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Press Releases |
August 15, 2005
Bexil Corporation Announces Second Quarter 2005 Financial Results
NEW YORK
-- Bexil Corporation (AMEX: BXL) today reported its financial results for the second quarter
of 2005.
BEXIL
CORPORATION UNAUDITED CONDENSED STATEMENTS OF INCOME
|
Three Months Ended June 30 |
Six Months Ended June 30 |
|
2005 |
2004* |
2005 |
2004* |
Revenues : |
|
|
|
|
Consulting fees |
$ 37,500 |
$ 24,999 |
$ 75,000 |
$ 49,998 |
Other |
21,402 |
11,764 |
47,123 |
52,206 |
 |  |  |  |  |
|
58,902 |
36,763 |
122,123 |
102,204 |
 |  |  |  |  |
Expenses: |
|
|
|
|
General and administrative |
177,266 |
179,252 |
332,773 |
382,743 |
Communication |
4,877 |
12,192 |
8,281 |
16,977 |
Professional fees |
156,238 |
64,167 |
172,738 |
82,965 |
 |  |  |  |  |
|
338,381 |
255,611 |
513,792 |
482,685 |
 |  |  |  |  |
Loss before income taxes |
|
|
|
|
and equity in earnings of |
|
|
|
|
York Insurance Services |
|
|
|
|
Group, Inc. |
(279,479) |
(218,848) |
(391,669) |
(380,481) |
Income tax benefit |
(43,362) |
(47,929) |
(31,620) |
(65,173) |
Equity in earnings of York |
|
|
|
|
Insurance Services Group, Inc. |
586,043 |
456,348 |
1,180,462 |
975,853 |
 |  |  |  |  |
Net income |
$ 349,926 |
$ 285,429 |
$ 820,413 |
$ 660,545 |
 |  |  |  |  |
 |  |  |  |  |
Per share net income: |
|
|
|
|
Basic |
$ 0.40 |
$ 0.32 |
$ 0.93 |
$ 0.75 |
Diluted |
$ 0.40 |
$ 0.32 |
$ 0.93 |
$ 0.75 |
Average shares outstanding: |
|
|
|
|
Basic |
879,591 |
879,591 |
879,591 |
879,591 |
Diluted |
879,591 |
879,591 |
879,591 |
880,249 |
* Note:
The unaudited statements of income for the three and six
month periods ended June 30, 2004 were restated to correct the presentation in
earnings of York Insurance Services Group, Inc. The restatement presents
the equity in earnings of York after income taxes on the statement of income
instead of as a component of revenue 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.
Three Months Ended June 30, 2005 Compared to Three Months Ended June 30, 2004
For the three months
ended June 30, 2005 compared to the three months ended June
30, 2004, total
revenue of $58,902 increased $22,139 or 60.2% from $36,763, due to an increase
in consulting fees of $12,500 and other revenue of $9,638. The increase in other revenue was due
primarily to dividends earned from money market fund balances. The equity in
the earnings of York of $586,043 increased $129,695 or 28.4% due to York's increased earnings. York's revenue in the same comparable period
increased 25.7%.
Total expenses of
$338,381 increased $82,770 or 32.4% compared to the same period in 2004. Professional fees increased $92,071 or 143.5%
primarily due to an increase in audit fees. General and administrative and communications expenses decreased
$9,301.
Net income for the
three months ended June 30, 2005 was $349,926 or $0.40 per share on a diluted
basis as compared to net income of $ 285,429 or $0.32 per share on a diluted
basis for the three months ended June 30, 2004.
Six Months Ended June 30, 2005 Compared to Six Months Ended June 30, 2004
For the six months
ended June 30, 2005 compared to the six months ended June
30, 2004, total
revenue of $122,123 increased $19,919 or 19.5% from $102,204, due to an
increase in consulting fees of $25,002 partially offset by a decrease in other
revenue of $5,083. The equity in the
earnings of York of $1,180,462 increased $204,609 or 21.0%
due to York's increased earnings. York's revenue in the same comparable period
increased 20.3%.
Total expenses of
$513,792 increased $31,107 or 6.4% compared to the same period in 2004. Professional fees increased $89,773 or 108.2%
primarily due to an increase in audit fees. General and administrative expenses decreased $49,970 or
13.1% due to
lower compensation costs and directors fees of approximately $37,000 and
$11,000, respectively. Communications
expense decreased $8,696.
Net income for the
six months ended June 30, 2005 was $820,413 or $0.93 per share on a diluted
basis as compared to net income of $660,545 or $0.75 per share on a diluted
basis for the six months ended June 30, 2004.
York is one 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 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 six months ended June 30, 2005
and 2004 was as follows:
York Insurance Services Group, Inc
|
Six Months Ended June 30, |
|
2005 |
2004 |
|
|
|
Revenues |
$ 34,139,589 |
$ 28,380,576 |
Expenses |
$ 30,002,810 |
$ 25,309,800 |
Net Income |
$ 2,360,926 |
$ 1,951,706 |
|
|
|
Working Capital |
$ 11,512,969 |
$ 10,409,373 |
Total Assets |
$ 27,359,677 |
$ 24,780,031 |
Total Liabilities |
$ 11,151,779 |
$ 10,022,447 |
Shareholder's Equity |
$ 16,207,898 |
$14,757,584 |
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.
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