter. At the same time, adjusted EBITDA margin stood at negative 12.48 percent for the year compared to negative 20.96 percent in the last year.

Mr. Harvey Eisen, Chairman and Chief Executive Officer stated that “Our operating results have improved primarily due to reduced operating costs at both the corporate level and at the operating segment totaling $1,190,000 or 14%. Our Adjusted EBITDA improved by $550,000 or 44% as compared to the year ended December 31, 2015. In addition, as discussed above, the Adjusted EBITDA of our operating segment, Wright Investors’ Service, Inc. (“Wright”), improved by 114% resulting in a profit of $785,000, or an improvement of $419,000. We are committed to our focus on increasing assets under management in all of our business channels and will continue to identify new operating efficiencies and opportunities to invest in revenue generating activities”.