NEW YORK, NY -- (MARKET WIRE) -- May 15, 2007 -- Bexil Corporation (
AMEX:
BXL) today reported
its financial results for the first quarter ended March 31, 2007.
Bexil recorded a net loss of $18,333 or $0.02 per share on a diluted basis
for the three months ended March 31, 2007 compared to net income of
$466,353 or $0.50 per share on a diluted basis in 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 increased $306,000 for the three
months ended March 31, 2007, compared to 2006. Total expenses increased
$8,000 for the three months ended March 31, 2007, compared to 2006. As a
result of the York sale revenue earned from York and the recognition of
equity in the earnings of York ceased. In the first quarter of 2006, we
earned revenue from York and recognized equity in the earnings of York of
$3,000 and $1,072,000, respectively.
At March 31, 2007, we had positive working capital of $37,937,663, total
assets of $38,377,973, no long term debt, and shareholders equity of
$38,011,275. Our book value per share at March 31, 2007, (886,592 shares
issued and outstanding) increased to $42.87.
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. We
are currently engaged in the business of evaluating opportunities to
develop and acquire long-term acute care hospitals and other enterprises.
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 brokers' sell agreements. If the seller quotes
a price, we will respond promptly.
About Bexil Corporation
Bexil is a holding company. Bexil's quarterly report on Form 10-QSB for the
first quarter of 2007 and its Annual Report on Form 10-KSB for the year
ended December 31, 2006 may be accessed at
www.sec.gov and at
www.bexil.com. More information about Bexil may be found at
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.
Safe Harbor Note
Certain of the statements and predictions contained herein constitute
forward-looking statements within the meaning of the Private Securities
Litigation Reform Act. In particular, any statements, projections or
estimates that include or reference the words "believes," "intends,"
"anticipates," "plans," "expects," "will," or any similar expression fall
within the safe harbor for forward-looking statements contained in the
Reform Act. Forward-looking statements are not guarantees of future
performance and involve risks, uncertainties, and other factors, including
those set forth below, which may cause our actual results, performance or
achievements to be materially different from any future results,
performance, or achievements expressed or implied by those statements. More
information on potential risks and uncertainties is available in the
Company's recent filings with the Securities and Exchange Commission,
including its Form 10-KSB, quarterly Form 10-QSB reports and Forms 8-K.
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
Email Contact
www.bexil.com