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Press Releases

 

April 18, 2005

BEXIL CORPORATION ANNOUNCES CHANGE OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRMS, LATE FILING, AND UNAUDITED COMPARATIVE FINANCIAL DATA 

NEW YORK -- Bexil Corporation (AMEX: BXL) announced today that effective April 13, 2005 its Board of Directors has accepted the resignation of Tait, Weller & Baker as the Company's independent registered public accounting firm and has engaged Deloitte & Touche LLP as its new independent registered public accounting firm.

"We are looking forward to our relationship with Deloitte & Touche," stated William Vohrer, the Company's Chief Financial Officer.  "We believe that Deloitte's industry experience and technical expertise will be a good fit with Bexil," he continued.  Mr. Vohrer did note that Tait, Weller & Baker's resignation was not a result of any disagreement between Tait, Weller & Baker and the Company, including in regard to the Company's accounting principles and practices, financial statement disclosures or audit procedures. "Bexil's primary business is comprised of its 50% interest in privately held York Insurance Services Group, Inc. and Deloitte is York's auditor," Mr. Vohrer said. 

Since the 1930's, York's affiliates have served as third party administrators and independent adjusters providing claims data and risk related services to insurance carriers, self insureds, public entities, brokers, Management Buyout, Leveraged buyout financing, LBO, and other intermediaries. York's claims services include property & casualty, workers' compensation, special investigative unit services & surveillance, transportation & logistics, environmental, construction, and inland & ocean marine. York is a 50% owned unconsolidated affiliate accounted for by the equity method. 

Late Filing of 10-KSB

The Company also announced that it had submitted a notification of late filing on Form 12b-25 that it would make a late filing of its annual report on Form 10-KSB for the year ended December 31, 2004 due to delays in concluding the new client acceptance process. The filing is currently expected by May 20, 2005.

Unaudited Comparative Financial Data for 2004

Bexil also released preliminary and unaudited comparative data of its 2004 financial results. Although subject to audit, the Company expects to show that earnings per share in the fourth quarter ending December 31, 2004 exceeded 2003 fourth quarter results by approximately 65% and that for the full 2004 year earnings per share declined by approximately 1%.

Bexil is a holding company operating businesses directly or through companies in which it has a majority or other substantial interest. More information about Bexil may be found at its web site http://www.bexil.com.  Bexil's primary business is comprised of its 50% interest in privately held York, an unconsolidated affiliate accounted for by the equity method. More information about York may be found at its web site, http://www.yorkclaims.com.

This press release may contain forward-looking statements and similar expressions that reflect Bexil's current expectations about its future performance, and are subject to risks, uncertainties and other factors that could cause Bexil's actual performance to differ materially from those expressed in, or implied by, these forward-looking statements.

Press Release Links

April 18, 2005
Bexil Corporation Announces Change of Independent Registered Public Accounting Firms                  
September 13, 2004
Bexil Corporation Announces Conference Call
August 13, 2004
Bexil Corporation Announces Financial Results for the Second Quarter Ended June 30, 2004
May 17, 2004
Bexil Corporation Announces Financial Results for the First Quarter 2004
March 1, 2004
Bexil Corporation Omits First Quarter Dividend
January 6, 2004
Bexil Corporation Announces Deregistration



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