SOURCE: Bexil

Bexil

May 17, 2016 16:30 ET

Bexil Corporation Reports 2015 Financial Results and Announces Annual Meeting and Conference Call

NEW YORK, NY--(Marketwired - May 17, 2016) - Bexil Corporation (OTC PINK: BXLC) today reported its financial results for the year ended December 31, 2015. Bexil recorded a net loss from continuing operations of $2.2 million or $2.27 per share for the year ended December 31, 2015, compared to net income of $0.3 million or $0.32 per share for the year ended December 31, 2014. Bexil recorded a net loss attributable to Bexil shareholders of $1.6 million or $1.68 per share for the year ended December 31, 2015, compared to a net loss attributable to Bexil shareholders of $6.2 million or $6.28 per share for the year ended December 31, 2014. Net loss includes $0.6 million or $0.59 per share income and $7.8 million or $6.60 per share in losses from discontinued operations for the years ended December 31, 2015 and 2014, respectively.

The Company's book value per share attributable to Bexil shareholders at December 31, 2015 was $17.29, based on shareholders' equity attributable to Bexil shareholders of $16.9 million and 980,168 shares issued and outstanding. 

Discontinued Operations
Bexil subsidiary Bexil American Mortgage Inc. (92% owned by Bexil) and Bexil American's subsidiary Castle Mortgage Corporation had been engaged in the mortgage banking business but discontinued their mortgage activities in 2014. On September 23, 2015, Bexil American announced it had closed the sale of Castle.

2016 Annual Meeting of Stockholders
Bexil announced today that its 2016 annual meeting of stockholders will be held at the Union League Club, 38 East 37th Street, New York, New York on June 15, 2016 at 11:00 a.m., local time. Stockholders of record at the close of business on April 15, 2016 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 1-267-930-4000, Access Code: 509840#.

The Company's Combined 2016 Proxy Statement, 2015 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.

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