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Press Releases

July 11, 2005

Bexil Corporation Announces Financial Results for the First Quarter Ended March 31, 2005

NEW YORK - Bexil Corporation (AMEX: BXL) today announced its financial results for the first quarter ended March 31, 2005.

 

Three Months        
Ended March 31        
(Unaudited)        

2005

2004*   

  Revenues:

  

  Consulting Fees

$ 37,500

$ 25,000  

  Other

25,721

40,441  

63,221

65,441  

  

  

  Expenses:

  

  General and administrative

155,508

203,493  

  Communication costs

3,403

4,785  

  Professional fees

16,500

18,798  

175,411

227,076  

  Loss before income taxes and equity in earnings

  

  

      of York Insurance Services Group, Inc.

(112,190)

(161,635)   

  Income tax expense (benefit)

11,743

(17,244)  

  Equity in earnings of York

  

  

      Insurance Services Group, Inc.

594,420

519,511  

     

  Net income

$ 470,487

$ 375,120   

  Per share net income:

  

  Basic

$ 0.53

$ 0.43   

  Diluted

$ 0.53

$ 0.43   

  Average shares outstanding:

  

  Basic

879,591

879,571   

  Diluted

879,591

880,928   

 

 

    

* Note: The presentation of equity in earnings of York for the three months ended March 31, 2004 of $519,511 was restated to correct the presentation to conform to SEC Regulation S-X, Rule 5-03(b)(13). The restatement presents the equity in earnings of York after income tax expense (benefit) instead of as a component of revenues as originally reported. The correction had no effect on net income or earnings per share.

Bexil Corporation is a holding company. Our primary holding is a 50% interest in privately held York Insurance Services Group, Inc. ("York"). We account for our interest in York using the equity method, therefore York's financial results are not consolidated with our own.

For the three months ended March 31, 2005 compared to three months ended March 31, 2004, total revenue of $63,221 decreased $2,220 or 3.4% from $65,441, due to a decrease in other revenue of $14,720 which was partially offset by an increase in consulting fees of $12,500. Equity in earnings of York of $594,420 increased $74,909 or 14.4% due to York's increased earnings.

Total expenses of $175,411 decreased $51,665 or 22.8% compared to the same period in 2004. General and administrative expense decreased $47,985 or 23.6% primarily due to lower employment costs. The remaining expenses of communications expense and professional fees decreased $3,680.

Net income for the three months ended March 31, 2005 was $470,487 or $0.53 per share on a diluted basis as compared to net income of $375,120 or $0.43 per share on a diluted basis for the three months ended March 31, 2004.

York is one of the leading privately owned insurance services business process sourcing 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 providing 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 and unaudited condensed financial information for the three months ended March 31, 2005 and 2004 was as follows:

York Insurance Services Group, Inc

Three Months Ended
March 31, 2005  

Three Months Ended
March 31, 2004
  

  

  

  Sales

$ 16,839,102  

$ 14,617,026  

  Expenses

$ 14,706,958  

$ 12,803,075  

  Net Income

$ 1,188,840  

$ 1,039,022  

  

  

  

  Working Capital

$ 15,230,081  

$ 9,715,543  

  Total Assets

$ 32,400,946  

$ 23,893,948  

  Total Liabilities

$ 12,365,134  

$ 10,049,054  

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

July 11, 2005
Bexil Corporation Announces Financial Results for the First Quarter Ended March 31, 2005
June 20, 2005
Bexil Corporation Announces Financial Results for 2004 and New Filing Date for 10-QSB
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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