SOURCE: Bexil

Bexil

June 16, 2015 10:34 ET

Bexil Corporation Reports 2014 Financial Results and Announces Annual Meeting and Conference Call

NEW YORK, NY--(Marketwired - Jun 16, 2015) - Bexil Corporation (OTC PINK: BXLC) today reported its financial results for the year ended December 31, 2014. Bexil recorded net income from continuing operations of $0.3 million or $0.32 per share for the year ended December 31, 2014, compared to net income of $0.7 million or $0.70 per share for the year ended December 31, 2013. Bexil recorded a net loss attributable to Bexil shareholders of $6.2 million or $6.28 per share for the year ended December 31, 2014, compared to a net loss attributable to Bexil shareholders of $4.6 million or $4.54 per share for the year ended December 31, 2013. Net loss includes $7.8 million or $6.60 per share and $6.6 million or $5.24 per share in losses from discontinued operations for the years ended December 31, 2014 and 2013, respectively.

The Company's book value per share attributable to Bexil shareholders at December 31, 2014 was $18.24, based on shareholders' equity attributable to Bexil shareholders of $17.9 million and 982,245 shares issued and outstanding. 

Discontinued Operations
Bexil subsidiaries Bexil American Mortgage Inc. (92% owned by Bexil) and Castle Mortgage Corporations (90% owned by Bexil American) had been engaged in the mortgage banking business but discontinued their mortgage activities in 2014. On May 1, 2015, Bexil American entered into an agreement to sell Castle. Closing is subject to customary conditions and approvals of certain government sponsored enterprises and state licensing authorities.

2015 Annual Meeting of Stockholders
Bexil announced today that its 2015 annual meeting of stockholders will be held at the Company's executive offices at 11 Hanover Square, 12th Floor, New York, New York on July 9, 2015 at 11:00 a.m., local time. Stockholders of record at the close of business on May 15, 2015 are entitled to receive notice of and to vote at the meeting. After the formal business of the meeting is concluded, company executives will make a presentation of financial results and business developments, and respond to questions. To access the annual meeting and presentation by conference call, please dial 1-760-569-7171, Access Code: 509840#.

The Company's Combined 2015 Proxy Statement, 2014 Annual Report, including audited financial statements, is available on www.Bexil.com.

About Bexil Corporation
Bexil is a holding company engaged through subsidiaries in investment management and securities trading. To learn more about Bexil, including Rule 15c2-11 information, please visit www.Bexil.com

Safe Harbor Note
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, which may cause the Company's actual results to be materially different from those expressed or implied by such statements. Investors should carefully consider the risks, uncertainties and other factors, together with all of the other information included in the Company's Annual Report and similar information. 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 shareholders' equity attributable to Bexil shareholders divided by currently issued and outstanding shares.

This press release is neither an offer to sell, nor a solicitation of an offer to buy, shares of any company, nor is it a solicitation of any proxy.

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