NEW YORK, NY--(Marketwire - November 1, 2007) - Bexil Corporation (
PINKSHEETS:
BXLC) today
reported its financial results for the third quarter ended September 30,
2007.
Bexil recorded net income of $401,048 or $0.43 per share on a diluted basis
for the nine months ended September 30, 2007 compared to net income of
$21,804,524 or $23.69 per share on a diluted basis for the nine months
ended September 30, 2006.
Our primary source of income since the sale of our fifty percent interest
in York Insurance Services Group, Inc. ("York") in April 2006 has been from
interest and dividends earned from U.S. Treasury securities and money
market funds. Interest and dividend income decreased $124,000 for the three
months ended September 30, 2007 compared to the same period in 2006 due to
lower investment balances. Interest and dividend income increased $196,000
for the nine months ended September 30, 2007 compared to the same period in
2006 due to higher average investment balances. Total expenses decreased
$86,000 and $1,957,000 for the three months and nine months ended September
30, 2007, respectively, compared to the same period in 2006. As a result of
the York sale revenue earned from York and the recognition of equity in the
earnings of York ceased. In 2006, we recognized a loss from the equity in
the earnings of York of $734,000.
At September 30, 2007, we had positive working capital of $38,508,325,
total assets of $38,706,186, no long term debt, and shareholders equity of
$38,533,693. Our book value per share at September 30, 2007 (883,592 shares
issued and outstanding) was $43.61.
The Company's unaudited balance sheet, statements of income, and statements
of cash flows as of and for the third quarter and nine months ended
September 30, 2007 are appended to the copy of this press release on
www.bexil.com.
Business Overview. Since the sale of the York shares, we have been
operating to acquire and/or develop one or more businesses. There are no
limits on the types of businesses or fields in which we may devote our
assets. We have not agreed to acquire any business as of the date of this
press release. We have no plans to dissolve and liquidate the Company.
Our acquisition parameters for a public company and private business are:
-- A proven track record with demonstrated earning power.
-- Sales between $10 million and $50 million.
-- A seasoned business with solid customer relations.
-- Good return (at least 15%) on equity, little or no debt.
-- Solid management must remain. Audited financials required.
-- Particularly interested in a "spin-off" from a larger company.
We generally are not interested in acquiring (but we may develop)
start-ups, turnarounds, or high tech. We will sign a confidentiality
agreement and will protect a broker's sell agreement. If the seller quotes
a price, we will respond promptly.
About Bexil Corporation
Bexil is a holding company. To learn more about Bexil Corporation,
including Rule 15c2-11information, please visit
www.bexil.com.
Approximately 25% of Bexil's shares are owned by
Winmill & Co. Incorporated
(
PINKSHEETS:
WNMLA), which is engaged through subsidiaries in stock market
and
gold
investing through its investment management of equity and
gold mutual
funds.
This release contains certain "forward looking statements" made pursuant to
the "safe harbor" provisions of the Private Securities Litigation Reform
Act of 1995. These statements involve known and unknown risks,
uncertainties and other factors, many of which are beyond the control of
Bexil Corporation, which may cause the Company's actual results to be
materially different from those expressed or implied by such statements.
The forward looking statements made herein are only made as of the date of
this release, and the Company undertakes no obligation to publicly update
such forward looking statements to reflect subsequent events or
circumstances.
The Company views book value per share, a non-GAAP financial measure, as an
important indicator of financial performance. Presented in conjunction with
other financial information, the combined presentation can enhance an
investor's understanding of the Company's underlying financial condition
and results from operations. The definition of book value as presented in
this press release is shareholder's equity divided by currently issued and
outstanding shares.
Contact Information: Contact:
Thomas O'Malley
Chief Financial Officer
1-212-785-0400, ext. 267
www.bexil.com