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Press Releases |
June 20, 2005
Bexil Corporation Announces Financial Results for 2004 and New Filing Date for
10-QSB
NEW YORK
-- Bexil Corporation (AMEX: BXL) today announced its financial results for the
year ended December 31, 2004.
|
2004 |
Revenues: |
|
Realized and unrealized appreciation on investments |
|
Interest and dividends |
$ 51,052 |
Other |
116,108 |
 |  |
|
167,160 |
 |  |
Expenses: |
|
General and administrative |
813,613 |
Communication costs |
30,348 |
Professional fees |
182,796 |
 |  |
|
1,026,757 |
 |  |
Loss before income taxes and equity in earnings of |
|
York Insurance Services
Group, Inc. |
(859,597) |
|
|
Income tax (benefit) |
(267,294) |
Equity in earnings of York Insurance Services Group, Inc. |
2,812,088 |
 |  |
|
|
Net income |
$ 2,219,785 |
 |  |
 |  |
|
|
Per share net income: |
|
Basic |
$ 2.52 |
Diluted |
$ 2.52 |
|
|
Weighted average common shares outstanding: |
|
Basic |
879,591 |
Diluted |
879,591 |
|
|
Bexil Corporation is a holding company. The Company's primary holding is a 50% interest in privately held York Insurance Services
Group, Inc. ("York"). For 2004
the Company's 50% interest in York is accounted for using the equity method and, therefore, York's
financial statements are not consolidated with our own. For 2003, inasmuch
as the Company was a registered investment company at that time, York
is accounted for using the fair value method.
York
is one of the leading privately owned insurance services business process
outsourcing ("BPO") companies in the United States. Since the 1930's,
York, through
predecessor companies, has served as both an independent adjustment company and
third party administrator ("TPA") providing comprehensive claims, data, and
risk related services to insurance companies, self-insureds, and intermediaries
throughout the United States. More
recently York has established business units in the program management, licensed private
investigation, recovery, environmental consulting, retail logistics and
large/complex loss adjusting markets.
York's summarized condensed consolidated financial
information is as follows as of and for the year ended December 31:
York Insurance Services Group, Inc.
|
2004
|
2003
|
Revenues
|
$71,409,418
|
$52,759,165
|
Expenses
|
$60,599,590
|
$43,329,222
|
Net Income
|
$6,041,101 |
$5,600,129 |
|
|
|
Working Capital
|
$14,141,537
|
$8,801,701
|
Total Assets
|
$35,454,522
|
$20,880,621
|
Long Term Debt
|
$1,209,949
|
$2,046,509
|
Shareholder's Equity
|
$18,846,973
|
$12,805,872
|
For the year ended
December 31, 2004 compared to the year ended
December 31, 2003, the Company's total revenues of $167,160 decreased
$5,242,322 from $5,409,482 and equity earnings (net of taxes) of $2,812,088 were
recognized in 2004 and not in 2003, due to an accounting change from fair value
accounting to equity method accounting. Interest and dividends decreased by
$115,295 primarily due to lower interest rates and lower investable assets.
Total expenses of $1,026,757 increased $307,585 or 42.8%.
General and
administrative expenses increased $238,058 or 41.4% primarily due to higher
employee costs. Professional fees of $182,796 were $73,391 higher than those in
2003 due to higher legal costs arising out of the adoption of the 2004 Long Term
Incentive Plan and unanticipated higher auditing fees. Communication expense declined $3,728 or 11.3% from $34,212.
The effective tax rate applicable to the deferred income tax expense is
significantly lower under the equity method of accounting due to the benefit of
the 80% dividend receive exclusion.
For the reasons described above, net income for the year ended
December 31, 2004
was $2,219,785 or $2.52 per share on a diluted basis as compared to net income
of $2,483,069 or $2.84 per share on a diluted basis for the twelve months ended December
31, 2003.
The Company also announced today that the filing of its
report on Form 10-QSB for the quarter ended
March 31, 2005
had been further delayed and that it anticipated filing the report by
July 11, 2005. The Company stated that the further delay was attributable to the time
necessary to make an accounting presentation of the Company's conversion from an
investment company to an operating company.
More information about Bexil may be found at its web site http://www.bexil.com.
This press release may contain "forward looking
information" and "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, the forward looking information and these forward-looking
statements.
Press Release Links
June 20, 2005 Bexil Corporation Announces Financial Results for 2004 and New Filing Date for 10-QSB
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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